Over the past week, LINK has been closely watched by many crypto enthusiasts and investors. Though moving sideways for a long period, it has suddenly awoken, poised to catch the ALT coin bull run. It has also held strong against ETH, which has kept gaining and beating its ATHs over the past week. To understand the present market movement, I’ve posted the Path to Altseason by Secrets Of Crypto, which correlates to the Bitcoin Dominance.
We are now in Phase 3, and Ethereum is now starting to move sideways, driving investors down the charts to large caps. Take DOGE, XRP and Tether from the equation, and we are left with Cardano (ADA), Polkadot (DOT), Bitcoin Cash (BCH), LightCoin (LTC), Uniswap (UNI) and Chainlink (LINK), all of which have over a $20 Million market cap (source CoinMarketCap). It is wise to follow the trends, and not loose out on the gains these coins can bring. The advantages of investing in the large caps are twofold; firstly, they are projects that have survived the test of time, and secondly, many large investors hold onto these for longterm gains.
I wasn’t surprised to receive the alert from Grayscale investments promoting their Chainlink Trust. They go on to explain Chainlink in one simple paragraph;
“What is Chainlink and why is it important? Chainlink is a decentralized data routing protocol that is built on Ethereum. Through a wide network of nodes, Chainlink facilitates the transfer of data from off-chain sources to on-chain applications, in what is commonly referred to as an oracle service.”
Since my Twitter post about this had over 3,000 impressions in the last 24hrs, I thought it was only fair to break my weekly update cycle and share this here. LINK was trading at $48 at the time of this post, and based on my research, there is still time to jump on the bandwagon. Band Protocol can be considered as another secret gem in the oracle world. Currently, it lies way below the charts (150th at the time of posting), with a market cap of $380 Million, and trading at $18+.
Oracles create an important bridge in the blockchain world by linking real world applications to smart contracts. You may find that adding them to your portfolio can be richly rewarding in the longterm.