Key Notes
- LINK price reached $22.9, marking a 22.4% gain in 24 hours with $6 billion daily trading volume and $21 billion market valuation.
- Chainlink’s infrastructure has facilitated over $17.3 trillion in total transaction value, with adoptions by major companies.
- Strategic partnership with Frankfurt-based 21X will enable EU-regulated tokenized trading services, set to launch in Q1 2025 under BaFin supervision.
Chainlink (LINK), a fast-growing blockchain ecosystem that enables the mainstream adoption of smart contracts through reliable data, has emerged as a top performer in the ongoing altcoins rally led by Ripple Labs’ XRP. The large-cap altcoin, with a fully diluted valuation of over $21 billion and a daily average traded volume of around $6 billion, pumped more than 22.4% in the last 24 hours to trade about $22.92 on Monday, December 2, during mid-New York session.
Following the sustained bullish sentiment in the past five weeks, LINK price has retested this year’s peak, which was set in mid-March. From a technical analysis standpoint, LINK price is on the verge of confirming a bullish trend, through monthly higher highs and higher lows.
Furthermore, the weekly Relative Strength Index (RSI) is on the cusp of rallying above the 70 percent level for the first time since earlier this year. In case of further bullish breakout, LINK price will be aiming for at least $27, which coincides with the 2.618 daily Fibonacci Extension.
Eyes on $LINK pushing to breach the previous yearly high, looking really strong. #Chainlink marines are back in control 💥 pic.twitter.com/rmZYHwmn15
— Crypto Rand (@crypto_rand) December 2, 2024
Chainlink Network Yields Strong Fundamentals
As Coinspeaker has noted, the Chainlink network has grown to be a major enabler of seamless adoption of the multichain web3 ecosystem. The veteran blockchain ecosystem has over the years developed crucial infrastructure to provide smart contract developers with reliable data feeds.
For instance, Chainlink’s data feeds and cross-chain interoperability protocol (CCIP) have been adopted by dozens of companies around the world led by T-Mobile, AAVE, Nexon, GMX, Brazil’s Central Bank, and Swisscom among many others. Consequently, the Chainlink network has so far facilitated more than $17.3 trillion in total transaction value.
In the latest strategic partnership, 21X, a Frankfurt-based fintech company that is developing a blockchain-enabled tokenized exchange, announced that it will tap into the Chainlink network to ensure sustainable and regulated growth.
According to the announcement, 21X’s on-chain trading and settlement system will tap into the Chainlink standard to facilitate interoperable tokenized exchange. Most importantly, the strategic partnership with Chainlink will enable 21X to offer EU-regulated tokenized trading services, which will be unveiled under the supervision of BaFin.
“…We will launch 21X in Q1 2025 on a public permissionless blockchain and look forward to making a variety of tokenized assets accessible to our clients and prospects through CCIP. In addition, Chainlink will provide secure and accurate price data feeds for listed products on 21X,” Max Heinzle, founder and CRO of 21X, noted.
According to Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs, the Chainlink infrastructure will play a crucial role in the ongoing mainstream adoption of real-world assets (RWA) tokenization.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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