Ethereum-Based LINK and Other Altcoins Currently Eyed by Crypto Experts

Ethereum, the leading altcoin in the crypto market and the one that inspired the cohort of assets that followed its example, won’t likely be dethroned by any other invention or imitation breaking into the market. It’s currently the second-best-performing asset in cryptocurrency, with only Bitcoin succeeding in outclassing it, though by a wide margin. Nonetheless, Ethereum inspired other altcoins, short for alternative coins or cryptocurrencies other than Bitcoin. These days, those with expertise in cryptocurrency hold high expectations for a blue-chain Ethereum-based altcoin and several other players on the alternative coin stage.

By analyzing the research findings of the crypto analytics platform Santiment, we can conclude that an Ethereum-based altcoin may have great potential to perform unexpectedly well in the coming period. Crypto experts also place their bets on other altcoins to rise together with the Ethereum price and even outclass the majority of participants in the crypto market in terms of growth performance. Here are the assets you can expect to behave better than others in the foreseeable future, from Santiment’s signaling token to those currently having the attention of crypto analysts and experts.

LINK may keep thriving

LINK, the native token of Chainlink, is currently making the headlines with an outstanding performance that“s been holding steady for the past 500 days, according to Santiment”s findings. Expectations are that the token has the potential to almost double in price from its valuation of USD 7.73, rewarding those who held onto their investment or are on the verge of investing in the asset. However, the assumptions target 2024, when many other shifts on the crypto stage are forecasted to happen. For what’s worth, Bitcoin will go through another halving, with the last one having occurred in 2020, which will likely be eventful and change the dynamics in the market, potentially boosting the price of the premier coin.

While Bitcoin has shown a consistent reluctance to approach or breach the $30,000 mark, it appears that the performance of other cryptocurrencies remains largely unaffected by the former’s distress. Altcoins are displaying encouraging signs that hint at a potential market resurgence. Chainlink (LINK) stands out as one of the leading candidates among coins or alternative cryptocurrencies with significant potential.

What exactly is Chainlink?

There’s been a lot of buzz lately around Chainlink, an Ethereum-based blockchain whose native token is LINK. The ledger is built on the Ethereum platform and adheres to the widespread proof-of-stake consensus mechanism, where mining is unnecessary to verify and add new blocks. Compared to the reigning altcoin in the crypto realm, Chainlink is a senior and relatively new participant. It broke into the stage in 2017 when developers Steve Ellis and Sergey Nazarov created its white paper and introduced the protocol. The venture, with a maximum supply of 1.00 B, of which 556.85M are already in circulation, has achieved a market capitalization of $4,263,519,022. The project was intended and triumphed to represent a bridge between off-chain ecosystems and blockchain. Several features of the token include the following:

It’s a venue for games and other applications needing a platform secured through cryptographic methods.

The platform enables users to exchange tokens, messages, and other similar undertakings.

The ledger can store and sort data for hybrid smart contracts from multiple sources.

Smart contracts on the platform empower enterprises to leverage automated functions.

Where may LINK be headed?

The token, famous for its decentralized oracle network, is reported to be increasingly included in traders“ portfolios, registering demand on cryptocurrency exchanges. The Relative Strength Index (RSI) for the asset currently stands at 64.88, which points to a heightened interest in accumulating the asset before its price climbs. At the same time, the Money Flow Index (MFI), registering 81.55, indicates the asset may experience some overbuying pressure due to investors” uptick in demand towards it. Moreover, the platform built for monitoring purchasing and selling pressure, Chaikin Money Flow (CMF), emphasizes a surge in the tendency to buy the asset compared to the willingness to sell it.

Analysts are closely monitoring LINK’s trajectory as it could set the trend for the whole selection of crypto assets in this sector and trigger the ripple effect that may bring the market closer to the verge of a resurrection.

Other altcoins expected to make a comeback

Despite increased regulatory efforts or institutional adoption of the leading tokens, the crypto market has been swimming in hazy waters. The prices of the crypto assets have failed to meet some investors“ expectations. However, despite Bitcoins” struggles, there seems to be light at the end of the tunnel for which several altcoins are responsible. Arbitrum, Maker, and Theta Network are signaling bullish momentums, led by the already-dissected Chainlink. Here’s what you should know about them.

Theta

Analysts have closely examined Theta lately, particularly regarding assets nearing their upper trading price limits. With its obstacles set at figures decreasing from $0.75 to $0.52 and ultimately to $0.48, the token has succeeded in picking up a positive trajectory and has recently hit a whopping $0.68 while the European trading session unfolded. The unexpectedly improved performance sparked a glimpse of hope for a revival of the market and the altcoin sector.

Arbitrum

On the other hand, Arbitrum, a blockchain and cryptocurrency that hasn’t enjoyed much popularity so far, has made quite an impression with a high score on the risk assessment scale. This system monitors the potential of a crypto asset to withstand manipulation pressure when trading activity is low. As findings show, Arbitrum, with its native token ARB, is more manipulation-proof than other assets.

Maker

Last but not least, Maker, or MKR as you can find it on crypto exchange selections, has also raised hopes with its favorable performance when it broke its $1,370 resistance mark. The asset is trading at over $1.400 at the moment of writing, and data shows notable interest in it in the past days. Some experts believe it could aim even higher and reach a $1,600 limit, potentially triggering a market resurgence.

When it comes to the volatile cryptocurrency market, only time can tell where these altcoins are heading. So, prepare yourself with patience should you want to include any of the assets depicted above in your investment portfolio.