According to cryptocurrency analyst Benjamin Cowen, Bitcoin is poised for higher highs. However, an Ethereum-based altcoin will outperform BTC.
Experienced analyst says this altcoin project could outperform Bitcoin
According to the popular crypto analyst, Chainlink (LINK) may surpass Bitcoin due to some key metrics. In a new interview, Cowen shared his bullish sentiment on Chainlink:
A lot of the topics I’m currently discussing on my channel is why Bitcoin dominance should increase significantly. However, even as Bitcoin’s dominance rises, few altcoins continue to outperform it. And if history is any guide, Chainlink is a good place to look at the end of the bear market and the accumulation period before the next bull market.
According to Cowen, many projects have adopted the Chainlink network to support smart contracts and secure data transfer. However, general bear market conditions are suppressing LINK price. Cowen summarized the current view in one part of the publication:
Chainlink acts as a backbone for many cryptocurrencies…. We’ve seen how many crypto projects it has integrated itself into over the years, and I believe it’s reaping benefits by offering real-time integrations via Blockchain. That said, I believe Chainlink’s fundamentals shine a little better in a bear market than it sometimes does in a bull market, which is one of the reasons I think it hasn’t been performing well lately. Of course, it’s not because Chainlink is a bad project; rather, because of the overall market risk and the fact that we are in a bear market.
So when?
In the coming months, the analyst says he will examine how well LINK’s price will do if markets continue to decline as a result of the US raising interest rates:
One of the things I’m looking for is how well LINK will hold up and how it will hold up against Bitcoin if we have some more fear towards the end of the year as the Fed continues to raise interest rates.
important news
Chainlink has been falling for the past seven days. But the new collaboration could help re-engage interest. Chainlink announced that it is collaborating with zksync’s tier 2 environments to integrate new price streams. These new integrations had an impact on Chainlink’s development activity. As can be seen from the image below, development activity has witnessed a huge spike over the past few weeks.
cryptocoin.comAs you followed, LINK price is currently trading at $6.98. LINK started to decline after September’s CPI data were released on October 13. Today had the opportunity to recover some of the up to 5% correction. LINK is currently simple compared to the last 24 hours, but has lost 8% compared to last week.
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