A popular crypto analyst is naming his top altcoin picks as the crypto markets head into a new year.
In a new interview with Altcoin Daily, Into the Cryptoverse founder Benjamin Cowen tells the channel’s 1.8 million YouTube subscribers that layer-1 blockchain projects are his primary focus of interest.
First and foremost is leading smart contract platform Ethereum (ETH).
“Obviously there’s Ethereum, but that’s sort of the ‘altcoin index.’
You want your altcoins to outperform Ethereum or at least oscillate against it. Look at their ETH values over the macro scale.
MATIC I think is a good project, layer-2 scaling I think is important.
But also Cardano, Polkadot, Avalanche.”
The multi-chained scaling solution Polygon (MATIC) has gone on an epic run in 2021, rising from $0.03 to a new all-time high of $2.88 last Saturday. MATIC has since corrected and currently trades for $2.49.
Also high on Cowen’s list is scalable decentralized blockchain platform Cardano, whose native token ADA ranks 6th by market cap. The altcoin has seen a roller coaster of price action, launching from $0.18 to a summer high of $2.91. Currently, ADA is valued at $1.33.
Cross-chain interoperability protocol Polkadot (DOT) ran from a January low under $10 to highs above $47 in May and $54 in November, but has since corrected heavily and DOT now trades for $26.56.
Last on Cowen’s list of favorites is layer-1 smart contract platform Avalanche (AVAX). The AVAX token started 2021 trading for around $3.50 but has gone on a series of epic rallies, ultimately grinding up to an all-time high of $144.96 in late November. The 11th-ranked crypto asset is exchanging hands for $101.04.
Moving on to his honorable mentions, the popular chart guru likes smart contract platform Solana (SOL), which started the year under $2 and soared to nearly $260 back in November. The altcoin is valued $170.84 at time of writing.
“Solana, I think it’s decent, it’s a little more centralized than I would like.
But it doesn’t mean that’s necessarily a bad thing for some people, because some people just prefer that.”
Cowen remains interested in oracle network Chainlink (LINK) despite native token LINK’s disappointing numbers in relation to ETH.
“Chainlink is an interesting one because it’s one that did really well in the bear market.
I hold it and it’s not met my expectations this market cycle.
I’m looking for that one to do something good in 2022 because frankly, it’s down 90% against Ethereum over the last 18 months.”
Chainlink started the year under $12 and reached an all-time high of $52.70 back in May, before crashing to $20.10 and ultimately $13.88 by July, before grinding its way back up in recent months.
LINK has had a rocky past month, reaching a high of $26.81 before crashing to $17.61 and then climbing back above $24 briefly. Chainlink is trading for $19.62 at time of writing.
In contrast, Ethereum has seen a breakout year, rising over 400% from $730 to its current valuation of $3,647.
Last on the list of runner-ups is Ethereum competitor Terra (LUNA) whose native token LUNA underpins a suite of decentralized stablecoins. LUNA began the year at $0.64 and has witnessed major gains. Currently, it’s trading for $83.41.
Cowen wraps up by saying,
“The main projects that I follow are Cardano, Polkadot, Avalanche, MATIC, LUNA, Solana.
It’s really hard to go wrong if you just look at the top 10 or 20. Get layer-1s, a couple of layer-2s, an oracle.
I think that’s a great crypto portfolio right there.”
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