Austin Arnold, a highly popular crypto analyst in the crypto community, bear marketfour popular altcoinbelieves it has the potential to perform “very well”.
The host of the Altcoin Daily YouTube crypto channel told his 1.23 million subscribers that he evaluated five characteristics when choosing crypto assets that would be suitable for purchase during the bear market.
According to the analyst, these five features include: projects are well-funded, have talented teams, are connected with strategic partners, are dedicated to solving real-world problems that require blockchains, and exist in planes that Arnold thinks will grow as the overall space grows.
chainlink
Talking about his chosen altcoins, Arnold describes the decentralized oracle network combining blockchains with external data. Chainlink (LINK) He says it’s one of those projects. Chainlink’s previous Bitcoin (BTC) bear market Noting that it was one of the best performers during the BNB Chain (BNB) and Polygon (MATIC) points to its success in blockchains such as
Chainlink, which has been trading with an increase of about 2 percent in the last 24 hours, is trading at $ 7.56 at the time of writing.
Avalanche
Next on Arnold’s list is the smart contract platform, an ETH competitor known for providing instant transaction certainty. Avalanche (AVAX). Analyst describes Avalanche as “the best in the field” [layer-1’lerden] one” and “one of the best Ethereum competitors”. He also states that the project effectively differentiates itself from Ethereum (ETH).
“Ethereum is trying to orient itself towards maximum decentralization, while Avalanche strives to achieve maximum scalability and maximum users at the cheapest rates.”
AVAX is trading at $25.72 at the time of writing. The crypto asset, which is ranked 15th by market capitalization, has experienced a drop of over 4% in the last 24 hours.
cardano
Arnold is also an Ethereum competitor in Cardano (ADA) It also states that it is “substantially on the rise”. The analyst says Cardano’s ecosystem has “really blossomed” and currently more than 5 million non-fungible tokens (NFTs) have been minted.
ADA, the 6th-ranked crypto asset by market cap, is trading at $0.616415 at the time of writing, with an increase of about 7 percent in the last 24 hours.
Litecoin
The last on Arnold’s list is the crypto project, which the analyst describes as a “surprise horse.” Litecoin (LTC). The project’s largest network upgrade to date. Mimblewimble (MWEB) Referring to its successful launch recently, the expert believes that Litecoin will soon experience a major rally.
1) Less than a week ago, MWEB, the largest upgrade of the Litecoin network ever, successfully launched. Essentially, MWEB is an opt-in feature that provides fungibility and confidentiality improvements for day to day transacting, along with the inability to view address balances.
— Al Ⓜ️🕸 (@lite_hause) May 24, 2022
However, there are also some concerns for Litecoin. As previously stated by KoinFinans; Litecoin’s Mimblewimble update Litecoin (LTC) On May 23, just two days after it was activated on its network, the platform faced a serious hurdle. Two major crypto exchanges based in South Korea warned their investors of a big problem, claiming that this upgrade allows users to send tokens by hiding their transaction information, and gives the platform a “secret transaction” capability.
According to experts, this announcement, which may become a major negative for Litecoin investors, is stated to be a potential de-list of cryptocurrencies when looking ahead.
According to CoinMarketCap, LTC is trading at $68.92 at the time of writing. The 19th-ranked crypto-asset has seen a fairly modest increase of around 1 percent in the past 24 hours.
You can check the price movements here.
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.