Chainlink (LINK) pumps 26% in 6 days — Is there room for more?

Chainlink’s LINK (LINK) token experienced a remarkable 26% surge between Nov. 2 and 8, approaching $14, a level not seen since April 2022. This solidified its position as the 10th largest cryptocurrency (excluding stablecoins) by market capitalization.

While the price action is a welcome sight for traders, is Chainlink’s current valuation of $8.1 billion justified? Cointelegraph research shows that the impressive price surge is driven by expectations of real-world asset (RWA) tokenization and initial signs of institutional adoption. However, let’s delve deeper to assess the sustainability of the current rally.

Spot Bitcoin ETF expectations and real-world asset tokenization boost sentiment

Bloomberg’s exchange-traded fund (ETF) strategists, James Seyffart and Eric Balhunas, issued a research note on Nov. 8 that has boosted the confidence of cryptocurrency traders.

New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com/u6dBva1ytD

— James Seyffart (@JSeyff) November 8, 2023

In their note, they explain that the window for approving a spot Bitcoin (BTC) exchange-traded fund is set to open on Nov. 9 as the United States Securities and Exchange Commission concludes its latest round of postponements.

Seyffart maintains a 90% likelihood of approval but cautions that the regulator’s final decision may be delayed until mid-January.

Altcoins have also seen notable price increases in the past seven days, with Trust Wallet Token (TWT) surging by 41%, Immutable X’s IMX (IMX) by 29% and NEO by 28%. LINK’s appreciation is indicative of the positive sentiment toward altcoins, particularly following Bitcoin’s apparent stagnation around the $35,500 mark.

Within Chainlink’s ecosystem, several positive developments have contributed to the LINK’s recent performance.

On Nov. 7, Vodafone, a major European and North Africa-based

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Author: Marcel Pechman

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