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Apparently, LINK, a supposedly ‘unknown’ digital coin in the blocks has experienced a huge rise this year. Data shows that the virtual coin, designed under the umbrella of the smart contracts company Chainlink, has risen extraordinarily this year, shooting it to the top yearly climbers. LINK, alongside Bitcoin and Bitcoin SV, are current the top shots in the blocks. I bet you didn’t see that coming.
The crypto world has been thrown into wild jubilation following the huge comeback that Bitcoin is making in the blocks, taking the entire crypto market up with it. Some cryptocurrencies, such as LINK, have not only taken a ride with Bitcoin, but also managed to surpass it in terms of change. LINK has skyrocketed from $0.289 at the beginning of the year to a peak of $4.14 (currently is is trading at around $3.20).
Just when we thought the rise in Bitcoin’s price seen in the month of May could be the best it has to offer after the harsh crash of last year alongside the rest of the crypto market, the world’s largest cryptocurrency threw out a surprise in June, hitting a new high since 2018 crypto winter. LINK, which began trading in September 2017, made an almost unprecedented ascension during these months.
Many allocate the huge rise to Facebook’s new cryptocurrency Libra while others believe the cryptocurrency market is only following a pattern. We hope July isn’t much different. The most popular cryptocurrency, Bitcoin, currently sells for $12,662, a very high rise from what it was last year.
About Chainlink (LINK) Cryptocurrency
LINK is a crypto coin under the umbrella of Chainlink, a project created to help solve a problem of smart contracts. Due to lack of knowledge of real-world data, the Ethereum blockchain requires a third party to complete a smart contract between two parties. And this goes against everything the Blockchain technology stands for.
Blockchain was created to eliminate the role of middlemen as it gives room for manipulations of data. Blockchain technology is all for transparency and security and that isn’t what you get when power is with a ‘trusted’ third party.
Chainlink decided to curb this menace once and for all by creating a decentralized network of oracles. Although this does not completely eliminate the third-party problem, it goes a long way to reduce the risk associated with third-party roles. The digital currency used in the Chainlink network for routine activities is called LINK.
While it is a good thing LINK has made a surprising rise all the way from the bottom, analysts are yet unsure what its value in the network is and the cause of the sudden rise. It may seem like a good place to place your money at the moment; however, we advise you to study the decentralized oracle network properly before investing. And if you must, be sure to invest funds you are okay to lose. Be guided!