Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject
Chainlink [LINK] was on a bad downtrend, at press time, falling by more than 0.22% in 24 hours and 5.6% in 7 days. Now, while in terms of percentages that might not seem to be much, it’s worth noting that LINK, like other alts, depreciated by double-digits on the price charts in Q2.
So was the case last year too. In fact, LINK saw its value fall by more than 83% from its ATH of $52.88 in May 2021.
So, what does this movement mean and, is now a good time to get into LINK? This article will talk about the altcoin ranked twenty fourth by market capitalization. In fact, it will also touch upon what are the key factors to consider when making a decision on buying into LINK.
Back in 2014, SmartContract.com, set out to develop a bridge between external data sources and public blockchains. This ironically led to the creation of a centralized oracle system called Chainlink. In 2017 this product was reshaped into what we now know as the Chainlink Network.
Chainlink is the largest oracle project in terms of market cap and total value secured, and number of crypto-projects associated with it. An oracle is basically a software that acts like an intermediary between the on-chain and the real world.
Source: Chainlink
Here’s a fun fact from Defi Llama – Chainlink is securing more value than all of its competitors combined. The network has secured more than $13 billion from protocols that rely on its data feeds.
At the time of writing, data revealed that LINK was trading at $6.48. Its market capitalization stood at $3.05 billion with $254.18 million being traded in 24 hours.
Source: LINK/USD, TradingView
In May 2021, Sergey Nazarov, Co-founder and CEO of Chainlink, disclosed in a podcast that Chainlink is estimated to have 60% of the market share.
A monopoly like this has its cons. For…
