The Chainlink token, called LINK, in the past has recorded excellent market performance.
Then, however, it seemed to have gotten a bit lost.
In the last few days, it seems to have awakened.
The crypto winter of Chainlink (LINK)
Chainlink launched its token on the crypto market in 2017, during a full bull run.
At that time, however, it was too new to be able to already show significant performance, so it was in 2021 that it reached the peak.
At the time, it not only briefly touched a price of $53 in May, but with a market capitalization of over 19 billion dollars, it even entered the top 10 of the largest criptovalute by capitalization for a moment.
Then the bear-market arrived, and the price plummeted to $6.
To tell the truth, an initial awakening already occurred in October of last year, with the start of the bullrun at the end of 2023, but it was just a rebound that brought the price back to $15 after a heavy bear-market.
In March of this year, it even managed to climb back above $20, but in the following months, the price of LINK even fell below $10.
At that point, many believed that it had very little chance of recovering.
The awakening of the price of Chainlink (LINK)
Trump’s victory in the USA presidential elections on November 5, however, changed the cards on the table.
LINK in fact was one of those cryptocurrencies targeted by the SEC as it was suspected of being unregistered securities.
It should not be forgotten that Chainlink is a company, and therefore it was suspected that it had put its token on the crypto market to raise capital by promising profits.
After the victory of XRP against the SEC, the probabilities that LINK would be declared an unregistered security dropped significantly, but the future remained so uncertain that the market value couldn’t really recover.
However, as soon as it became known that the current SEC chairman, Gary Gensler, would most likely be replaced by Trump with a more crypto-friendly chairman, LINK is one of the cryptos that has been positively affected in the markets.
And so, within a few days, its price had already risen back to those 15$ that it had already reached a year ago.
At the end of November, however, after the official news of Gensler’s upcoming resignation, the price of Chainlink’s token returned to the $20 mark already reached in March, but this rise did not stop in December, as happened with other crypto.
The rise of the price of LINK
What is surprising is exactly what happened to the price of LINK after the end of the mini-altseason that ended a few days ago.
In fact, while the altcoin season index of CoinMarketCap was dropping below 75 points, marking the end of the mini-altseason of late November, the price of LINK was rising from $24 to $27, thus marking the new annual high of 2024.
In reality, the end of that mini-altseason ended up temporarily affecting the price of the Chainlink token, which dropped to $20 a couple of days ago, but after returning to that level, it immediately bounced back above $24.
Today it is still rising so much that it has just marked the new annual high even above 28$, a figure it hadn’t reached since November 2021.
The future of Chainlink
It is worth noting, however, that the current price of LINK is still 46% lower than the all-time high of 2021, while the current market capitalization of nearly 17.8 billion dollars is not very different from the 19 billion of the all-time high.
This discrepancy is due to the continuous release of new LINK tokens, which is likely also behind the strong bear of the price in recent years.
It remains a fact that in the last 7 days LINK is at +18%, against the -1.7% of BTC and the +0.4% of ETH.
It should be remembered that Chainlink is the main provider of oracles in DeFi, and that with the LINK token you can pay for the cost of the service they offer.
This means that when the use of DeFi tools increases, the market demand for LINK also tends to increase, and given that in the last month the TVL of DeFi has increased by 50%, the new successes of LINK are not all that surprising.