Both fundamentally and technically, Chainlink (LINK) is Bullish on all levels. Yesterday it was reported that LINK had made another record-breaking move to become the 8th largest cryptocurrency by market capitalization, and while Chainlink saw a slight decline in market cap bringing it down to the 9th place, LINK still closed as one of the best performing cryptocurrencies on the market yesterday and today might not be any different as it has reached a new all-time high at $8.74.
In terms of interest in the United States, Chainlink is also surpassing Ethereum according to Google Trends. At the beginning of the year, the interest rate for Ethereum grew from 25% to 100% and later dropped back to 25%. Meanwhile, LINK’s search interest has slightly surpassed Ethereum as it heads for 50%, while Ethereum struggles to remain above 25%.
Yesterday, Chainlink surpassed Ethereum in daily trading volume. Altcoins have been performing quite impressively for the past couple of weeks, and many cryptocurrency analysts have been predicting that LINK will transcend Ethereum and many other coins due to the impressive speed in network activity. One cryptocurrency researcher had predicted the takeover. He can be quoted as saying:
“Wait until $LINK flips $ETH, now that will make people’s head spin
And I say that as something who loves Ethereum and uses DeFi everyday.”
And as he predicted, LINK emerged as the third cryptocurrency with the highest trading volume in the last 24hrs, with Ethereum and Cardano taking the fourth and fifth spots respectively. While the 7-day trend for Tether and Bitcoin, the only cryptocurrencies that had a higher trading volume than Link, showed that both currencies were moving sloppy without any steady pathway, LINK’s 7-day market trend showed how the digital asset has taken off quite smoothly.
At the time of publishing this article, LINK has soared by 20% with a current trading price of $8.71. Many traders and analysts believe that it could hit $10 at any time. Before now, most analysts were still predicting that a $10 price level is likely to be achieved at a much later time, perhaps the end of the year.
But with how bullish Chainlink has become, it will not be surprising that LINK hits $10 before Bitcoin hits $10,000. If it continues trading with this much speed, then there is a huge possibility that LINK could even test new all-time highs. $20 may seem like a big bet, but Chainlink has been partnering with some of the biggest names in the Fintech industry and if this remains, more users could come on board and this will definitely boost its fundamental structure.