Chainlink Price

About Chainlink

Chainlink is one of the world’s most popular crypto networks. It serves as a virtual bridge between blockchain-based and non-blockchain-based app development environments. 

This network facilitates transferring data from off-chain to on-chain sources via smart contracts. The developers claim it can retrieve data from any Application Programming Interface (API), connect with existing software systems, and integrate with any other blockchain.

LINK is the native token of the Chainlink network. The developers held an initial coin offering (ICO) for LINK in 2017. Since then, the token has appreciated significantly and is one of the most popular cryptocurrencies worldwide. As of December 22, 2024, LINK is the 13 biggest cryptocurrency worldwide by market capitalization.

This article will dive deep into Chainlink’s origins and purpose. Our information will help you decide whether this blockchain and its associated token have good utility.

What is Chainlink and its purpose?

Chainlink is a decentralized blockchain oracle network. To the uninitiated, a blockchain oracle is a third-party service connecting smart contracts with external applications, whether blockchain-based or not. The job of a blockchain oracle is to import data from external apps or export data to external apps. Decentralized oracle networks, DONs for short, enable people to build hybrid smart contracts combining on-chain code with off-chain infrastructure.

This blockchain enables developers to import data from external apps to blockchain networks. It ensures that external information given to on-chain smart contracts is accurate, reliable, and secure. For example, programmers can use it to build a blockchain-based weather forecast app that imports data from traditional weather APIs.

Brief history of Chainlink

This blockchain was created in 2017 by two entrepreneurs and programmers named Sergey Nazarov and Steve Ellis. They co-authored a whitepaper outlining their blockchain concept alongside a Cornell University professor named Ari Juels. 

The two creators held an initial coin offering for their platform’s native token, LINK, in 2017. The ICO raised the fully targeted amount of $32 million. Its debut price was $0.11 apiece, and the current price is $22.61.

Understanding Chainlink price

The price of LINK is largely tied to the development of its parent blockchain network. If more developers adopt Chainlink to build their apps, the blockchain will see increased demand for its native LINK token, which would, in turn, lead to a price increase. Inversely, if demand for the network falls, demand for the LINK coin will also fall and cause a price depression.

Historical price analysis

The LINK price debuted at $0.11 in its ICO in September 2017. It rose gradually in the ensuing years, especially in the crypto bull market between 2020 and 2021. LINK reached its highest price of $52.70 on May 10, 2021.

However, the LINK coin price has largely changed alongside the broader crypto market from 2021 till now. It currently trades at $22.61, a -57.09% from its all-time high (ATH).

Chainlink market data

Daily trading volume

The LINK token has a daily trading volume of $1,396,200,335. The token ranks 13 worldwide for daily trading volume, meaning there’s a very liquid market. If you need to buy or sell this cryptocurrency, you shouldn’t have any problems doing that.

All-time high and low prices

The highest price of this token was seen on May 10, 2021 when it reached $52.70 apiece, giving it a record market capitalization. Its lowest price since debuting on mainstream exchanges was $0.148183 on November 29, 2017.

Market capitalization

This token has a current market capitalization of $14,264,145,567, enough to rank it amongst the top digital assets. It has a circulating supply of $631,099,972 and a maximum supply of 1 billion.

Developers can earn tokens by offering off-chain services and information via an API connected to Chainlink. The circulating supply increases as more developers do this.

Fully diluted valuation

The fully diluted market capitalization refers to the total value of a coin when it has reached maximum supply. For Chainlink, this means when the supply hits 1 billion tokens. There’s no guarantee that the market value of LINK will increase alongside its supply; the fully diluted market capitalization is currently estimated at $22,602,038,018.

Where to buy LINK

You can buy it on any legitimate centralized or decentralized storage that supports the Ethereum blockchain. Chainlink is among the most popular digital tokens, so most exchanges supporting Ethereum-based tokens list it. You can easily buy LINKs and send them to your crypto wallet.

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