Popular crypto analyst Benjamin Cowen Ethereum (ETH) He explained that he is optimistic about an altcoin-based altcoin. The analyst thinks the altcoin could outperform Bitcoin (BTC).
In a new interview with the Altcoin Daily, Cowen expressed his positive thoughts on Chainlink (LINK).
“A lot of things I’m talking about on my channel right now are about how Bitcoin dominance should go much higher. However, I also say that there are a few altcoins that outperform Bitcoin even when dominance rises. And if history is any indication at the end of a bear market and the accumulation phase before the next bull market, Chainlink is a logical place to look.”
Koinfinans.com As we reported, Cowen says the decentralized blockchain network has been integrated into many projects to enable smart contracts and secure data sharing. However, due to the general bear market conditions, the project cannot reflect its strength in the price.
“Chainlink serves as a backbone for many cryptocurrencies… Over the years, we have seen how it has integrated itself into many cryptocurrency projects. I would argue it provides an invaluable service in providing real-time feeds via blockchain.
I think it hasn’t been going well lately, but it’s not because Chainlink isn’t a great project, it’s more about overall market risk and the fact that we’re actually in a bear. But I think the fundamentals of Chainlink sometimes shine a little better in a bear market than in a bull market.”
Finally, the analyst said that he would like to see how well LINK’s price will hold up in the coming months if there is an ongoing downturn in the markets due to the US increasing interest rates.
“One of the things I expect is how well LINK will hold up and perform against Bitcoin towards the end of the year as the Fed continues to raise interest rates.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.