Popular crypto analyst Benjamin Cowen is bullish on one Ethereum (ETH)-based altcoin and says it may even outperform 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 are how Bitcoin dominance should go much higher. But while I say that there are always a few altcoins that outperform Bitcoin even when the dominance is going higher. And 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 says that the decentralized blockchain network has been integrated into many projects to enable smart contracts and secure data sharing. However, the strength of the project is not translating into a higher price due to the overall bear market conditions.
“Chainlink sort of acts as a backbone for a lot of cryptocurrencies.… We’ve seen over the years, just how many cryptocurrency projects it’s integrated itself into and I would argue that it provides a very valuable service in providing real-time feeds via the blockchain.
One of the reasons why I think it hasn’t done as well recently, obviously, is not necessarily because Chainlink isn’t a great project it’s more so just because of the overall market risk and the fact that we are in fact in a bear market, but I do think the fundamentals of Chainlink shine through a bit better in the bear market than they sometimes do in the bull market.”
He says in the coming months he is looking to see how well LINK’s price will hold up if there is a continued downturn in the markets driven by the US raising interest rates.
“One of the things I’m looking for is how well does LINK hold up if we do get some more fear closer to the end of the year with the Fed continuing to raise interest rates and how does it hold up against Bitcoin.”
He says that LINK, currently trading hands for $7.04 at time of writing, is undervalued in its current price against BTC. At time of writing, LINK is valued at 0.0003620 BTC.
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