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.
“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.
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