Matt Hougan, the Chief Investment Officer at Bitwise, argues that Chainlink (LINK) is one of the “least understood, most important, and possibly most undervalued” crypto assets. This statement follows the launch of Bitwise’s Chainlink ETP, which faced lackluster trading volumes and market interest compared to Bitcoin ETPs.

In a recent memorandum, Hougan pointed out that Chainlink’s significant role in various crypto sectors, including stablecoins, DeFi, and tokenization, is frequently overlooked by investors. Currently ranked as the 11th largest cryptocurrency with a market cap of nearly $10 billion, Chainlink is often pigeonholed solely as a “data oracle,” which inadequately summarizes its capabilities.

Instead, Hougan describes Chainlink as a vital software platform that addresses the isolation issue among blockchains, allowing them to interact continuously with real-world information. Chainlink leads the market in infrastructural services used by numerous high-profile institutions including DTCC, SWIFT, JPMorgan, and Visa.

Price Overview and Market Trends
Chainlink (LINK) has exhibited increased price fluctuations, transitioning from a stable period to a spike that briefly surpassed the $14 mark before correcting to approximately $12.3. Market analytics from Santiment indicate that major LINK holders are leveraging recent price dips to acquire more tokens, hinting at confidence in a potential price recovery.

As institutional interest in crypto assets rises, Hougan expects Chainlink ETPs to become more sought after.

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