Crypto analyst called two promising altcoins in bear market conditions

Benjamin Cowen believes that the rates of Binance Coin (BNB) and Chainlink (LINK) tokens can rise in this market cycle

30.05.2022 - 08:15

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2 min

What’s new? According to cryptocurrency analyst Benjamin Cowen, if digital assets enter a long-term bear market, Binance Coin (BNB) and Chainlink (LINK) altcoins are worth looking at. In this, the analyst noted that altcoins are “very risky” in the current market conditions, and only bitcoin and stablecoin are worth holding until the current environment changes. Cowen said this on his YouTube channel.

Benjamin Cowen’s YouTube channel

Analyst about BNB. According to Cowen, the Binance crypto exchange’s native token, BNB, is worth a look at in the current market cycle. He noted that the exchange rate of the BNB/BTC trading pair has been on the rise lately. According to him, the value went up after the lower low in 2018. Thus, BNB/BTC may reach a local top in the next few weeks, Cowen believes.

As of May 30, BNB is trading at 0,01 BTC ($319).

Analyst about LINK. Cowen called the token of Chainlink, a decentralized oracle network paired with Ethereum, the second promising altcoin. The analyst notes that LINK/ETH performed well during the bear market from mid-2018 to August 2020.

As of May 30, LINK is trading at 0,003 ETH ($7.06).

What events happened before? In April, Benjamin Cowen said that the price of bitcoin could reach a lower low. In this regard, he stated the high risk of investing in altcoins. Cowen stressed that bitcoin dominance (the ratio between the market value of the first cryptocurrency and the rest of the cryptocurrency markets) was now at the same level as it was in 2018 when there was a massive collapse of the crypto market.

In early May, Benjamin Cowen noted leading layer-1 (L1) protocols, including Ethereum (ETH), Cardano (ADA), Avalanche (AVAX), and Polkadot (DOT), are the best in this market cycle. He called Ethereum the number one project among the most promising altcoins.

To find out which altcoins to buy in June, see GetBlock Magazine’s article.

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