Susannah Streeter, a senior analyst at Hargreaves Lansdown said: “Chainlink’s price has been fuelled by speculation by many traders trying to sniff out short term gains rather than belief in its fundamental long term use case.

She added: “With such volatility, competition in the market and uncertainty surrounding nascent technology, traders should take an extremely cautious approach and only dip their toe into the market with money they can afford to gamble.’’

Matt McKenna, spokesman at Finder also said: “Chainlink’s price has been following the wider crypto market, which saw a huge sell off during May.

“Over the past month it is down roughly 20%, but has been showing signs of recovery in the last few days.

“As with all cryptocurrencies, people should be prepared for extreme volatility, and the very real risk of losing money.”

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