Cardano, Avalanche and Two Additional Altcoins Have Potential To Perform Extremely Well in a Bear Market: Crypto Analyst
Popular crypto analyst Austin Arnold thinks four altcoins have the potential to do “very well” despite the ongoing bear market.
The co-host of Altcoin Daily tells his 1.23 million YouTube subscribers he looks for five attributes when searching for good crypto assets to buy in a bear market.
The five attributes are being well-funded, being equipped with capable teams, being linked to strategic partners, being devoted to solving real problems that necessitate blockchains, and existing in verticals that Arnold thinks will grow as the overall space grows.
Arnold says decentralized oracle network Chainlink (LINK) is one of these projects. He notes Chainlink was one of the best performers in the previous Bitcoin (BTC) bear market. He also points to developer adoption of Chainlink and the oracle network’s success on blockchains like BNB Chain (BNB) and Polygon (MATIC).
Chainlink is trading at $7.72 at time of writing, up nearly 4% in the past 24 hours.
Next on Arnold’s list is smart contract platform Avalanche (AVAX). The analyst calls Avalanche “one of the best [layer-1s] in the space” and “one of the best Ethereum competitors.” He also notes the project has been effectively differentiating itself from Ethereum (ETH).
“Ethereum tries to gear itself towards maximum decentralization, while Avalanche is gearing itself towards maximum scalability and just maximum users with the cheapest fees.”
AVAX is trading at $26.72 at time of writing. The 15th-ranked crypto asset by market cap is down more than 3.75% in the past 24 hours.
Arnold is also “hugely bullish” on fellow Ethereum competitor Cardano (ADA). The analyst says Cardano’s ecosystem is “really blooming” and has now minted more than 5 million non-fungible tokens (NFTs).
ADA is trading at $0.616415 at time of writing. The 6th-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 major rally, citing the successful recent launch of Mimblewimble (MWEB), the project’s largest network upgrade ever.
1) Less than a week ago, MWEB, the largest upgrade of the Litecoin network ever, successfully launched. Essentially, MWEB is an opt-in feature that provides fungibility and confidentiality improvements for day to day transacting, along with the inability to view address balances.
— Al ??? (@lite_hause) May 24, 2022
LTC is trading at $68.92 at time of writing. The 19th-ranked crypto asset is up nearly one percent in the past 24 hours.
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