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.

Chainlink (LINK) price analysis

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.