Cryptocurrency analyst Benjamin Cowen shared his predictions as to why the rise of a popular layer-1 smart contract platform against the top two strongest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), could lead to more gains in the future.
Speaking at a recent strategy session, Benjamin Cowen told 709,000 YouTube subscribers that Avalanche (AVAX) has been climbing higher compared to Ethereum (ETH) for several months.
Cowen also Avalanche (AVAX) He added that the “worst-case scenario” for it could oscillate in value over time.
“It has a chance to rise against ETH. If we go back to October 2021, we can notice that it has been increasing steadily for some time, gradually rising. I think the most important thing we should look for should be the question of whether there will be an exit (for approximately 0.029 ETH). Because if AVAX goes up against Ethereum and starts trending towards 0.06 ETH, that makes it even more attractive…
This makes AVAX even more attractive than it currently is, because you are a better-performing altcoin than ETH. It should be noted that ETH still outperforms BTC.”
At the time of writing, Avalanche is trading sideways and has a price tag of $84.85, while Ethereum is down 1.49 percent to $3,069.
Referring to how AVAX is stacking up against Bitcoin (BTC), the analyst added that there is a systematic bullish trend against BTC. Cowen, AvalancheHe thinks that “this is where the real test comes from” in how it stacks up against Bitcoin and Ethereum.
“This is one of the better altcoin/Bitcoin charts. We can see that it is in a systematic uptrend extending to the end of 2020. AVAX’s Bitcoin valuation is almost in a systematic uptrend. And it is also possible to see a rise of approximately 1800% from the local low.
Again, this chart is against Bitcoin, not the US dollar! This is pretty impressive considering that Bitcoin has also been on the rise since late 2020.”
Meanwhile, Bitcoin is down slightly by 2% but remains well above the $40,000 resistance at $43,049.
https://www.youtube.com/watch?v=TWg5h3Lcbuw
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