Decentralized oracles are a vital part of the blockchain ecosystem, providing a secure and reliable way to connect real-world data with smart contracts. Chainlink is the leading provider of decentralized oracle services, powering most Defi applications. Chainlink's network is composed of thousands of independent nodes spread out globally.
In this article, we seek to answer the question, is Chainlink a good investment in 2023? To answer this, we will analyze its performance, its price history, and the best broker where to buy cryptocurrencies in 2023.
Contents:
Is Chainlink A Good Investment? A Brief Look
Chainlink Price History Since Inception
Chainlink Utility – Is LINK A Good Investment?
Is Chainlink A Good Investment? A Brief Look
To most new investors, especially after a prolonged bear market, it is only natural to ask, is Chainlink a smart investment in 2023? To decide whether to buy Chainlink, it is essential to look at how it works.
Chainlink is the largest decentralized oracles network. It enables smart contracts to securely access off-chain data feeds, APIs, and other resources. Chainlink is powered by Ethereum and incentivized by LINK, its native ERC20 token. Since its inception, Chainlink has partnered with many top corporations. It is also the most popular oracle solution on Ethereum, with most Ethereum-based cryptocurrencies using Chainlink today.
What are the Chainlink (LINK) Oracles?
Chainlink Oracles can also be referred to as middleware is software that acts as an intermediary which translates data from the real world to smart contracts on Chain’s network and back again. Chainlink Oracles came about as a result of an increased difficulty in connecting outside information sources to smart contracts on blockchains.
Who Created Chainlink (LINK)?
Sergey Nazarov and Steve Ellis are widely credited as the founders of Chainlink.
Sergey Nazarov is a technology entrepreneur who founded Chainlink in 2017 with a view of providing real-time data to help business organizations in their operations.
He helped found Chainlink Labs (the company behind the blockchain and its novel token which leads smart contract teams, individual developers and large enterprises apply the power of Chainlink to their smart contracts, creating universally connected smart contracts).
He is also co-founder and chief executive officer (CEO) of SmartContract (formed in 2014), Secure Asset & Exchange (formed in 2014), CryptaMail (formed in 2014) and ExistLocal Incorporation and a General Partner at QED Capital.
Steve Ellis is a co-founder and Chief Technology Officer (CTO) of SmartContract and Secure Asset Exchange. He also worked for Pivotal Labs and served as a Teacher’s Assistant at New York University (NYU).
When Did Chainlink Start Trading?
As per data retrieved from Yahoo Finance, Chainlink started trading on 19th September 2017 with a trading price of $0.16.
Why Was Chainlink Created?
Chainlink was created to expand the capabilities of smart contracts by enabling accessibility to the real-world in a timely manner, payments and events without sacrificing the reliability and security guarantees inherent to blockchain technology.
How Many Links Are In Supply?
There are currently 507,999,970.45 LINK in circulation on a total supply of 1,000,000,000 LINK which shows that 51% have been mined.
Despite its strong capabilities, is Chainlink a smart investment in 2023?
A smart contract is only as good as the data it relies on. The contract can't fulfill its purpose if that data is inaccurate, incomplete, or unavailable. That is why Chainlink is such an essential tool for the cryptocurrency ecosystem. Chainlink is a decentralized network that gives reliable data to smart contracts.
By ensuring that contracts have access to the data they need, Chainlink helps to make the cryptocurrency ecosystem more efficient and effective. In addition, Chainlink's decentralized nature makes it resistant to tampering or censorship, further enhancing smart contracts' security and trustworthiness. As the crypto world continues to evolve, Chainlink will play an increasingly important role in streamlining processes and ensuring that contracts are executed as intended.
This is why Chainlink is one of the best cryptocurrencies to buy in 2023.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Chainlink Price History Since Inception
To invest in cryptocurrency from the point of information, you need to understand its price movements over time.
When it first launched in 2017, Chainlink was trading at $0.19. While most ICO tokens went parabolic in the December 2017 bull run, Chainlink did not record much of a move. Instead, it traded in consolidation until July 2019, when it hit a high of $3.69.
This move brought Chainlink to the limelight, and investors started buying it up in anticipation of an even bigger move. This was boosted by the fact that the broader cryptocurrency bear market that started in 2018 was coming to an end.
Source: Coinmarketcap
As volumes increased, Chainlink gained significant momentum in 2020, and by August 2020, Chainlink had hit a high of $16. With the broader cryptocurrency market entering a parabolic bull rally in 2021, Chainlink rallied to a high of $49.51 in May 2021. This represents gains of 25,995%.
However, since peaking out in May 2021, Chainlink has been on a downtrend. Chainlink has lost a significant portion of its value in 2022, largely due to the ongoing crypto bear market that has crashed the entire crypto market.
Despite the cryptocurrency market's bear run, Chainlink's core fundamentals continue improving. Today, Chainlink has over 60% of the total data oracles market. At the same time, with the Ethereum network set to grow thanks to its recent upgrade, ERC tokens with robust utility are likely to see an increased level of adoption on this front. Chainlink being one of the best ERC tokens thanks to its utility, stands out among the best cryptocurrencies to invest in 2023.
Chainlink Price Analysis
From our Chainlink analysis above, it is clear that anyone who chose to invest in Chainlink in 2017 was in massive profits in 2021. Such investors are still sitting on significant profits now that Chainlink is trading at $7.
Chainlink has seen a significant loss of value in 2022, and this has a lot to do with issues that are not necessarily related to the crypto market.
For instance, all financial markets have been downtrend since February 2022, when Russia invaded Ukraine. The rising inflation that has seen Central Banks raise interest rates aggressively has further dampened the financial markets, including cryptocurrencies like Chainlink.
Several high-profile actors have collapsed within the crypto space to make matters worse for cryptocurrencies. One of the biggest ones is the collapse of the cryptocurrency exchange FTX.
All these events seem to have been factored into prices, and cryptocurrencies show a consolidation pattern. This places Chainlink in a good position to increase in value in 2023 if the cryptocurrency market turns a corner.
Chainlink Highs And Lows
Up to this point, you have a good idea of Chainlink's price performance. We have also examined some of the core factors behind its price action. This means you now have a rough idea of whether Chainlink is a top cryptocurrency to buy in 2023.
Here is a quick summary of Chainlink's price action over the years.
- Chainlink hits the market in 2017 – $0.19
- July 2019 – $3.69
- May 2021 – $49.51
- February 2022 – $14.65
- November 2022 – $7.50
This summary shows that Chainlink, like all other cryptocurrencies, is volatile but has long-term growth potential.
Chainlink Price Prediction
While price predictions give you an idea of whether Chainlink is a good crypto investment in 2023, it is essential to note that they are speculative. They are grounded on technical analysis and trends in the broader market.
After a prolonged bear market characterized by high-profile crypto collapses, many analysts believe the worst could be over for cryptocurrencies.
While Chainlink may not enter a parabolic bull rally in 2023, it could see a significant price increase, followed by an exponential rally in 2024 after the Bitcoin halving.
By 2025, when analysts expect the next cryptocurrency bull market to peak, Chainlink could be trading anywhere between $150 and $200.
What Will Chainlink Be Worth In 2030?
According to analysts of Digitalcoinprice, Chainlink could reach $98 in 2030.
Coinpriceforecast sees LINK reaching $23 in 2030.
CryptoCurrency Price Prediction forecasts a price of $208 at the beginning of 2030 and closes the year at a trading price of $273.
Will Chainlink (LINK) Reach $100?
Chainlink could reach at least $100 by the end of 2030 according to analysts of Cryptonewsz.
Gov. Capital foresees the crypto surpassing the $100 price milestone in July of 2026.
CryptoCurrency Price Prediction sees LINK crossing the $100 milestone in 2026.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Chainlink Utility – Is LINK A Good Investment?
Compared to most altcoins, Chainlink is easily one of the best altcoins to invest in 2023. One of Chainlink's biggest strengths is its first-mover advantage in the decentralized oracles market. This has seen it gain market dominance and accounts for more than 60% of the total decentralized oracles market.
Here are some of Chainlink's use cases that make it one of the best cryptocurrencies to invest in 2023.
Chainlink For Full Decentralization
Chainlink is a cryptocurrency that provides reliable, tamper-proof data for smart contracts on any blockchain. The Chainlink Network is made up of nodes that independent, Sybil-resistant operators operate. This design ensures that the data provided by the Chainlink Network is trustworthy and available, even if some of the nodes in the network go offline. In addition, the use of multiple nodes makes it difficult for bad actors to manipulate the data supplied to smart contracts. As a result, Chainlink is an essential tool for anyone looking to build reliable decentralized applications.
Chainlink Can Be Used In Automating Limit Orders
A limit order is designed to execute at a specified price or better. A buy-limit order can only happen at the limit price or lower. On the other hand, a sell limit order can only happen at the limit price or higher. Limit orders are often used to protect profits or minimize losses. For example, if you own shares of XYZ company that you bought for $10, you might place a sell limit order for $12 per share. If the stock price reaches $12, your shares will be automatically sold. However, your shares will only be sold if the stock price stays below $12.
Chainlink can automate the process of placing and canceling limit orders. By using smart contracts, Chainlink can ensure that orders are placed and canceled according to the conditions that you specify. As a result, Chainlink can help you take advantage of market fluctuations without constantly monitoring the markets yourself.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Where To Buy Chainlink
To invest in Chainlink, it is advisable to do so through a reputable broker. Go for one that is safe and has low fees.
Read Also: How To Invest In Chainlink (LINK)
eToro – Top Platform To Invest In Chainlink In 2023
eToro is a broker that allows users to trade various assets, including stocks, forex, commodities, and cryptocurrencies. The platform is regulated by the SEC and other important UK, Australian, and Cyprus bodies. To give you an idea of how eToro is, consider that more than 20 million use it, and the numbers are growing.
eToro offers several features that make it an attractive option for novice and experienced traders. These include its user-friendly interface, mobile trading app, and wide range of markets. In addition, eToro provides several tools and resources to help traders improve their skills and performance. Overall, eToro is a reliable and trustworthy platform that offers excellent service for traders of all experience levels.
Traders also love eToro because deposits can be made in various methods. You can use a card, wire transfer, or many e-wallets like PayPal.
eToro also has a low deposit minimum, making it perfect for beginner traders. With eToro, you can deposit as low as $50 and trade for as low as $10.
Besides, once you buy cryptocurrency on eToro, you can store them in the eToro money wallet. It is safe, and you can access your crypto holdings anytime.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Should You Buy Chainlink?
If you are still wondering whether Chainlink is a good investment in 2023, here is a recap of its key benefits.
- Chainlink has market dominance in the decentralized oracles market.
- Chainlink is an Ethereum token that has an edge after the Ethereum merge.
- Chainlink is trading at a discount of more than 70%.
- On top of all these, you can invest in Chainlink for as low as $10 on eToro.
Conclusion
This article has explored whether Chainlink is a top altcoin to buy in 2023. Unlike most cryptocurrency tokens, Chainlink has a strong use case. Chainlink is also trading at a massive discount, which gives it significant upside potential in 2023.
eToro – Best Platform To Buy Chainlink
eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
FAQs
Should I Invest in Chainlink?
Chainlink is a good investment due to its strong fundamentals.
What will Chainlink be worth in 2030?
While no one can accurately predict the markets, the odds are that LINK could hit $500 or more by the end of 2030.
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