Cardano, Avalanche and Two Additional Altcoins Have Potential to Perform Extremely Well in a Bear Market – Crypto Analyst
Popular crypto analyst Austin Arnold believes that four altcoins have the potential to do “very well” despite the ongoing bear market.
Altcoin Daily co-host He says Its 1.23 million YouTube subscribers look for five attributes when searching for good crypto assets to buy in a bear market.
All five attributes are well-funded, equipped with capable teams, tied to strategic partners, dedicated to solving real problems that require blockchain, and existing in verticals that Arnold believes will grow as the overall space grows.
Arnold says that the Chainlink (LINK) decentralized Oracle network is one of these projects. He notes that Chainlink was one of the best performers in the previous Bitcoin (BTC) bear market. He also points to the developer adoption of Chainlink and the success of the Oracle Network on blockchains like BNB Chain (BNB) and Polygon (MATIC).
Chainlink is trading at $7.72 at time of writing, up almost 4% in the last 24 hours.
Next on Arnold’s list is the Avalanche Smart Contracts Platform (AVAX). The analyst calls Avalanche “one of the best [layer-1s] in space” and “one of the best competitors of Ethereum”. He also notes that the project has effectively differentiated itself from Ethereum (ETH).
“Ethereum tries to target maximum decentralization, while Avalanche targets maximum scalability and only maximum users with the cheapest fees.”
AVAX is trading at $26.72 at the time of writing. The 15th-ranked crypto asset by market capitalization is down more than 3.75% in the last 24 hours.
Arnold is also “hugely bullish” on fellow Ethereum competitor Cardano (ADA). The analyst says that the Cardano ecosystem is “really flourishing” and has now minted more than 5 million non-fungible tokens (NFTs).
ADA is trading at $0.616415 at the time of writing. The sixth-ranked crypto asset by market cap is up nearly 7% in the past day.
Last on Arnold’s list is the “dark horse” Litecoin (LTC). He notes that Litecoin could soon see a big rally, citing the recent successful launch of Mimblewimble (MWEB), the project’s biggest network upgrade to date.
1) Less than a week ago, MWEB, the largest update to the Litecoin network, was successfully launched. Essentially, MWEB is an optional feature that provides fungibility and confidentiality enhancements for everyday transactions, along with the inability to view address balances.
-To the??? (@lite_hause) May 24, 2022
LTC is trading at $68.92 at the time of writing. The 19th-ranked crypto asset is up almost one percent in the last 24 hours.
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source: dailyhodl.com