2022-6-14 23:50 |
There is a mismatch between LINK’s price and its levels of adoption.
Key points:Chainlink has dropped heavily in value and market cap rankings in 2022.
Nonetheless, it remains one of the most adopted cryptocurrencies for decentralized data.
A combination of depressed prices and growing adoption makes LINK a value buy today.
Chainlink (LINK) has been on a downtrend for most of 2022. While the broader market has primarily been bearish this year, LINK has particularly taken a big hit and even lost its position as a top 20 cryptocurrency by market capitalization.
However, these price dynamics don’t mean that LINK is a lousy investment. It remains solid crypto with good potential long term. For context, consider that LINK has Bitcoin-like dominance in its core markets.
Chainlink is a decentralized oracle cryptocurrency and controls over 60% of this market. This makes it more significant than all its competitors combined. Besides dominance, it is also noteworthy that the decentralized oracles market is growing fast. That’s because it entails supplying smart contracts with decentralized real-world data. Since the Dapps market is on a growth trajectory, the odds are that the demand for Chainlink will keep going up over time.
Is Chainlink a good buy?From the above analysis, it is clear that Chainlink has a good future ahead of it. As long as the Dapps market is growing, so will the value of LINK. Besides the fundamentals, LINK’s price has dipped from highs of $52 to $7.16. That’s a drop of 86%. While there are no guarantees in crypto, the price drop makes LINK a highly undervalued cryptocurrency. Moreso, when you consider that Chainlink adoption is rising across the cryptocurrency ecosystem.
ConclusionWhile Chainlink’s price has tanked and its position in market cap rankings dropped, it is still one of the best out there. Its levels of adoption remain high relative to many other cryptocurrencies in the market today. This makes LINK massively undervalued.
The post Chainlink – A highly undervalued cryptocurrency to buy in 2022 appeared first on CoinJournal.
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