Chainlink to new all-time high over $9

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Last Updated on 4 August 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Although everyone is talking about Bitcoin’s return to $11,000 after a Flash Crash this weekend, there is one crypto story that has proved to be even better. Chainlink lost as much as 21% this weekend, but climbed all the way back and then rose another 10% to mark a new all-time high today.

On Saturday, August 1, Chainlink climbed to its previous high of $8.50, but due to Sunday’s Flash Crash it went down with 21%. Yesterday that loss was made up and today Chainlink continues to rise above $9.

On July 14th we noted that according to analysts Chainlink could easily reach $10 in Q3 of this year. At that time the Chainlink price was still at $8.50.

With today’s final climb, Chainlink is increasingly nestling in the top ten of CoinMarketCap. Even Cardano’s market cap is not save anymore, and is “only” $18 million away.

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What is Chainlink again?

This crypto was created after the developer of Ethereum (ETH), Vitalik Buterin, implemented smart contracts in the blockchain and thus ensured that the platform could be used massively.

The disadvantage is that these smart contracts can only manage data on Ethereum’s own blockchain. Chainlink enables Oracles to retrieve data from sources that are not within the blockchain and thus offers more possibilities than Ethereum, according to developer and CEO Sergey Nazarov.

“Liquidating” Zeus Capital

A crypto investment fund called Zeus Capital tried to get the currency to 0 by shorting it, this news also went viral on social media.

Zeus Capital had contacted several analysts to post a story or discussion about the cryptocurrency, preferably negative. According to the investment fund, Chainlink is a big scam set up by the Russians.

The Link Marines, the group of supporters of Chainlink on the various social media channels, were reinforced by this story and a call to “liquidate” Zeus Capital was followed. With each new dip the Marines bought more Chainlink it seemed. As a result of this whole operation Chainlink is now over $9 and $10 doesn’t seem far away anymore. Â