This is 4th in our series of 2021 price predictions for some of the major coins by market cap. We’ve already outlined our Bitcoin, Ethereum, and Stellar Lumens price projections for 2021. Today will will provide our Chainlink price prediction.
Further down in this article we will go over the details of what exactly Chainlink is and the potential that it offers, but you’re here for a price prediction, and we’re going to get right to it.
As always, we like to review price forecasts made by others in the crypto industry before we provide our own.
CaptainAltcoin shares the following LINK predictions:
Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the ChainLink (LINK) price, which will give us another point of view to consider:
Trading Beasts – LINK – $20.78
Trading Beasts have given LINK prediction on monthly basis and they have forecasted that by the end of 2021, Chainlink might reach $20.78 to the maximum and $10.53 to the minimum.
Coin Fan – LINK – $23.18
Coin Fan is good at giving optimistic numbers and has predicted that by the end of 2021, LINK might reach $23.18, which is way more bullish and optimistic a prediction. They have even forecasted that by 2023, LINK might reach as much as $300, which is an unbelievable prediction.
Digital Coin Price – LINK – $15.74
Digital Coin price also has given a monthly prediction for Chainlink and they have projected that by the end of 2021, LINK might reach $15.743, which is almost double the current price.
Wallet Investor – LINK – $18.32
Wallet Investor is known for giving not so optimistic prediction for almost every digital currencies. Even for Chainlink, it is not quite different. They have predicted that by 2021 end, LINK might go down to $18.325.
Looking at the above forecasts for the price Chainlink might climb to this year, we’d venture to say they need to update their forecasting methods!
LINK has already surpassed 3 out of the four, and has almost surpassed the fourth. Needless to say, there’ still a LOT of time left in 2021 for LINK to keep Climbing.
Let’s review a few other LINK forecasts.
Coinpedia.org offers this prediction:
Chainlink has drawn a lot of attention and attracted new fans to their project. Their activities and appreciation among other industry players have increased trust in the company. By the end of 2021, the coin may reach about $28.
CryptoEinfach reported these Chainlink price predictions for 2021:
Crypto-rating.com determined the year-by-year price change of Chainlink with their own AI-enabled algorithm, they are predicting In 2021, Chainlink will be priced around $19.82.
Digitalcoinprice.com thinks Chainlink will peak in 2024 with around $34.3 their prediction is a bit more pessimistic with a price in 2021 of $20.49.
Once again, LINK has already exceeded the two price forecasts above.
This is the LINK prediction as declared by gov.capital:
Our site uses a custom algorithm based on Deep Learning that helps our users to decide if LINK could be a good portfolio addition for the future. These predictions take several variables into account such as volume changes, price changes, market cycles, similar coins.
Future price of the asset is predicted at $33.033427 (57.429% ) after a year according to our prediction system.
Custom deep learning algorithm? Sounds so sophisticated. However, If our LINK prediction is anywhere near close to what actually occurs, it won’t be very long before it becomes crystal clear that their deep learning algo needs to go back to shcool.
Lastly, here is the LINK forecast provided by the bybit blog:
The Chainlink price is predicted to experience a bullish trend, sustaining over $23 in 2021 and paving the way for an eventual run up to $60 in 5 years
LINK over $23.00 during 2021? With the price of LINK quoted at press time of $22.22, that’s about as risk-free of a forecast as one can make.
It should be very evident from the forecasts above that all the “experts” are unanimously calling for the price of Chainlink to pretty much remain in the range of its current price.
We strongly disagree.
Our 2021 Chainlink Price Prediction
We’ve said it before, but it needs to be said again: there is a 4 year cycle in cryptocurrency prices. This cycle is most likely – or at least partially – caused by the Bitcoin halving cycle, which itself is a four year cycle.
This cycle has existed since the creation of Bitcoin. While it certainly could, we see no reason for this cycle to suddenly disappear this year.
Previous 4 Year Cycle Tops
The previous 2 tops of the 4 year cycle were 2013 and 2017. The next cycle peak is due around Christmas time in 2021.
Bitcoin has been through two complete 4 year cycles. Chainlink was released in June of 2017, and thus we don’t have a full cycle year to use as reference. Price history only goes back to mid September of that year. as such, we don’t have the data from a previous cycle to use as a basis for making a prediction for this cycle.
Instead, we are going to look at our projected multipliers for Bitcoin, Ethereum, and Stellar Lumens, and reason that the multiplier for LINK will probably be similar.
What Multiple For LINK?
We are predicting bitcoin to go up in price by a factor of 15.4 times to reach its high at the end of this year.
We are predicting Stellar Lumens to go up in price by a factor of 20 to 74 times to reach its high at the end of this year.
We are predicting Ethereum to go up in price by a factor of 18 to 34 times to reach its high at the end of this year.
LINK started 2021 at a price of $11.87 on January 1.
Chainlink 30x This Year
We believe that LINK’s price performance this year will mirror that of XLM and ETH. As such, we are going to use a multiplier of 30x.
Using this multiplier, we predict a price high for LINK at the end of this year to be $356.10.
Our LINK 2021 Price Prediction: $356.10
That’s our LINK prediction. While it may seem unreasonably high, let us remind you that at that price the total Market Cap of Chainlink would only be about $150 billion. As of press time, Ethereum has a total market cap of $140 billion. We believe it is reasonable to forecast LINK could reach a similar market cap.
What’s Chainlink (LINK)?
Chainlink is actually a blockchain platform developed to protect clients against unauthorized access when exchanging data while working for complicated smart contracts. The Chainlink solution offers advanced data protection both outside and inside of the blockchain.
The Chainlink blockchain consists of special nodes known as oracles. For the network to operate right, the smart contracts have to do the job properly, as well as the data sent to them should be dependable. A decentralized oracle network verifies the input data from different sources and then sends them to an intelligent contract. This achieves greater accuracy of input info, and that is at times difficult to confirm in a centralized fashion. Additionally, that eliminates data manipulation. The Chainlink oracle serves as a dependable bridge between data providers and the customers of theirs.
Chainlink is an answer necessary for blockchain to evolve.
Smart contracts enable you to move cryptocurrency from one address to the next when certain conditions are actually met. Readily available for public viewing in the blockchain, smart contracts are actually invariable, which implies that the parameters of the agreement or maybe contract features cannot be changed once they are deployed.
Smart contracts requiring off chain data need to have a dependable source to properly transfer details to the chain before this information is transferred forth and back to any off chain party. The communication issue had formerly held back the improvement of smart contracts. Nevertheless, with the growth of oracles, that issue is a factor of the past. Smart contracts may today be used for an assortment of scenarios.
Oracles are actually used to transfer actual data to the blockchain via smart contracts. Any data could be transferred, weather forecast, the football or price details match score. Decentralized financing (DeFi) is actually probably the most typical use of an oracle because these platforms need probably the most correct and trustworthy sources of information readily available to avoid errors.
An oracle is actually a middleman or maybe middleware that functions like a bridge between a number of parties during the data transfer to and out of a blockchain. Oracle checks and transmits serious data to various blockchain ecosystems in which the information is then utilised. When oracles utilized in conjunction with smart contracts, they confirm that the conditions of the intelligent contract are actually fulfilled and that the data provided is actually dependable.
Centralized oracles include a problem: if the system fails, it is able to result in a failure on some other platforms, possibly putting users’ funds at risk. If one single oracle shuts down for a short time, it is able to cause chaos for a lot of people. Which generates significant trust issues for a centralized oracle network.
Chainlink’s network of decentralized node operators is financially urged to attain a consensus on data reliability. Abusers are actually penalized for playing unfairly, and the data of theirs gets rejected without reaching consensus with the majority of the network. That is the decentralization element which makes the Chainlink network very safe.
Just how does Chainlink (LINK) work?
Chainlink (LINK) is actually a decentralized network of oracles whose main objective is actually connecting smart contracts with info coming out of the planet. Since a blockchain doesn’t have access that is totally free entry to info outside of the system of its, the oracle acts as an info channel in an intelligent contract.
The Chainlink network uses as its underlying asset LINK tokens, that are required to extract off network data flows. All tokens are actually created into a readable blockchain and off chain network computing system which offers a reliable, secure workflow.
Chainlink is based on clients and information providers. Clients choose specific desired data, as well as providers share just this data. Being a guarantee, data providers block a particular percent of LINK tokens if they publish an offer for data. These tokens may be confiscated in the event of vendor misconduct. At exactly the same time, Chainlink uses the oracle reputation system to gather and assess the data provided. When everything goes smoothly, suppliers just receive the payment of theirs, and everybody is satisfied.
Bottom line: Chainlink connects data providers with the buyers and has a very bright future.