Chainlink hit $25 and rose as high as $25.48 on Binance. It is currently sitting in the upper $24 region and who knows where it will go next?
What could have caused this massive spike in price?
Well we don't know for sure but it could be due to Grayscale announcing it now has introduced a Chainlink trust.
Crypto asset manager Grayscale has incorporated six more trusts, including those tied to Chainlink (LINK) and Tezos (XTZ) tokens.
Besides LINK and XTZ, the other four trusts include Basic Attention Token (BAT), Decentraland (MANA), Livepeer (LPT), and Filecoin (FIL). All the six trusts were formed in December, except the FIL trust, which was incorporated in October.
Grayscale told Coindesk via email:
“Grayscale is always looking for opportunities to offer products that meet investor demands. Occasionally, we will make reservation filings, though a filing does not mean we will bring a product to market. Grayscale has and will continue to announce when new products are made available to investors,”
What is Grayscale?
Grayscale is the largest crypto asset manager in the world. It manages more than $25 billion worth of assets across its products. Its bitcoin product, however, boasts the lion's share of the total AUM at more than $21 billion.
What is Chainlink
Chainlink's decentralized oracle network provides reliable, tamper-proof inputs and outputs for complex smart contracts on any blockchain.
We could maybe see a $30 Chainlink or close to, by the end of the month.
Thank you for reading.
