Crypto traders are predicting that one altcoin will be the best performer next year, eclipsing the potential gains of heavyweights such as Bitcoin (BTC), Ethereum (ETH), and XRP.
Alternative investment analyst Timothy Peterson ran a poll on Twitter, asking his followers which coin would be the best-performing crypto asset in 2021.
[adinserter block="1"]The survey, which elicited the responses of 2,677 crypto traders, reveals that Chainlink (LINK) is the clear winner after garnering 44.5% of the votes.
In second place is Bitcoin, followed by Ethereum and XRP, with 32.2%, 15.2%, and 8.1% of the votes, respectively.
Which of these do you think will perform the best in 2021? #Bitcoin #Ethereum #Ripple #ChainLink
— Timothy Peterson, CFA CAIA (@nsquaredcrypto) November 12, 2020
According to Peterson’s alternative investment firm, Cane Island, Chainlink is a “demand-driven network asset,” which means the number of users has a significant impact on the cryptocurrency’s value.
Crypto intelligence platform Santiment says that LINK’s daily active addresses (DAA), a metric that measures user activity, surged to a high in mid-August just as the decentralized oracle network printed an all-time high of $20.
User activity took a huge plunge in September just as LINK’s value nosedived over 63% to $7.31 in the same month.
Recently, Chainlink’s price has managed to gather bullish momentum as it is now trading at $12.81, up over 75% from the September low. However, the DAA metric continues to be in a downtrend, suggesting that price eventually may follow suit.
[adinserter block="1"]Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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