Crypto Analyst Says Cardano, Avalanche And Two Others Have Potential

As the crypto market began to rally after Bitcoin experienced nine red weeks, some crypto projects performed amazingly well. This highlights their strength in a downtrend.

Crypto analyst, Austin Arnold, explained to his Youtube community what aspects they should consider when choosing a project to invest in a bear market. And identified four crypto assets that could perform very well in the future.

Related Reading | Cardano (ADA) bulls resurface, what are the next target levels?

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Austin, an expert crypto trader and co-host of Altcoin Daily, told his 1.23 million followers five things to consider when checking out the potential of a crypto project.

These are the five attributes that make the project grow as the overall space increases. It includes a good team navigating the project with capable skills, the project is well funded, and the ability to solve real problems that occur in blockchains. And he further noted that a blockchain’s strategic partnerships and positioning in vertical markets also strengthen a crypto asset.

The analyst chose Oracle Company’s Chainlink (LINK) as the first option in his list with the above characteristics. He noted the remarkable achievements of Oracle’s network on BNB Chain (BNB) and Polygon (MATIC), highlighting the adoption of Chainlink by developers. Arnold further addressed the token’s performance during the previous Bitcoin bloodbath.

As of this writing, Chainlink is trading at $7.29, down 0.77% in the last 24 hours.

Bitcoin recovers the $30,000 level. | Source: BTC/USD price chart from TradingView.com

Other crypto projects on Arnold’s list

The crypto analyst favors smart contract platform Alavanche (AVAX) in second place and calls it “one of the best (layer 1) in the space” and “one of the best competitors to Ethereum ”. He shed light on the project’s decision to differentiate itself from Ethereum (ETH).

Ethereum is trying to move towards maximum decentralization, while Avalanche is moving towards maximum scalability and just maximum users with the cheapest fees.

AVAX is trading around $25 and has lost nearly 4% in the past 24 hours. It currently ranks at the 14th position by market capitalization.

Arnold then moved on to Ethereum competitor Cardano (ADA), which he is “extremely optimistic” about. While talking about it, he cited Cardano’s decision to mint over 5 million NFTs, saying its ecosystem is “really thriving.”

Cardano’s ADA is trading at $0.57 right now, down more than 10% in the last 24 hours. ADA is in the 7th position by market capitalization.

Related Reading | TA: Ethereum Plunges from $2,000, Why 100 SMA Could Trigger Further Rise

Litecoin appears as a favorite investment titled a “dark horse” at the end of Arnold’s list. Citing the recent launch of the Litecoin network, he predicted a major rally ahead for LTC following the crypto project’s biggest upgrade, Mimblewimble (MWEB).

As of this writing, the price of Litecoin stands above $66, down 3.74% in the last day. It is currently ranked 19th by market capitalization.

Featured image from Pixabay and chart from TradingView.com



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Crypto Analyst Says Cardano, Avalanche And Two Others Have Potential


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