How Chainlink Price Can Benefit If Grayscale Lists It

It’s no secret that institutional investors are interested in cryptocurrencies. The price of Bitcoin previously reached record highs due to the fact that institutional money is drying up the sell-side liquidity.

Sooner or later, institutional investors will turn their attention to altcoins such as Ethereum, Chainlink and Litecoin. This is where investing companies like Grayscale and other institution-faced platforms come into the picture.

Chainlink, currently the seventh-largest cryptocurrency, is up five percent in the past 24 hours. Making it the top-performing altcoin in the top 10 by market capitalization. LINK is currently trading at all-time highs, having broken out of its consolidation against Bitcoin and the U.S. dollar a few weeks ago.

Chainlink 24 hour price chart
Chainlink 24hr Chart via CoinMarketCap.com

There been speculation that LINK will be the next asset listed on Grayscale. This might be more than just a pipe dream since the company recently incorporated an additional six trusts in the state of Delaware. The six trusts include LINK, BAT, MANA, FIL, LPT, and XTZ.

Michael Sonnenshein, the CEO of Grayscale Investments, also hinted at an upcoming announcement. Many expect to involve the popular cryptocurrency.

“stay tuned CT, @Grayscale and I have something good for you in the AM! (yes, that was the announcement of the announcement),” he tweeted.

Grayscale Investments Expanding Its Cryptocurrency Trusts

Grayscale Investments is a Wall Street digital asset manager focused on allowing institutional players to obtain exposure to Bitcoin and Ethereum. While most of its assets under management are in its BTC and ETH positions. The company offers investment vehicles for assets down the crypto risk curve.

With Grayscale buying up most of the newly minted BTCs, the addition of new altcoins figures to be bullish for these coins. An evolution of the “Grayscale Effect” could occur. Similar to what was seen when the exchange listed tokens during the ICO and IEO periods of 2017-18.

Buying these coins and holding would be the best way to guarantee good returns. The reason being that Grayscale would have chosen these projects due to their strong fundamentals. By gauging the investor interest in the market.

However, some of the aforementioned altcoins will continue to be in the price discovery phase. Hence, they have the potential to surge higher on the charts, uninterrupted, without any buyer pressure waiting to dump the coins.

If it does manage to get listed on Grayscale, LINK has underlined a promised surge of 30% to 70%.

Leave a Comment

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com WestcoastNFT.com