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Chainlink Price Surge Suggests Bubble Phase?

Chainlink is on a constant growth in the market. The recent times has seen the price of chainlink surge higher than usual which has raised questions that it could be in a bubble phase.

A few days back chainlink surged up to 34% to reach a high of $8.48. The price then dropped to $7 but it continues to put the all-time high on radar and hints at surpassing it in the recent times.

To determine if chainlink is in the bubble phase investors in UK are trying to understand different norms. Following the downfall of Bitcoin market to $3,750 in March, a number of altcoins have surged in the market. Most of these altcoins are related to the DeFI market.

The price surge has convinced investors that a new altseason has started with it being important to see the price of LINK fundamental to determine the actual reason.

Meanwhile, according to a report in Cointelegraph, “CoinMetrics noted that several data points support LINK’s price. For example, total active addresses and the number of transactions have been rising and this indicates that the number of people holding, and more importantly, using LINK has been increasing”. 

“Following Binance’s footsteps, Huobi exchange began running a node in order to provide their price data to the network,” the report added.

It is a good time for the ORACLE operators as they have been rewarded with tokens in this phase.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.