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Popular cryptocurrency analyst Benjamin Cowen is bullish on Ethereum (ETH)-based altcoins, saying they could even outperform Bitcoin (BTC).
In a new interview with the Altcoin Daily, Cowen lays out the basis for his bullish Chainlink (LINK) sentiment.
A lot of what we talk about on my channel right now is how Bitcoin’s dominance should be high. And I say, if history is any indication, at the end of a bear market and the accumulation phase before the next bull market, Chainlink is a reasonable place to look.
Cohen said decentralized blockchain networks have been integrated into many projects, enabling smart contracts and secure data sharing. However, the strength of the project has not translated into higher prices due to the overall bear market conditions.
Chainlink serves as the backbone of many cryptocurrencies. Over the years, we have seen a number of cryptocurrency projects that have integrated themselves into the blockchain.
One of the reasons I think it’s not doing well lately is not that Chainlink isn’t necessarily a great project, but because of the overall market risk and the fact that it’s actually been bearish. But I think Chainlink’s fundamentals are a little bit better in a bear market than in a bull market.
In the coming months, he said, he would like to see how the LINK price holds up if the market continues to slump due to US interest rate hikes.
One of the things I’m looking for is how well LINK will hold up and how it will hold up against Bitcoin if the Fed continues to raise rates and that raises more concerns towards the end of the year. I mean.”
He said that LINK is currently trading at $7.04 at the time of writing and is undervalued at its current price against BTC. At the time of writing, LINK is worth 0.0003620 BTC.
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Featured Image: Shutterstock/Salamahin/Viktoriia Bondarenko
