With U.S. financial markets on pause for Memorial Day, the crypto markets have had a relatively calm start to the week, except for one standout: Chainlink (LINK). As the 14th largest cryptocurrency by market cap, LINK has surged over 10% in the past day, now trading at $18.75, according to CoinGecko data.
Chainlink's native token, LINK, supports an oracle project on Ethereum designed to securely transfer information in and out of blockchains and between them. This recent price surge is likely due to positive sentiment among LINK holders and supporters following news that Chainlink will co-present with Swift, an international payments platform, at the Consensys conference in Austin, Texas. This collaboration, which began last fall, demonstrated that traditional infrastructure could integrate with blockchain technology.
Chainlink co-founder Sergey Nazarov has also expressed optimism for Ethereum and other digital assets, especially after the historic approval of Ethereum exchange-traded funds (ETFs). He believes that this trend will lead to ETFs for many other tokens, facilitating broader global capital market interactions with these financial products.
Recently, Chainlink has highlighted the progress of its network across nine blockchains, including Ethereum, Arbitrum, Polygon, and Base. Earlier in the month, the DTCC—the largest settlement and clearinghouse in the U.S.—announced its use of Chainlink’s cross-chain interoperability protocol in a tokenization pilot with JP Morgan and BNY Mellon. This pilot, called Smart NAV, enabled Wall Street institutions to publish mutual fund data on public networks.
Moreover, crypto investment firm 21Shares featured Chainlink in its weekly research newsletter, praising its role in revolutionizing tokenization and facilitating over $10 trillion in transactions for more than 2,000 projects across 22 networks.
Despite the renewed interest and recent achievements, LINK still needs to climb over 64% to reach its all-time high of $52.70 from 2021.
May 2024, Cryptoniteuae