An Analyst Projects Chainlink Will See “Shocking” Increases in 2024

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Last Updated on December 21, 2023 by Bitfinsider

Popular cryptocurrency analyst Lark Davis gave a positive prediction for the blockchain oracle network Chainlink (LINK) in 2024 in a recent YouTube video. Davis, who admits to owning a sizeable stake in LINK, acknowledges the risks associated with cryptocurrency investing but thinks the project is still undervalued in light of its partnerships and technology.

The Grayscale Chainlink Trust is trading at premiums of more than 200% over the current LINK price, indicating increased interest in Chainlink from institutional investors, according to the analyst. He thinks this interest is a result of people realizing that Chainlink offers crucial infrastructure for cryptocurrency applications and blockchains.

Davis specifically cited the new cross-chain interoperability protocol (CCIP) from Chainlink as a significant advancement. He clarified that CCIP has the potential to release trillions of real-world asset value by facilitating smooth transactions between private networks and public blockchains.

In light of this, Davis mentioned the recent CCIP connections made by the massive financial services firms DTCC, Euroclear, and SWIFT—who collectively process quadrillions of trades a year.

He said, “These are the biggest and most significant financial services companies in the whole freaking globe.” Although he is aware of possible rivals, Davis thinks Chainlink is hard to replace because of its first-mover advantage and broad capabilities. He anticipated significant announcements and ongoing CCIP rollouts in 2024.

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.