Benjamin Cowen, a popular cryptocurrency analyst, revealed that while he thinks the flagship cryptocurrency Bitcoin ($BTC) is likely to appreciate in the near future, he thinks Chainlink ($LINK) could do even better. .
In an interview with Altcoin Daily, Cowen laid out his bullish pitch for the decentralized oracle platform, noting that while he often refers to BTC’s dominance – or its share of the cryptocurrency market – going a long way higher in the future, some tokens may still surpass it. .
cowen said that “f history is any indication, at the end of a bear market and in the accumulation phase before the next bull market, Chainlink is a reasonable place to look.”
Cowen added that the decentralized Oracle platform has been integrated into several projects to enable smart contracts to receive data. The strength of the project, he said, is not translating into higher prices in the ongoing bear market, which has seen investors move away from risky assets in the face of rising interest rates intended to control inflation.
According to the analyst, “Chainlink fundamentals shine a little better in the bear market than they sometimes do in the bull market.” He said:
Chainlink sort of acts as a backbone for many cryptocurrencies.…We have seen over the years how many cryptocurrency projects it has integrated into and I would say it provides a very valuable service by providing real-time feeds through the blockchain.
Cowen added that he is looking to see how $LINK will perform going forward if cryptocurrency prices continue to decline in the near future.
Notably, Chainlink recently partnered with SWIFT, the Society for Worldwide Interbank Financial Telecommunication to try to bridge the gap between traditional banks and blockchain. The partnership will see the two work on an “initial proof of concept” using Chainlink’s Cross-Chain Interoperability Protocol, which provides a standard for cross-blockchain communication.
The partnership means that the 11,000 financial institutions connected to SWIFT will be able to engage in token transactions across the chains. Chainlink co-founder Sergey Nazarov said the move will accelerate the adoption of distributed ledger technology in capital markets and traditional finance.
SWIFT’s interbank messaging system is the most widely used platform for traditional cross-border fiat transactions. In August, it averaged 44.8 million messages per day. However, transactions made using the SWIFT network can take days.
Chainlink said the collaboration with SWIFT enables financial institutions to acquire blockchain capability without replacing, developing and integrating new connectivity into existing systems.
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