Chainlink has been the standout cryptocurrency of the year. The coin has grown over 1000% in 6 months. In this article, you will find the price history of the coin, its project results, LINK price predictions and the reason why everyone is waiting for Chainlink’s collaboration with Microsoft.
What is Chainlink
Chainlink is a company which works as a middleman between blockchain smart contracts and non-blockchain traditional solutions like website APIs, databases, payment processing systems like SWIFT, etc.
What is LINK cryptocurrency
Chainlink Node operators extract data from off-chain systems and convert it into blockchain compatible formats. They are awarded with LINK cryptocurrency – an ERC-20 token based on Ethereum. So basically the only current use case of the coin is payment for node operators.
LINK Price History Analysis
As you can see on the price chart, the coin started really nice, doubling from $0.15 to $0.43 per coin. The coin had several price hikes which increased the price of the coin to $1. But these were short term gains and the coin ended up balancing between $0.2 and $0.45. At the beginning of May, LINK started surging and reached its ATH – $4.54. At the time of writing, the coin is dropping, because ICO contributors have started selling after such a huge peak. But as it stands, Chainlink has outperformed the whole market thus far and is the current crypto king.
Why LINK is growing
Recently Coinbase added LINK to their platform, which caused serious growth for the coin. As you might know, this is an another example of the “Coinbase effect” wherein each time a new coin is added on the platform that coin jumps in price.
The listing triggered high interest in Chainlink and more people learned about their partnerships with Google, Gartner, etc. Following the by now familiar cycle, this led to FOMO and FOMO led to more people buying LINK. The results are what we are seeing today.
During development, the team collaborated with several companies, including a tech giants Google, SWIFT and other. Chainlink has teamed up with other blockchain projects and helped them integrate their technology into smart contracts. These projects include Web3/Polkadot, Hedera, MarketProtocol and others.
Besides the already existing use-cases, Linkchain can be implemented in any sphere as a means of connecting the real world with smart-contract technology. It can be implemented in the monitoring of sports games results, the price of bonds, weather data, cloud services, etc.
Chainlink and Microsoft partnership rumors
Now everybody is waiting for an official announcement of the ChainLink and Microsoft partnership. Recently, ChainLink’s CEO Sergey Nazarov said that they are working with Microsoft on their Bletchley offering. Check out the video here.
The community expects that they will make an announcement on TruffleCon – the conference of the cryptocurrency Ethereum development framework. ChainLink will be one of the speakers. The event will be held on August 2-4 at Microsoft Campus. So stay tuned.
LINK price predictions
As of now it seems that the Chainlink price has been triggered by a huge FOMO effect. The LINK ICO contributors are selling the coin to get gains. There are two interesting scenarios of possible price development.
The first is a quite moderate prediction by the Tradingbeasts. They expect LINK to fall to $0.64 by August but predict that then it will continue its growth. By 2020 the coin may reach about $1.
Chainlink has drawn a lot of attention and attracted new fans to their project. Their partnerships and appreciation among other industry players have increased trust in the company.
On the other hand, if Chainlink does collaborate with Microsoft, the price could grow up even more. Digitalcoin is expecting the price to grow up to $4 in 2019 and to $5 in 2020. The Chainlink and Microsoft team up would cause more FOMO and as a result the coin could skyrocket.
Disclaimer: This article should not be considered as a financial recommendation and serves as a suggestion of possible price development. No one can predict the price of cryptocurrencies with total certainty. The cryptocurrency market suffers from high volatility and regulatory uncertainty.