In summary:
- ChainLink (LINK) has continued on its upward trajectory posting a new ATH of $15.99.
- In the process, LINK has edged out Bitcoin Cash (BCH) from the number 5 spot.
- At this rate, LINK could be gunning for Tether or even XRP.
ChainLink (LINK) has once again done what it has continued to do by setting a new all-time high of $15.99 – Binance rate. Earlier today, LINK was trading at approximately $13. The digital asset then gained by 23% to set the aforementioned all-time high.
As a result of today’s massive pump, ChainLink (LINK) has edged out Bitcoin Cash (BCH) from the number 5 spot. This feat can be observed from the screenshot below courtesy of Coinmarketcap.
What it Would Take for LINK to Flippen Tether and XRP
The flippening of Bitcoin Cash (BCH) and Bitcoin SV (BSV) had been predicted by Timothy Peterson of Cane Island Alternative Advisors back in mid-July. Furthermore, he had stated that LINK would eventually be worth the combined value of BCH and BSV in terms of market capitalization.
Mr. Peterson made these comments via the following Tweet.
#ChainLink is a young & promising iteration of Blockchain 3.0 with practical application to nearly every industry on the globe. $BCH and $BSV are cult-of-personality based Blockchain 1.0 that will by washed away by digital fiat. $LINK mktcap should be worth twice these combined. pic.twitter.com/w1bvhKaTmx
— Timothy Peterson (@nsquaredcrypto) July 12, 2020
At its current rate, LINK could very well be on the path to edge out Tether (USDT) and XRP from the number four and three spots respectively. For LINK to edge out Tether at its current market cap of $10.119 Billion, the digital asset would need to be valued at approximately $28.9. In the case of XRP, ChainLink (LINK) would need to be valued above $36.53.
These price estimates of LINK are not too wild given that Mr. Peterson had also predicted a risky $32 value of ChainLink by the end of the year.
Conclusion
LINK has continued on its interstellar mission defying the charts and calls for a pullback. Furthermore, the digital asset has surpassed Cardano, Litecoin, Bitcoin SV and Bitcoin Cash on Coinmarketcap.
It is, therefore, safe to loosely conclude that LINK’s upward push, might not be over and the $32 ChainLink prediction by the end of 2020 might just play out. Investors are also reminded that LINK’s chart points at a risky path forward given its parabolic trajectory.
As with all analyses of ChainLink, traders and investors are advised to use stop losses and low leverage when trading LINK on the various derivatives platforms.