As the year ends, the crypto market is closing in bearish. BTC has slipped to $46K level and ETH to $3700 level without hopes of recovery. While some analysts believe 2022 will be bullish, others believe the market will bottom out even more going further.
As the crypto markets enter the new year, a well-known crypto expert is declaring his top altcoin picks.
Into the Cryptoverse founder Benjamin Cowen tells the channel’s 1.8 million YouTube viewers that layer-1 blockchain projects are his primary topic of interest in a recent interview with Altcoin Daily.
The premier smart contract platform, Ethereum, is first and foremost. The analyst calls it sort of the altcoin index as one will want their altcoin to outperform Ethereum or at least oscillate against it. Look at their ETH values over the macro scale.
In this regard, he thinks MATIC is a good project, layer-2 scaling he anticipates is important. But he also mentions Cardano, Polkadot and Avalanche.
Polygon (MATIC), a multi-chained scaling solution, has had a great year in 2021, jumping from $0.03 to a new all-time high of $2.88 on Saturday. Since then, MATIC has corrected and now trades at $2.49.
The scalable decentralised blockchain platform Cardano, whose native currency ADA ranks sixth by market cap, is also high on Cowen’s list. The altcoin’s price has been on a roller coaster, rising from $0.18 to a summer high of $2.91. ADA is now worth $1.33.
Polkadot (DOT), a cross-chain interoperability protocol, rose from a low of under $10 in January to highs of over $47 in May and $54 in November, but has since fallen sharply, and now trades for $26.56.
Avalanche, a layer-1 smart contract platform, comes last on Cowen’s list of preferences (AVAX). The AVAX token began trading in 2021 at roughly $3.50, but it has since gone on a series of incredible rallies, eventually grinding up to an all-time high of $144.96 in late November. The 11th-placed crypto currency is currently trading at $101.04.
Moving on to his honourable mentions, the popular chart guru loves Solana (SOL), a smart contract platform that began the year at $2 and climbed to nearly $260 in November. At the time of writing, the altcoin is worth $172.13.
Moving on to his honourable mentions, the popular chart guru loves Solana (SOL), a smart contract platform that began the year at $2 and climbed to nearly $260 in November. At the time of writing, the altcoin is worth $170.84.
Solana he thinks is adequate, although it’s a little too centred for his tastes.But that doesn’t mean it’s always a terrible thing for certain people; some individuals simply prefer it, he further adds.
Despite the native token LINK’s poor performance vs ETH, Cowen remains interested in the oracle network Chainlink (LINK).
He mentions Chainlink is an intriguing stock because it performed exceptionally well throughout the bear market. This market cycle, it hasn’t lived up to his expectations.
“I’m hoping that one will do well in 2022, because it’s been down 90 percent against Ethereum in the last 18 months.”
Terra (LUNA), an Ethereum competitor whose native token LUNA underlies a suite of decentralised stablecoins, comes last on the list of runner-ups. LUNA began the year at $0.64 and has since risen significantly. It is currently trading for $83.41.
Cowen conclusively says,
“The main projects that I follow are Cardano, Polkadot, Avalanche, MATIC, LUNA, Solana.”
He thinks these coins constitute a great crypto portfolio as one can’t go wrong if you just look at the top 10 or 20. Get layer-1s, a couple of layer-2s, an oracle.