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Chainlink Co-Founder Says Cryptocurrency Market Capitalization Will Increase Over $10 Trillion
- Chainlink co-founder Sergey Nazarov predicted the total market value could exceed 10 trillion, fueled by interest from consumers and hedge funds.
- Nazarov’s optimistic prediction can be supported by Chainlink’s recent price increase and network adoption, indicating continued growth in investor interest in the crypto space.
Chainlink co-founder Sergey Nazarov has made a bold prediction regarding the future of the cryptocurrency market. Nazarov believes that the cryptocurrency is in its “early to mid-stage” growth phase and contains development potential that will be driven by both consumer interest and traditional finance.
Second for Nazarov, the total market capitalization could increase four times from the current level.
Nazarov argues that the cryptocurrency market has reached a turning point. He believes that the total market value exceeding 200 billion will lay the foundation for inevitable growth. Furthermore, with a market value exceeding 2.5 trillion, this could see its value quadruple, driven by interest from retail consumers and hedge funds.
In his recent interview, Nazarov highlights the vital role that traditional finance could play for targeted growth.
Chainlink also claims that the traditional financial sector holds the key to pushing the total value of the cryptocurrency market above 10 trillion.
I think the remaining growth beyond $10 trillion for the cryptocurrency industry and the blockchain industry will have to come through all the value that’s locked up in traditional financial institutions,” he explained. “And that’s where the process of them generating their own chain and putting those assets on chain will take the cryptocurrency industry beyond $10 trillion into the hundreds of trillions.” [of dollars]. So we are still in the early and middle stages of the industry’s development.
Furthermore, interest has grown among legacy managers, signifying the potential of the cryptocurrency industry. The huge interest from major players is a key factor for Nazarov. Even at its current value, it is attractive enough to push major players to dedicate resources and develop financial products specifically for this space. The Chainlink co-founder sees this as a green flag suggesting room for growth.
Nazarov’s bullish prediction goes beyond financial institutions and that of Chainlink recent surge of the price indicates the growth potential for digital tokens and the broader market.
Chainlink ETF emerges as key candidate for approval
The approval of eight Ethereum Exchange-Traded Funds (ETFs) in the US on May 23 saw the price of Chainlink rise by 23.5%. Starting at $17.70. The increase in the price of LINK indicates the growing interest in projects built under the Ethereum blockchain. As of press time, LINK is currently trading at $17.34, marking an increase of 2.5% compared to last week.
THE approval of ETFs on Ethereum has sparked a wave of interest from investors, including lenders looking to capitalize on the new interest in crypto ETFs. Chainlink is a major player in facilitating the secure transfer of data between blockchains. This makes it one of the best candidates to have its ETF filed and approved before the end of the year.
Since the approval of Ethereum ETFs on May 22, Chainlink’s market capitalization has hovered around $9.6 billion, trailing Bitcoin Cash by more than $230 million. With growing demand for whales and interest from financial institutions, LINK could soon see its price rise to around $20.
Chainlink’s ability to reach and sustain this milestone will depend on its ability to break above the resistance at the $17.50 level. This price is significant since at this level 8,190 active addresses obtained 27.9 million LINKS.