- Chainlink co-founder, Sergey Nazarov has predicted that the total market value could surge above 10 trillion fueled by consumer and hedge fund interest.
- Nazarov’s optimistic prediction can be supported by Chainlink’s recent price surge, and network adoption, indicating the 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 cryptocurrency is in its “early to mid-stage ” level of growth holding potential for development which will be brought about by both consumer interest and traditional finance.
According to Nazarov, the total market cap could surge up four times from the present level.
Nazarov argues that the cryptocurrency market has reached a turning point. He believes that the total market value surpassing 200 billion will set the stage for unavoidable growth. Also, with the market value surpassing 2.5 trillion, this could see its value surging up four-fold driven by consumer retail and hedge fund interest.
In his recent interview, Nazarov highlights the vital role that traditional finance could play in targeted growth.
Chainlink further states that the traditional finance industry holds the key to pushing the total crypto market value beyond 10 trillion.
The remaining growth beyond $10 trillion for the crypto industry and the blockchain industry I think will have to happen through all the value that’s locked in traditional financial institutions,” he explained. “And that’s where that process of them generating their own chain, putting those assets on-chain will take the crypto industry way past $10 trillion into the hundreds of trillions [of dollars]. So we’re still kind of in the early to mid-stage of the industry’s development.
Additionally, interest has grown among legacy managers signifying the potential the crypto industry has. The huge interest from major players is a key factor for Nazarov. Even at its current value, it is enticing enough for key players to dedicate resources and develop financial products specifically for this space. The Chainlink co-founder views this as a green flag suggesting room for growth.
Nazarov’s bullish prediction protrudes beyond financial institutions, and Chainlink’s recent surge in price signifies the potential for growth 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 United States on May 23 saw Chainlink’s price surging up by 23.5%. From $17.70. The rise in LINK’s price signifies the growing interest in projects built under the Ethereum blockchain. At the time of press, LINK is currently trading at $17.34, marking a 2.5% increase over the past week.
The approval of Ethereum ETFs has sparked a wave of investor interest with financiers looking to leverage the new interest in crypto ETFs. Chainlink is a top player in facilitating the secure transfer of data between blockchains. This makes it a top candidate 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 cap hovered around $9.6 billion pursuing Bitcoin Cash with an over $230 million difference. With increasing whale demand and interest from financial institutions, LINK could soon see its price soar to around $20.
Chainlink’s ability to reach and sustain this milestone will depend on its capacity to overcome resistance at the $17.50 level. This price point is significant as 8,190 active addresses have obtained 27.9 million LINK at this level.
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