Yesterday, i.e., 13th of October, Bitcoin flipped its price trade with the release of the US Consumer Price Index (CPI) data for September which turned out to be negative.
Yesterday, Bitcoin had even hit a four-month low of $18,140 on major exchanges before surging back to $19,500. At the time of reporting, Bitcoin is trading at $19,677 after an upswing of 4.44% over the last 24hrs.
Now, a well-known crypto analyst and strategist, Benjamin Cowen, claims that one of the Ethereum (ETH) based altcoins is about to outperform Bitcoin (BTC).
Read on to know which one it is!
Chainlink’s Market Dominance
In a recent interview with Altcoin Daily, Cowen portrayed a bullish stance toward Chainlink (LINK). He explains that while he claims that Bitcoin’s dominance should rise, there will always be a few altcoins that will end up outperforming Bitcoin. He then says that if history repeats, at the end of every bear market and accumulation phase which happens just before the next bull run, Chainlink is the one that needs to be watched by market participants.
As per the analyst, many projects have seen an integration of decentralized blockchain to support smart contracts and protect the data. However, he believes that even though the project is gaining stability, it is not affecting the price rise. He is of the opinion that Chainlink has been a support system for most of the cryptocurrencies and says that the network provides real-time data.
He asserts that Chainlink is not a great project due to overall market volatility and the present bear market. However, he remains positive and bullish about Chainlink’s future because of its fundamentals, which ultimately influence the price action.
Further, he briefs that the one thing that he is looking forward to in the upcoming months is how Chainlink will perform against Bitcoin if the Fed continues to increase the interest rates.
At the moment, Chainlink is selling at $7.12 with a surge of 7.88% over the last 24hrs.
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Source: https://coinpedia.org/altcoin/chainlink-to-outperform-bitcoin-in-coming-days-claims-crypto-strategist/