Crypto Interest is Still Surging
Recent volatility of cryptocurrency prices has resulted in even more attention coming to the marketplace.
Historically, this kind of interest surge has ultimately benefitted two main categories:
- Introductory crypto platforms such as Coinbase (COIN), PayPal (PYPL), and the Cash App from Square (SQ).
- Established cryptocurrencies like Bitcoin and Ethereum, as investors who jumped into “hot” alternative coins like Dogecoin move their funds to “safer” coins as the market cools.
Crypto Spotlight: Chainlink (LINK-USD)
Chainlink (LINK-USD) is a platform in the decentralized finance (“de-fi”) space that aims to reliably integrate data from the outside world (weather, stock prices, etc.) into a format that can be used by smart contracts on a secure blockchain.
Chainlink tokens, $LINK, serve as both a reward and a reputation score for the “Oracles” providing accessible data feeds on the Chainlink network. Like most cryptocurrencies, $LINK tokens also function like stock in the Chainlink network itself; many investors believe that Chainlink’s unique use case and proven functionality will see it used heavily in the future.
Looking at the number of Cashtag Mentions over time, it’s not hard to see that the rising level of investment interest has been a key driver for the massive moves in the price of $LINK tokens.
We will be keeping a keen eye on both the overall investor interest in the cryptocurrency space and consumer demand for hundreds of alternate cryptocurrencies for the next few weeks.
If history is any guide, this could turn out to be a critical “make or break” moment for many players in the space.