On August 12, Chainlink (LINK) gained over 20% to set a new all-time high at $15.99. Earlier in the day, LINK was exchanging at around $13. Then, the crypto gained about 23% to set the all-time high. Due to the massive surge, LINK has now surged past Bitcoin Cash to take the 5th spot in the market capitalization list.
The surge past Bitcoin Cash (BCH) and Bitcoin SV (BSV) had been forecasted by Timothy Peterson of Cane Island Alternative Advisors in mid-July. Also, he said that LINK would be worth the combined value of BSV and BCH with regards to market capitalization. Mr. Peterson Tweeted:
#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 the current rate, LINK may be on the part to surge above Tether (USDT) and Ripple’s XRP to take the third position on the list. But, for LINK to overtake Tether at the market cap of $10.119 Billion, it needs to reach a price of around $28.9. For it to then surge past XRP, LINK must be valued above $36.53.
These LINK price estimates are not too farfetched since Peterson had also mentioned a risky $32 value of Chainlink by the end of 2020.
The Takeaway
Chainlink has continued to surge and its interstellar mission of defying charts and pullback calls is amazing. Additionally, the crypto has risen past Cardano, Litecoin, Bitcoin Cash, and Bitcoin SV on the Coinmarketcap list of top cryptocurrencies.
Thus, LINK may surge towards $32 by the end of this year. Investors are cautioned that LINK’s chart points at a risky path forward given its current parabolic trajectory.
As it is the case with most analyses of Chainlink (LINK), investors and traders should stop losses and trade with low leverages to ensure that they do not suffer huge losses if the token drops rapidly.
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