The price of Chainlink has been experiencing a weak performance over the past few weeks and is currently down over 26% from its yearly high. Despite the recent rally in the crypto markets following the release of April 2023 CPI data showing the lowest inflation rise in a year, gains were short-lived and the BTC price was unable to maintain its position above the $28,000 level. Despite this, LINK’s price has managed to remain above its weekly lows.
However, according to trader and YouTuber Altcoins Chyrs, Chainlink is a misunderstood cryptocurrency and it will grow massively in future. The project has the potential to reach billions in market cap, which could significantly impact the industry.
Unfortunately, in the previous bull run, Chainlink did not perform as well as other cryptocurrencies like Dogecoin, which reached close to 100 billion in market cap. LINK Price’s all-time high was at 20 billion, which is a small fraction of its potential. This lack of performance could be attributed to a general misunderstanding of the crypto.
“In the previous bull run, Chainlink didn’t perform as it was supposed to. We saw only a 20 billion market cap, while coins like Dogecoin reached close to 100 billion, 80-90 billion,” he said in a new video.
He said that Chainlink has been misunderstood in the past and that it has a lot of room for growth in the future. The trader predicted that it could potentially reach a market cap of over 100 billion in the future, and believes that it has the potential to do an incredible bull run. He finds it attractive to add more LINK tokens to your portfolio while it is close to its all-time low of $6.4.
At the time of writing, Chainlink is down by more than one percent and is trading at $6.42.
