Crypto trader says Ethereum altcoin that’s exploded 190% this year is about to hit new all-time high. The altcoin in question here is Chainlink (LINK), and it has been surging in value throughout the year. Chainlink has been one of the standout performers in the cryptocurrency market this year, with its price growing exponentially since the start of the year. Its current price stands at around $14.50, representing an increase of over 190% since the start of the year.
The Chainlink network is a decentralized oracle that connects smart contracts on different blockchain networks to real-world data and events. The network has become increasingly popular among developers due to its flexibility and ease of integration with other blockchain platforms. Some of the most prominent projects that have integrated Chainlink into their systems include Aave, Synthetix, and Yearn.finance.
The crypto trader, known as ‘Smart Contracter,’ has been following the performance of Chainlink closely, and he believes that the altcoin is primed for a major breakout in the near future. According to Smart Contracter, Chainlink is likely to hit a new all-time high in the next few weeks, with the price potentially soaring as high as $20.
Smart Contracter has been predicting the price movements of Chainlink accurately for some time now, and his latest predictions have sparked a lot of interest among investors and traders alike. Chainlink has been consolidating around the $14 to $15 range for the past few weeks, but Smart Contracter believes that this is just a precursor to a much larger move upwards.
One of the key factors that he believes will drive the price of Chainlink higher is the growing adoption of decentralized finance (DeFi) platforms. DeFi has been one of the hottest areas of the cryptocurrency market this year, with the total value locked in DeFi protocols surging from just $700 million at the start of the year to over $12 billion today.
This huge growth in DeFi has led to an increased demand for Chainlink’s services, as the network is used to provide decentralized price feeds for DeFi protocols. The more DeFi platforms that are built, the more demand there will be for Chainlink’s services, which should help to drive up the price of the altcoin.
In addition to the growing demand for DeFi, Smart Contracter also believes that the upcoming launch of Chainlink 2.0 will be a major catalyst for the altcoin. Chainlink 2.0 is set to bring a range of new features to the network, including the ability to aggregate data from multiple sources and a new staking mechanism that will allow users to earn rewards for providing data to the network.
Smart Contracter believes that these new features will help to drive up the value of Chainlink, as they will make the network even more attractive to developers and users. The launch of Chainlink 2.0 is expected to take place later this year, and many analysts believe that it could have a major impact on the price of the altcoin.
In summary, the future of Chainlink looks extremely bright, with the altcoin poised for a major breakout in the near future. With growing demand for DeFi and the upcoming launch of Chainlink 2.0, investors and traders are becoming increasingly bullish on the altcoin. If Smart Contracter’s predictions are correct, then we could soon see Chainlink reaching new heights, potentially even surpassing its current all-time high of $20.