Popular cryptocurrency trader and analyst Michaël van de Poppe raised his bullish bets on Chainlink LINK/USD after the coin outperformed the broader market with double-digit gains.
What Happened: Van de Poppe called LINK as the "opportunity of a lifetime" reacting to a notable development in the coin's ecosystem.
Chainlink, the parent blockchain of the cryptocurrency, announced the successful completion of of pilot project in partnership with The Depository Trust and Clearing Corporation and several of the top U.S. banks to bring capital markets on blockchain rails and boost the asset tokenizing economy.
The pilot project tested how to disseminate mutual funds data to any private/public blockchain using Chainlink's interoperability feature.
Price Action: Reacting to the development, LINK surged more than 12% in the last 24 hours, trading at $15.68 at the time of publication, according to data from Benzinga Pro.
Notably, LINK's large transaction volume jumped 141% in the past 24 hours on this announcement, according to IntoTheBlock. Additionally, balances of long-term holders increased 0.26%, signaling an intent to accumulate the cryptocurrency.
Why It Matters: For the curious, tokenization of real-world assets was emerging as the next big thing in blockchain technology, with the industry having $6.68 billion in total locked as of this writing, according to DeFiLlama.
Think of it as simply the process of bringing off-chain assets like bonds, real estate, commodities, and much more onto blockchains, resulting in a variety of options for both traditional and decentralized finance.
Chainlink, acting as the bridge between off-chain and on-chain worlds, holds the key for narrative.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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