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Home BREAKING NEWS

Chainlink Rallied 35% to a Seven-month High and Here is Why

by BlockNews.com Team
November 9, 2023
in BREAKING NEWS, CRYPTO, FEATURED
Reading Time: 3 mins read
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  • Chainlink’s LINK token has rallied 27% in a week due to growing optimism around real-world asset tokenization and spot Bitcoin ETF approval, boosting overall crypto market sentiment.
  • Real-world asset tokenization is gaining momentum, with partnerships and platforms using Chainlink oracles, which should benefit LINK as the top oracle solution.
  • Despite centralization concerns, Chainlink remains the dominant oracle network. Signs of increasing professional trader interest suggest further price gains are likely if real-world asset tokenization growth continues.

The LINK token has seen impressive gains recently as traders anticipate growth in real-world asset tokenization and institutional adoption. However, is the current valuation justified? Let’s investigate the factors driving Chainlink’s rally.

Optimism Around Spot Bitcoin ETF Approval

Bloomberg strategists predict a 90% chance of SEC approval for a spot Bitcoin ETF. While the final decision may be delayed until January, expectations of an ETF have boosted sentiment across cryptocurrencies. Altcoins like Trust Wallet Token, Immutable X, and NEO have also seen notable gains alongside Chainlink.

Real-World Asset Tokenization Gains Momentum

Within Chainlink’s ecosystem, several developments point to growth in real-world asset (RWA) tokenization:

  • Vodafone launched a partnership with Sumitomo Corporation using Chainlink oracles for IoT applications like EV charging and toll roads. This highlights demand for oracle networks as IoT expands.
  • HSBC introduced digital asset custody for regulated securities, noting increasing interest from asset managers. This could complement HSBC’s platform for issuing tokenized assets.
  • Tokenization of real-world assets is poised to grow, which should benefit Chainlink as the dominant oracle solution.

🚨 NEWS: Chainlink's $LINK Surged 35% to a seven-month high of $14.

Grayscale's LINK Trust shows a 320% premium, Indicating strong demand for LINK among institutions. pic.twitter.com/gfw3PQIxxD

— BlockNews.com (@blocknewsdotcom) November 9, 2023

Professional Traders Drive Demand for LINK

Despite the rally, it’s unclear whether institutions have substantially increased LINK holdings. However, some data points to growing professional interest:

  • Grayscale’s LINK Trust trades at a 320% premium, indicating strong institutional buying demand.
  • LINK listed on HashKey exchange, a regulated platform catering to professional Hong Kong investors.
  • On-chain data shows increased network activity, with the highest daily transactions since June 2021.

While Chainlink remains quite centralized, its oracle dominance persists. With tailwinds around real-world asset tokenization, further LINK price gains above $14 seem likely.

Conclusion

Chainlink’s impressive 27% price surge in a week results from a confluence of factors – optimism around a Bitcoin spot ETF, growth of real-world asset tokenization, and signs of increasing professional trader interest. With oracle dominance secure despite centralization concerns, Chainlink appears poised to continue rallying if momentum around tokenized real-world assets persists.

Tags: BlockchainBloombergChainlinkcryptoTokenWeb3
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