A popular cryptocurrency trader has suggested that ´ oracle network Chainlink ($LINK) is currently significantly undervalued, saying that under the $10 mark the cryptocurrency’s price “feels criminal.”
In a series of tweets shared with their over 500,000 followers on the microblogging platform Twitter, pseudonymous analyst Kaleo noted that LINK has been undergoing an accumulation phase that suggests it’s about to outperform the flagship cryptocurrency Bitcoin ($BTC);
In separate tweets, Kaleo said they believe the price of Bitcoin could soon surge to a level near $22,700 as the cryptocurrency underwent a “little bit of accumulation on top of support after the breakout,” although Kaleo expects a “bit of chop around $22,000.”
The flagship cryptocurrency is, at the time of writing, trading at around $20,700 after falling from a high near $21,500 seen earlier this month, according to CryptoCompare data. The cryptocurrency’s volatility, along with that of most digital assets, has plunged this year as retail investors lose interest in the space over the ongoing bear market. LINK, meanwhile, is trading at $8.5.
Chainlink, it’s worth noting, is an oracle platform that allows blockchain smart contracts to receive reliable real-world data. The project has partnered with SWIFT, the Society for Worldwide Interbank Financial Telecommunication, to try to bridge the gap between traditional banks and blockchains.
Both Chainlink and SWIFT have announced they’re working on an “initial proof of concept” using Chainlink’s cross-chain interoperability protocol, which provides a cross-blockchain communication standard.
The partnership will mean that the 11,000 financial institutions connected to SWIFT will be able to engage in token transactions across chains. Chainlink co-founder Sergey Nazarov has said the move will accelerate the adoption of distributed ledger technology across capital markets and traditional finance.
SWIFT’s interbank messaging system is the most widely used platform for traditional cross-border fiat transactions. In August, it recorded an average of 44.8 million messages per day. Transactions made using SWIFT’s network can take days to complete, however.
Image Credit
Featured Image via Unsplash
Source: Read Full Article