Austin Arnold believes ADA, AVAX, LTC, LINK, and OP are performing well even during a bear market

Analyst called five altcoins with high growth potential

01.06.2022 - 11:25

368

3 min

What’s new? Crypto analyst Austin Arnold has called five altcoins that have high growth potential despite the current bear market. Also in his YouTube video, Arnold outlined five criteria that help him identify promising assets. In his view, a project must be well-funded, managed by a team of professionals, have strategic relationships with other companies, be used to solve real-world problems in which blockchain is needed, and be constantly evolving. The analyst cited Cardano, Avalanche, Litecoin, Chainlink, and Optimism as such altcoins.

Video on Arnold’s channel

Optimism. Optimism Collection is a layer 2 (L2) scaling solution network for Ethereum. The token was released at the end of April 2022. Crypto exchanges OKX, LBank, and MEXC already confirmed the listing of the asset in the OP/USDT pair. The analyst noted the high throughput of the network and low fees. He also added that there will be token airdrops in the future. As of 1 June 11:00 UCT, OP is trading at $1,53, according to OKX.

Chainlink. Arnold called Chainlink (LINK), a decentralized oracle network, another promising project. He believes that the LINK token showed some of its best performance during the previous bear market. The analyst noted the success of the oracle network on blockchains such as BNB Chain and Polygon.

Earlier, analyst Michaël van de Poppe said that the LINK rate was potentially ready for a bounce after declining more than 86%. He said that if the coin’s price breaks the $7,50 level, it has a good chance of reaching $10 as well. LINK is trading at $7,55, according to Binance.

Avalanche. Next on Arnold’s list is Avalanche (AVAX), a smart contracts platform. The analyst calls the project “one of the best Ethereum competitors.” In his view, the project stands out because it focuses on maximum scalability and low fees, while Ethereum focuses on decentralization. AVAX is trading at $25,77, according to Binance.

Cardano. The analyst is also optimistic about another Ethereum competitor, Cardano (ADA). According to him, the blockchain ecosystem is “really blooming.” He noted that more than 5 million NFTs have already been issued on the platform. According to Binance, ADA is trading at $0,61, with the altcoin’s price rising by 18.68% in the past seven days.

Litecoin. Rounding out the analyst’s list was the Bitcoin network’s fork, Litecoin (LTC). Arnold believes that in the near future the LTC rate may significantly increase due to the successful launch of the largest upgrade to the network, Mimblewimble (MWEB). According to Binance, LTC is trading at $68,3.

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