Chainlink’s highest price in 22 months ─ “RWA tokenization” attracts attention | CoinDesk JAPAN

Chainlink (LINK) soared to a 22-month high on February 2nd, ending a three-month hiatus for the leading decentralized oracle network’s token.

The world’s 13th largest crypto asset (virtual currency) rose above $18 during European time, its highest price since April 3, 2022, according to data from CoinDesk. It was up 15% in 24 hours. LINK’s price has risen nearly 30% in one week, outpacing major crypto assets including Bitcoin (BTC) and Ethereum (ETH). This rally marks a bullish breakout from the recent three-month range of $13 to $17 and signals a continuation of the rally from June 2023 lows near $5.

LINK price chart. (CoinDesk)

Chainlink has long been a key component of the crypto industry’s infrastructure, connecting blockchains with data from the outside world through oracles and a wide range of partnerships. Its blockchain-agnostic infrastructure ensures compatibility with different blockchains and facilitates seamless and secure movement of coins from one blockchain to another.

“Traditional financial institutions are now using blockchain and tokenizedRWAThey need data, compute, and cross-chain capabilities to deploy (real-world assets) at scale.Only the Chainlink platform can offer all three,” Chainlink said earlier this week.mentioned in X.

Last month, analysts at K33 Research said LINK is the safest way to profit from the increasingly hot RWA tokenization story. Tokenization allows assets such as gold, stocks, and real estate to be traded as digital tokens on the blockchain. According to Boston Consultancy Group, the value of tokenized RWA could reach $16 trillion (approximately 2,320 trillion yen, equivalent to 145 yen = 1 dollar) by 2030.

LINK price chart. (CoinDesk)

influx of new funds

The dollar value locked in open futures contracts tied to LINK more than doubled to $490 million, a record high, according to CoinGlass. In terms of crypto assets, open interest soared by 62% to 27.51 million LINK.

An increase in open interest means an influx of new funds into the market. This trend is said to be confirmed if the price increases as open interest increases.

Meanwhile, the funding rate for perpetual futures remains positive, but well below December’s figure, indicating that the market is not yet bullishly overheated.

Open interest hit an all-time high. (CoinDesk)

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: CoinDesk
｜Original text: Chainlink’s LINK Token Taps 22-Month High of $18, Ending Three-Month Breather