Chainlink ($LINK) could outperform Bitcoin even as $BTC is expected to rise, crypto analyst says
Benjamin Cowen, a popular cryptocurrency analyst, has revealed that while he believes the flagship cryptocurrency Bitcoin ($BTC) will rise in the near future, he believes Chainlink ($LINK) could do even better.
In an interview with Altcoin Daily, Cowen laid out his bullish case for the decentralized oracle platform, noting that while he often refers to BTC’s dominance – or its share of the cryptocurrency market – going much higher in the future, some tokens could still surpass it . .
Cowen said that “if history is any indication, at the end of a bear market and in the accumulation phase before the next bull market, Chainlink is a reasonable place to look.”
Cowen added that the decentralized oracle platform has been integrated into several projects to enable smart contracts to receive data. The project’s strength, he said, is not translating into a higher price amid the ongoing bear market, which has seen investors move away from risk assets over rate hikes meant to tame inflation.
According to the analyst, “Chainlink’s fundamentals shine through a little better in the bear market than they sometimes do in the bull market”. He said:
Chainlink sort of acts as a backbone for many cryptocurrencies.… We’ve seen over the years how many cryptocurrency projects it’s integrated into, and I’d argue that it provides a very valuable service by providing real-time feeds via blockchain.
Cowen added that he is watching how $LINK performs in the future if cryptocurrency prices continue to fall in the near future.
In particular, Chainlink has recently partnered with SWIFT, the Society for Worldwide Interbank Financial Telecommunication to try to bridge the gap between traditional banks and blockchain. The partnership will see both working on an “initial proof of concept” using Chainlink’s cross-chain interoperability protocol, which provides a cross-chain communication standard.
The collaboration will mean that the 11,000 financial institutions linked to SWIFT will be able to engage in token transactions across chains. Chainlink co-founder Sergey Nazarov has said the move will accelerate the use of distributed ledger technology across capital markets and traditional finance.
SWIFT’s interbank messaging system is the most widely used platform for traditional cross-border fiat transactions. In August, it recorded an average of 44.8 million messages per day. However, transactions made using SWIFT’s network can take days to complete.
Chainlink has said that the partnership with SWIFT allows financial institutions to gain blockchain capability without replacing, developing and integrating new connectivity into legacy systems.
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