Logo
Cardano Ecosystem

Finbold

09/18/2023

·

116 views


Chainlink would trade at this price if LINK hits its all-time high market cap

Chainlink (LINK) reached an all-time high price of $52.70 on May 10, 2021, as well as an all-time high market cap of $22.798 billion five days before it. Chainlink has an unpredictable circulating supply...

Chainlink would trade at this price if LINK hits its all-time high market cap

Chainlink (LINK) reached an all-time high price of $52.70 on May 10, 2021, as well as an all-time high market cap of $22.798 billion five days before it.

Chainlink has an unpredictable circulating supply inflation. All LINK tokens in existence were created within the network’s official launch, but only a few were put into circulation, initially through an ICO, and later through arbitrary releases by Chainlink Labs and other shareholders.

Notably, there is a total of 1 billion LINK, from which around 462 million are still vested in non-circulating crypto wallets, ready to be released as per the company’s decisions. For 2023, Chainlink Labs had previously announced a yearly token inflation of around 7%.

With such an unpredictable model, Chainlink is highly affected by its token’s inflation. Considering data retrieved by Finbold on September 18, with a circulating supply of around 538.1 million LINK, the native token would be worth close to $42.36 — $10.34 (19.6%) less than its all-time high price in US dollars.

Chainlink LINK Market Cap All-Time High on May 5, 2021. Source: TradingView
Chainlink Market Cap All-Time High on May 5, 2021. Source: TradingView

Moreover, market capitalization is usually used to measure the market’s perception of value in a given asset, as well as its speculative demand in a given moment. This means that Chainlink constantly needs an increased demand to meet historical prices with a previously much lower supply.

Meanwhile, LINK is trading at $6.68 at the time of publication, which would potentially offer the possibility for Chainlink investors to gain 535% for purchases made at this moment if this cryptocurrency ever meets previous demand.

Chainlink LINK 1-year price chart. Source: Finbold
LINK 1-year price chart. Source: Finbold

Comparatively, the current price is -87.35% lower than the all-time high price.

Michaël van de Poppe, an experienced crypto trader and analyst remains optimistic about Chainlink’s potential for the long term. 

“It’s still an opportunity of a lifetime.”

— Michaël van de Poppe (@CryptoMichNL), CEO & Founder MN Trading

Interestingly, the MN Trading Founder and CEO is projecting LINK’s price to $8 from the current retest in the $6-$6.60 price zone.

Request 1 – $LINK

This one is showing upwards momentum and I think that the bottom is in.

Retests are ready to be bought. If we get $6.15-6.40 retest, that's an entry towards $8. pic.twitter.com/1nqCroCKzp

— Michaël van de Poppe (@CryptoMichNL) September 18, 2023

Chainlink is also leading the crypto market best-performers on September 18, as a bullish sentiment starts to dominate.

How other cryptocurrencies would perform according to their all-time high market cap?

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Finbold

ORIGINAL SOURCE

https://finbold.com/chainlink-would-trad...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Finbold

See more
Cardano (ADA), RCO Finance (RCOF), and Ripple (XRP): Nearing the $1 Milestone?
Finbold
Cardano (ADA), RCO Finance (RCOF), and Ripple (XRP): Nearing the $1 Milestone?

today at 2:41 PM

·

5 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)