Originally published on: December 03, 2024
Chainlink’s LINK token stole the show in the crypto market on December 3rd, with a jaw-dropping 27% surge in a single day thanks to a recent partnership with a European Union-based firm launching a tokenized asset settlement system. The momentum didn’t stop there, as LINK’s price has shot up by 50% in the past week and a staggering 125% in the last 30 days.
Data from Cointelegraph Markets Pro and TradingView revealed that LINK showed a “god candle” on December 3rd, skyrocketing from $18.58 to as high as $26.92, marking a remarkable two-year high, highlighting the token’s incredible performance.
Not only did the price surge, but LINK’s trading activity ramped up too, with spot trading volumes reaching a whopping $8.6 billion on December 3rd, a significant 271% increase in just one day. Its market capitalization currently stands at an impressive $15.52 billion, solidifying its position as the 15th largest cryptocurrency.
The surge in LINK’s price comes on the heels of the thrilling collaboration between Chainlink and 21X, a platform specializing in tokenized assets, marking the launch of Europe’s first EU-regulated tokenized securities market. By integrating Chainlink’s Cross-Chain Interoperability Protocol (CCIP), 21X can seamlessly settle assets from multiple chains, making stablecoins and tokenized assets from various chains accessible to clients.
Max Heinzle, founder and CEO of 21X, expressed excitement about the partnership, stating, “We are thrilled to partner with Chainlink as we prepare to launch Europe’s first tokenized securities market infrastructure.”
Chainlink’s network activity surged alongside LINK’s price, with daily transactions spiking from 6,437 to an impressive two-year high of 24,901 between November 29th and December 2nd, showcasing a remarkable 286% increase. Active addresses also shot up by 179% over the same period, pointing to growing adoption of the Chainlink ecosystem and subsequently driving up demand for LINK.
While the relative strength index indicates overbought conditions, the bullish formation of a “golden cross” on the daily chart suggests a possible continuation of the rally. This bullish signal, coupled with a U-shaped recovery pattern breakout at $19 and a potential move towards the $30 target, indicates a bright future ahead for Chainlink.
Market commentators echo this optimism, with some predicting LINK’s price to soar beyond $50 in the near future. Satoshi Flipper, a pseudonymous trader, anticipates further bullish momentum now that the price has breached the $22 mark.
Investors should remember that this article provides insights and information rather than investment advice. It’s always advisable to conduct thorough research before making any financial decisions in the volatile world of cryptocurrencies.
