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Chainlink (LINK) Surpasses BCH and Takes Fifth Slot by Market Cap

After surging by 21% in the 24-hours, Chainlink (LINK) has taken the fifth position by market cap on CoinMarketCap after overtaking Bitcoin Cash (BCH).

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New All-time High

Chainlink has witnessed a new all-time high after claiming $15.99 on Binance exchange. Yesterday, the value touched $13, but after the fresh rally, the cryptocurrency becomes able to claim over $15. It may overtake Tether (USDT) and XRP in the future. To strike down Tether, LINK needs to reach $28.9, while in order to overtake XRP, the coin will have to touch $36.53.

Timothy Peterson from Cane Island Alternative Advisors said in mid-July that Chainlink would surpass Bitcoin Cash (BCH) and Bitcoin SV (BSV). Peterson said,” #ChainLink is a young & promising iteration of Blockchain 3.0 with practical application to nearly every industry on the globe. $BCH and $BSV are cult-of-personality based Blockchain 1.0 that will by washed away by digital fiat.  $LINK mktcap should be worth twice these combined.”

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LINK to $32

One prediction of Peterson has come true but its prediction for price value to $32 by end of year is yet pending. He predicted,” Did some quick analysis of #chainlink’s network growth rate and historical deviations in price put $LINK at $32 by end of year, but that price would not be sustainable. Investors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.”

Smart contract Protocol Plasm integrated Chainlink’s data oracles for its operations as it will become Polkadot parachain. Plasm CEO, Sota Watanabe said,” Once they connect their blockchain to Polkadot, we can get data and send data from the Chainlink blockchain to the Plasm network.”

The integration of Plasm and Chainlink is very crucial for the growth of the network, and price may show fresh rallies one after the other.

Competitors of Chainlink have also shown outstanding growth since the beginning of the year. For example, Band Protocol (BAND) jumped from $0.22 to $13.43 since the start of 2020. Crypto data firm Messari tweeted recently:

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“Despite the momentum, $BAND remains priced significantly lower than $LINK. This large valuation gap can in part be explained by the fact that Chainlink is fully operational with a significant future integration pipeline.”

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Hassan Mehmood

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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