Chainlink LINK/USD is a decentralized network of nodes, which provides data and information from sources that are outside of the blockchain to smart contracts within the blockchain network through the utilization of oracles.
The LINK token is used in the network in order to compensate the Chainlink Node operators when they get data from external data sources and turn it into a format that is readable on the blockchain.
Chainlink ecosystem developments as a catalyst for growth
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On January 3, Chainlink posted how Umee Cross Chain is using tamper-proof data from Price Feed in its decentralized finance (DeFi) offering, putting an emphasis on price feeds and how they are decentralized on multiple levels, which in turn makes them hyper-resistant to data manipulation attacks or any single point of failure.
Additionally, Waterfall DeFi also integrated Chainlink Price Feeds on the Binance Smart Chain, which in turn enabled the novel products to reference tamper-proof data feeds.
On January 4, Chainlink announced that secure off-chain computation is expanding the design space for artists as well as developers, where Joey Roth started using Chainlink VRF to add secure randomness to the Vector Field NFTs which explore the digital and physical divine through on-chain art.
Additionally, we covered how OpenSwap integrated Chainlink VRF to power the NFT validator program.
This growth in the ecosystem has contributed to the growth of value for the LINK token.
Should you buy Chainlink (LINK)?
On January 5, Chainlink (LINK) had a value of $25.94.
To get a better perspective as to what kind of value point this is for the LINK token, we will compare it to it’s all-time high value alongside its performance last month.
When we look at the all-time high value, the LINK token was worth $52.70 on May 10. Here, we can see that at its ATH point of value, the token was $26.76 higher in value or by 103%.
In terms of the performance of the LINK token throughout the previous month, its highest point was on December 1, when it climbed in value to $26.76.
Its lowest point in value, however, was on December 15, when it decreased in value to $17.33. This gives us an indication that the token decreased in value by $9.43 or by 35%.
However, from December 15 to January 5, the token increased in value by $8.61 or by 49%.
With this in mind, we can expect LINK to reach a new ATH value of $30 by the end of January.
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