There is always plenty of exciting momentum in the cryptocurrency world. Although the top markets are all subjected to minor bearish pressure, changes are happening further down the market cap rankings. In the case of Chainlink, very solid gains can be noted across the board, even though it remains to be seen how long this momentum can remain in place.
Chainlink Price Momentum Swells
It is more than apparent not all cryptocurrencies follow Bitcoin’s price pattern. For altcoin enthusiasts, that is a more than welcome development, as it further shows these markets behave individually. In the case of Chainlink, there are some solid gains across the board, even though it seems there aren’t any real developments to back up this sudden wave of excitement.
Over the past 24 hours, there has been a solid 15% increase in the Chainlink price. This affects the USD, BTC, and ETH value alike, pushing the price to $0.36 in the process. Combined with just under $9.2m worth of trading volume, it would appear as if the demand for LINK is increasing all of a sudden. It is a bit unclear what is driving this demand right now, yet the uptrend hasn’t gone by unnoticed in the slightest.
One of the more interesting Chainlink-oriented debates can be found on Twitter. Timo Harings is one of those people who boldly proclaims smart contract technology will only succeed if Chainlink becomes a success. While there is some interesting correlation between the two concepts in this regard, the future of technology never hinges on one particular project’s success.
If Chainlink doesn't succeed, smart contracts won't succeed in the foreseeable future. Docusign knows that, Swift knows that, Intel knows that and they all want a piece of the cash cow.
— Timo Harings [Jan/3🔑] (@timo_harings) January 3, 2019
When one’s currency is being promoted by a lot of people, it is evident the current Chainlink price momentum has little to do with actual industry developments. Shitcoin Jesus is convinced now is the time to buy LINK and get one’s ducks in a row before the “singularity is upon us”. Another rather peculiar statement, albeit one that is also worth keeping an eye on.
— Shitcoin Jesus (@crypto_christ) January 3, 2019
Not a day goes by in the world of cryptocurrency and digital assets without a good meme being shared on social media. The one shared by Coin Critic Matthew Irving seems to apply to the current Chainlink price momentum. Although memes have become somewhat entwined with cryptocurrencies, it remains to be seen how long LINK will remain hot.
— Coin Critic – Matthew Irving (@TheCoinCritic) January 3, 2019
Although the current LINK price momentum is on the bullish side of the spectrum, there isn’t that much volume to make a real impact. As such, there is a genuine chance this price increase will peter out a lot quicker than speculators might expect. Escaping the velocity of the overall bearish pressure might not be possible, although Chainlink is doing a good job so far.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.