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Chainlink (LINK) Price Aims for ATH Fueled by Heightened Institutional Demand Led by Coinbase
12/11/2024 17:25
Chainlink Labs announced the expansion into the MENA region with an office in Abu Dhabi to feed the local demand in a regulated manner.
Key Notes
- The Chainlink network has been adopted by dozens of reputable financial institutions seeking to build multi-chain web3 projects.
- LINK price has formed a macro bullish trend and signaled an imminent rally towards $50 soon.
Amid the mainstream adoption of digital assets and web3 projects catalyzed by institutional investors, the Chainlink (LINK) network has emerged as a crucial component. The veteran blockchain, which is focused on democratizing multichain smart contracts, has become a standard for on-chain finance in the past few years.
As a result, on-chain data shows the demand for LINK LINK $22.62 24h volatility: 4.1% Market cap: $14.19 B Vol. 24h: $2.63 B among whale investors has grown exponentially in the recent past. Furthermore, the large-cap altcoin, with a fully diluted valuation of about $22 billion and a daily average traded volume of over $2.7 billion, and its services are available on 18 top blockchains including Ethereum ETH $3 700 24h volatility: 1.8% Market cap: $445.62 B Vol. 24h: $54.96 B , Solana SOL $223.6 24h volatility: 2.5% Market cap: $106.51 B Vol. 24h: $10.42 B , BNB Chain BNB $688.5 24h volatility: 2.2% Market cap: $100.43 B Vol. 24h: $2.44 B , and Avalanche AVAX $44.99 24h volatility: 2.5% Market cap: $18.43 B Vol. 24h: $1.09 B , among others.
Chainlink and Coinbase Collaborate to Expand in MENA Region
As Abu Dhabi grows to a major cryptocurrency and web3 industry hub in the United Arab Emirates (UAE), Chainlink Labs has set up a new regional office under the registration authority of ADGM. Furthermore, Abu Dhabi is a strategic entry into the MENA region, where the Chainlink standard will be much appreciated by financial market infrastructures and financial institutions in the region to tokenize real-world assets.
“Chainlink Labs’ increased presence in the region underscores the growing demand for blockchain-based chain finance solutions and tokenized assets, with Abu Dhabi, the ‘Capital of Capital’, providing the ideal environment for further expanding the global footprint of the Chainlink standard,” Hamad Sayah Al Mazrouei, Registration Authority CEO at ADGM, noted.
On Tuesday, Project Diamond, an ADGM-regulated protocol developed by Coinbase Asset Management for institutional investors outside the United States, announced a strategic partnership with Chainlink Standard to power the full cycle of managing tokenized assets.
According to the announcement, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will enable Coinbase’s Project Diamond to scale through different public and private chains securely and in a regulated manner.
Additionally, Chainlink Functions will enrich smart contracts with reliable data feeds to facilitate a seamless adoption by institutional investors.
“Chainlink is essential infrastructure that enables asset issuers, banks, and financial institutions to create tokenized asset solutions that are compliant, secured by verifiable data, and interoperable across any public or private blockchain. By integrating the Chainlink standard natively into the Project Diamond platform, powered by Coinbase’s tech stack on Base, we’re paving the way for widespread institutional adoption of digital assets,” Marcel Kasumovich, Deputy Chief Investment Officer at Coinbase Asset Management, noted.
Midterm Expectations for LINK Price
Chainlink’s LINK has gained significant bullish momentum in the past year fueled by strong demand from retail traders and whale investors. The utility-based altcoin has rallied more than 63 percent in the past four weeks to trade at about $22.77 at the time of this writing.
$link continues to look strong here against usd and btc pair.
working real hard on the range breakdown reclaim, i think this will be atleast 50% higher in the next week or 2 pic.twitter.com/TTTlhD49pD
— Bluntz (@Bluntz_Capital) December 11, 2024
From a technical standpoint, the LINK price is on the cusp of rallying toward its all-time high after forming weekly higher highs and higher lows. Moreover, the LINK/BTC pair has potentially rebounded from a multi-year low amid the ongoing altseason.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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