The growth of Chainlink’s cryptocurrency has attracted the attention of the community. Many members of the crypto community even call it “the next Bitcoin.”
Chainlink’s cryptocurrency has been a great performer over the past few months, leading many to call it “the next Bitcoin.” It is possible to get an idea of the magnitude of Link’s growth, just by comparing its price from May to the present.
For the fifth month of the year, Link’s price was USD 0.5 USD. In less than 4 months, the value of each unit of this digital currency has reached USD 16.47 USD. It also ranks 5th by market capitalization, according to CoinMarketCap.
No other cryptocurrency has reached that level of growth so far. The craze for all things related to Chainlink is leading many analysts to consider it the next Bitcoin.
Link Jumps to the Clouds
Chainlink’s digital currency emerged in 2017. Since then until a quarter ago, its value ranged between USD 0.5 and USD 1. At this time, the value of the cryptocurrency has risen by more than 1,600%. This is a record that would be elusive even for Bitcoin.
It is necessary to take into account that Link is the token of the Chainlink platform, which is in charge of operating with all the smart contracts of the Ethereum blockchain network.
Since last June, Coinbase has announced the incorporation of Chainlink into its services. This news caused a 400% increase in the value of the currency, as its growth does not seems to have stopped since then.
Right now, Chainlink’s market capitalization outperforms that of many other digital currencies of high caliber. Some of them are Bitcoin Cash, Litecoin, and Cardano. The positive evolution of Chainlink in the field of cryptocurrencies has allowed many people to call it “the next Bitcoin”.
Chainlink Could Become Next Bitcoin
Link has gone from being just another altcoin to playing a new role in the sentiment of the crypto community. At the same time, its presence on social media has increased significantly.
However, many cryptocurrency projects are better than Bitcoin and perform better. Despite this, their popularity against the main cryptocurrency is the determining factor.
The fact that Bitcoin is the pioneering digital currency of the entire ecosystem makes it very difficult for any other project to become the next serious competitor or substitute for Bitcoin.
For its part, the main cryptocurrency has had a significant increase in its price. At the time of writing this article, the price of Bitcoin is USD 12,000 per unit. One of the reasons for this increase could be the failed economic policies of some powers in the face of the crisis.
Another factor related to Bitcoin’s success in recent weeks is the massive purchase that institutional investors have made on Wall Street. According to various media, professionals of the US exchanges would be buying Bitcoin en masse.
The community must neither underestimate nor underestimate the start of Chainlink. However, it will be long before it can become the next Bitcoin.
By Willmen Blanco
