Some projects in crypto have seen incredible gains since the cryptocurrency market began to recover after nine consecutive red weeks. This is a testament to their resilience in times of downturn.
Austin Arnold, a crypto analyst, shared his views with the Youtube community about what factors they should consider when choosing projects to invest in bear markets. He identified four potential crypto assets that could be very successful in the future.
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Austin is a professional crypto trader, and the co-host Altcoin Daily. He shared five things with his 1.23M subscribers to help them evaluate the potential for a crypto project.
These are five traits that help grow the project when the space is larger. They include a competent team to manage the project and well-funded. The project can also solve real-world problems using blockchains. He also noted that strategic partnerships and the positioning of a Blockchain in Verticals can help strengthen crypto assets.
The analyst picked up the Oracle firm’s Chainlink (LINK) as the first option on his list having the above characteristics. He noted remarkable achievements of Oracle’s network on the BNB chain (BNB) and Polygon (MATIC), highlighting the developer adoption of Chainlink. Arnold also addressed Arnold’s comments on the performance of Chainlink in the recent Bitcoin bloodbath.
At the time of writing, Chainlink is trading at $7.29, down 0.77% in the past 24 hours.
Other Crypto Projects On Arnold’s List
The crypto analyst prefers the smart-contract platform Alavanche (AVAX) in the second place and calls it “one of the best (layer-1s) in the space” and “one of the best Ethereum competitors.” He shed light on the project’s move to differentiate itself from Ethereum (ETH).
Ethereum is trying to maximize decentralization. Avalanche aims at maximum scalability, maximum user satisfaction and the lowest fees.
AVAX trades at $25, and has fallen nearly 4% over the last 24 hours. Current market capitalization ranks it at the 14th spot.
Arnold then moved to Ethereum’s competitor Cardano (ADA), on which he is “hugely bullish.” While speaking about it, he cited Cardano’s move of minting over 5 billion NFTs saying its ecosystem is “really blooming.”
Cardano’s ADA trades at $0.57 as of now, down over 10% in the past 24 hours. ADA is currently at 7th place by market capital.
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Litecoin appears as a preferred investment titled a “dark horse” at the end of Arnold’s list. Citing the recent launch in Litecoin’s network, he predicted a significant rally in the future for the LTC following the largest upgrade of the crypto project, Mimblewimble (MWEB).
At the time of writing this news, Litecoin’s price stands at over $66, down 3.74% in the past day. According to market capitalization, it currently ranks in the 19th position.
Featured image by Pixabay, chart from TradingView.com