Bitcoin Is Slated To Go Higher, But One Ethereum-Based Altcoin Will Outpace BTC: Crypto Analyst Benjamin Cowen

Bitcoin Is Slated To Go Higher, But One Ethereum-Based Altcoin Will Outpace BTC: Crypto Analyst Benjamin Cowen

Popular cryptoanalyst Benjamin Cowen is bullish on one Ethereum (ETH)-based altcoin, saying it could even surpass Bitcoin (BTC).

In a new interview with Altcoin Daily, Cowen lays out the case for his bullish Chainlink (LINK) sentiment.

“A lot of the things I talk about on my channel right now is how Bitcoin dominance should go much higher. But while I say that there are always a few altcoins that outperform Bitcoin even when dominance goes higher. And if history is any indication, on end of a bear market and in the accumulation phase before the next bull market, Chainlink is a reasonable place to look.”

Cowen says the decentralized blockchain network has been integrated into many projects to enable smart contracts and secure data sharing. However, the strength of the project does not translate into a higher price due to the general bear market conditions.

“Chainlink kind of acts as a backbone for a lot of cryptocurrencies… We’ve seen over the years how many cryptocurrency projects it’s integrated into, and I would argue that it provides a very valuable service in providing real-time feeds via the blockchain.

Of course, one of the reasons why I think it hasn’t done as well lately is not necessarily because Chainlink isn’t a great project, it’s more just because of the general market risk and the fact that we’re actually in a bear market, but I think the fundamentals of Chainlink shine through a little better in the bear market than they sometimes do in the bull market.”

He says in the coming months he is watching how well LINK’s price will hold up if there is a continued decline in the markets driven by US interest rate hikes.

See also  Short-term holders hold less than 9% of the total

“One of the things I’m looking for is how well LINK holds up if we get a little more fear closer to the end of the year with the Fed continuing to raise interest rates, and how it stacks up against Bitcoin.”

He says that LINK, which is currently trading hands at $7.04 at the time of writing, is undervalued in its current price against BTC. At the time of writing, LINK is valued at 0.0003620 BTC.

I

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox

Check price action

Follow us on TwitterFacebook and Telegram

Surf The Daily Hodl Mix

Check the latest news headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/Salamahin/Viktoriia Bondarenko

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *