Binance Coin and Chainlink Trends Worth Watching in a Bear Market, According to Crypto Analyst Benjamin Coin
Closely followed crypto analyst Benjamin Coen says that if digital assets enter a long-term bear market, it may be worth paying attention to a couple of altcoins.
In a new strategy session, Cowen said that in current market conditions, altcoins are “extremely risky” and that only bitcoin (BTC) and stablecoins are worth holding until climate change.
However, Quinn says there are two trends worth watching. He first mentions Binance Coin (BNB), the utility token of the global cryptocurrency exchange Binance.
“To give you a couple of examples of altcoins, I think it’s worth watching two trends. There’s the BNB/BTC valuation, which I think has been bullish recently. It has also gone up after the 2018 low as well, so I’m looking forward to seeing BNB/BTC valuation maybe reach A local summit is here in the next few weeks.”
At the time of writing, BNB/BTC is changing hands at 0.01 BTC ($290), which is 20% below its all-time high of 0.012 BTC or $348.18.
Next up is the Chainlink Oracle provider in the Ethereum (LINK/ETH) pair. Quinn notes that LINK/ETH has been a great performer during the bear market from mid-2018 all the way through August of 2020.
“There is also an interesting LINK/ETH valuation. This is one I sat on, it crashed endlessly, but it actually did really well against Ether in the last bear market, and it was actually at Bitcoin’s 200-day high (moving average). Bitcoin back to the 200-day level [moving average] In 2018 after the lowest level.
Ether didn’t go anywhere, but then LINK went up, and then LINK/ETH rebounded or the next couple of years after that, it just kept going up.”
Quinn says that if traders are patient, they will likely end up getting a chance to enter the “age-accumulation phase” in the cryptocurrency markets.
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Featured image: Shutterstock / PHOTOCREO Michel Bednarek