As Gold is to Bitcoin, Palladium is to LINK

By stevo muchoki | Crypto mind game | 13 Aug 2020

As the global market slowly recover from the ongoing coronavirus disruption, a few things are unraveling right before us. One is that cryptocurrencies are here to stay and probably solve some of the social injustices that have thrived in ages.

Led by Bitcoin, digital assets might have passed one of the most challenging hurdle for any instrument. This is because they have not only kept their value during the pandemic but also skyrocketed amidst the noise. 

Market analysts have been relating Gold to Bitcoin in the digital world, due to the similarities in their utility. Furthermore, they have been been regarded as safe havens, with institutional investors gaining confidence in both assets.

However, there are other projects within the crypto industry that are disrupting the market at a larger scale and in different manner.

Some of these projects include Ethereum, Ripple’s XRP, Cardano, Terher USD, and also Chainlink (LINK).

Notably, The largest gains can be observed in the Chainlink (LINK) project that was once regarded as a scam

In comparison to the precious metal, LINK can be compared to Palladium that was once disregarded and not valuable. However, in recent years, Automobile makers rely on it for their catalytic converters to reduce emissions, hence increasing its demand that ultimately led to its price skyrocketing.

Currently, Palladium is more valuable than gold due to its industrial use, whereby at the time of publication it was trading around $2165 while gold was trading around $1925.

Despite LINK not trading above Bitcoin’s market price at the time of reporting, LINK’s recent rally due to its market use - DeFi and also smart contract- largely compares to Palladium.

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stevo muchoki
stevo muchoki

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Crypto mind game
Crypto mind game

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