Chainlink Crypto UNDERVALUED? What is Chainlink?

 I'm like look at this drawdown and from  the all-time high I mean it went down 88  almost against Bitcoin it is still down  78 against Bitcoin from its all-time  high so I mean you haven't really missed  out on anything at this point what I'm  looking for with link over the next few  months  hey welcome back everybody to altcoin  daily today we're talking about a blue  chip cryptocurrency which historically  has outperformed in Bitcoin bear markets  of course we're talking about chain link  a decentralized blockchain Oracle  Network built on ethereum the network is  intended to be used to facilitate the  transfer of tamper-proof data from  off-chain sources to on-chain Smart  contracts and of course while it is  built on ethereum it is blockchain  agnostic so it can connect with any of  them chainlink has connected with in  fact over 1 500 different projects from  crypto to startups to large Enterprises  that use chain links decentralized  oracles to securely connect smart  contracts with off-chain data and  services and then of course within the  chain link project there's different  products different services that chain  link offers one supporting decentralized  data feeds two providing verifiable  sources of Randomness three enabling  Automation and for supporting cross  blockchain interoperability today my  friends we are joined with none other  than the Benjamin Cowan into the  cryptoverse been talking about chain  link since the very beginning and he has  a lot of information to share with us  today Benjamin Cowan how are you doing  today  pretty good it's a pleasure to be back  here I always like like coming on here  and talking about crypto with you  definitely now if you subscribe to my  channel Benjamin I know you do and I  subscribe to yours you know that chain  link besides connecting with ethereum  and Solana and Phantom and all that  stuff besides you know being the  blockchain Oracle service for Gemini for  Kraken for binance for coinbase besides  that chain link of course has been  integrated by Swift that was a big one  big one the global provider of secure  Financial Services everybody you know  the ethereum people wanted it to happen  with them the Bitcoin people wanted  Bitcoin to basically be uh you know  obsolete Swift well Swift is still  around it's still the blue chip in you  know Legacy Traditional and it's amazing  that they integrated chain link that's  what excites me about the project  including you know the Associated Press  Amazon web service it seems like there's  no other game in town but my question  for you Ben before we get into the  charts is what x excites you most about  chain link why have you even talking  about it since you know the beginning  for me I think chain link sort of acts  as a a backbone for a lot of  cryptocurrencies I I would argue that  it's sort of integrated itself uh into  into so many different projects over the  years I mean as you mentioned I don't  know the exact number like you do but uh  I've we've seen over the years how just  how many cryptocurrency projects has  sort of integrated itself into and I  would argue that  it provides a a very valuable service  and providing like real-time feeds  um via the blockchain one of the reasons  why I think it hasn't done as well  recently obviously is not necessarily  because chain link isn't a great project  it's more so just because of the overall  Market risk and the fact that we are in  fact in a bear Market but I do think the  fundamentals of link I actually have a  whole video on my channel called like  what is chain link where I go through it  uh but I think the fundamentals of chain  link  shine through a bit better in the bear  market then they sometimes do in the  bull market if that if that makes sense  definitely I mean there's you know  there's price and then there's value and  sometimes the two do not correlate and  you know you want to look in the bear  market for these projects that have a  lot of value so let's jump into the  charts Benjamin I want to know is chain  link undervalued hit the like button if  you appreciate having Benjamin on  Benjamin I can see your screen  okay so I just want to show you a few  charts here uh the first one is just  link USD and  I would argue that we're potentially at  a very similar phase that we were at  sort of in the middle of 2018 uh but one  of the things that I always found really  interesting with chain link is that and  I know you are very familiar with what  happened with crypto at the very end of  2018 right we saw the floor collapse  right  um but what was interesting with link is  that it actually did not put in a lower  low sort of the load that it put in was  actually in the summer of 2018 and that  was something that that really got my  attention back then I mean I I did hold  link I I did hold some in 2018 I think  the earliest I bought any  um was was it was before I know it was  before the final crash in 2018. I  remember that for sure but it sort of  grabbed my attention that hey this is a  this is going to be a good project if at  the end of the bear Market the end of  the the capitulation that set Bitcoin  down 50 and a lot of altcoins down 80  percent link was still able to hold its  prior low  um and and then ever since then it you  know it went through this crazy bull  market and and it peaked out in May of  2021 which arguably the entire crypto  asset class arguably has been in a bear  Market really since mid-2021 and we sort  of leveraged our way up to uh up to the  November Peak but one of the interesting  things is that you know one could make  the argument that we're we're sort of at  a similar phase right now on the link  USD chart that we were kind of over here  and what you'll notice is that link  actually had a had a bit of a pop you  know right before we had another another  leg down in the overall crypto Market  what I'm looking for with link over the  next few months uh because I mean this  year I've actually been relatively light  on my altcoin stack but of course I  don't want to stay light on my altcoin  stack forever because I do think that  you know cryptocurrency is much more  than just Bitcoin I do think it we're  going to have lots of cryptocurrencies  in the future  um one of the things I'm looking for is  how well does link hold up if we do get  you know some some more fear closer to  the end of the year with the FED  continuing to raise interest rates and  how does it hold up against Bitcoin  because here's the really interesting  thing if you look at the link USD chart  and you'll see that it was sort of just  an accumulation phase or say the second  half of 2018. if you look at the link  Bitcoin chart I've had this chart like  literally on my link Bitcoin tab for for  a long time now you'll notice that it  was already in an uptrend against  Bitcoin throughout 2018 and then really  built into this uh you know manic bull  market that link link Bitcoin actually  topped during the D5 summer of 2020 I  mean that was a great summer for a lot  of D5 projects and you can see that it  actually peaked right there but what's  interesting is how since then we've just  sort of gone through the same bubble pop  scenario that we've seen time and time  again but this one's on the link Bitcoin  pair and noticeably I would argue that  this here could be the despair phase  right sort of that despair phase that  we've seen happen in a lot of these  crypto assets before in the past but  just I I would argue that this is is  somewhat similar and what I'm looking  look what I'm looking towards is as we  as we continue to navigate  um you know whether we're whether we're  whether the bear Market is over or not  or whether we have another leg down only  time will tell but what happens over the  next three to six months can link USD  sort of hold around these levels even if  crypto has another leg down and if it  does is link Bitcoin sort of just  getting back onto it it's mean right  like it's sort of the the average path  that it's been on I think that's sort of  what's what link USD and Link Bitcoin  are in the process of doing link Bitcoin  is sort of trying to reclaim the the  path that it was once on and I think as  we get on this path  um and as crypto eventually the crypto  winter will fall and as that falls and I  think you really could be looking at you  know at a relatively undervalued asset  um of course in the short term who  really knows because I mean if equities  get another leg down in the next three  to six months I'm sure it'll have an  effect on crypto but I do think these  are some really interesting charts to be  looking at uh with respect to to Link  and Link USD and Link Bitcoin  so what I hear you saying is chain link  might be undervalued but not necessarily  there might be a lower low  I think right now I think the uh so I I  right but I think about it in terms of  like the idiosyncratic risk and the  market risk so the idiosyncratic risk is  just based on what link is doing and  then the market risk is based on like  what everything else is doing right like  Bitcoin ethereum like what is everything  else doing I think link is is looking  relatively strong okay so I think it  looks strong against Bitcoin I think  it's looking strong against ethereum and  I would say you could I think you could  make the case that it is undervalued  against Bitcoin right now I think you  could probably make the case that it is  undervalued I mean look at this I mean  like look at this drawdown and from the  all-time high I mean it went down 88  almost against Bitcoin it is still down  78 against Bitcoin from its all-time  high so I mean you haven't really missed  out on anything at this point but I  think it's probably undervalued against  Bitcoin if we take a look at the link  ether chart you could also argue that  it's going through a similar phase like  it did sort of in the middle of 2018  right where it it kind of puts in these  lows and then it gets it recovers a  little bit but even though link eth was  going up during this phase link USD was  still struggling a bit right until until  the bear Market was actually over but I  think to answer your question bluntly I  I think it probably is undervalued  against Bitcoin and ethereum the only  sort of question in the air is is can it  go lower against the US dollar and  obviously that's going to be dependent  on the overall Market risk and and not  really anything related to chain link  now a catalyst that not many people are  talking about because it's still kind of  in the beginning is that chain link is  moving to proof of stake this December  they're offering Early Access if you  meet certain requirements that you can  start staking your chain link and pretty  soon that'll be open to everybody and  you know kind of the thought is that  that just like ethereum staking the link  will be good for supply and demand and  will make it have better tokenomics  um any thoughts  I mean I think look this is this is I  mean them going to prove mistake has  been something we've been waiting for  forever I mean I I it's hard to imagine  it's still 2022 and it hasn't happened I  said the same thing about ethereum you  know for years uh but yeah I I think  ultimately it's a good thing I mean I  also think it's a good thing for  ethereum as well uh I I think it it is a  good transition for for link to make the  whole idea of of locking your tokens up  and earning interest uh I do think makes  a lot of sense and I think  a lot of crypto investors have hopefully  learned their lessons from from  um  two high yields right over the last year  in in certain projects so yeah I think  it's a good thing going forward  um and I mean I I do think that's  probably one of the reasons why you are  starting to see some of the relative  strength against Bitcoin and ethereum I  mean like you know the the the narrative  for for ethereum's evaluation right at  least in the short term has been spent  right like the merge okay so now we have  to wait a while for a new narrative to  pop up but links still are arguably has  uh some strong narratives coming up here  over the next several months so yeah I  do think it's a good thing and we'll  probably contribute to link staying  somewhat strong against the uh the Blue  Chip cryptos  so I don't want to put words in your  mouth Benjamin but it sounds to me like  you're still bullish on chain like just  as bullish as you were back in the day  and it served you pretty well  are you just as bullish and how bullish  are you  yeah I mean long term I'm definitely  bullish uh I do think I wish it would  have performed a bit better at the end  of the bear Market uh you know to keep  up with some of the other cryptos but  that's just how it is  um I am actually I think one of the  lessons I learned with chain link about  being bullish is that I I'm gonna stay  I'll stay bullish on it once the uh once  I'm more convinced the bear Market is  over but I also don't want to let it go  too far so like link Bitcoins run was  over before Bitcoin ran itself so I have  to remember that right like once Bitcoin  starts running in the future  Link's probably going to take the uh a  back seat for a while but listen 2019  link did really really well after the  bear market and if if history repeats  every four years or so I mean we're  coming up on 2023 I am I I would say I  am bullish on on the link Bitcoin  valuation and the link ether valuation  with them getting to you know back to  what their normal sense is uh again you  know I know you want to impress me on  the link USD like you know how bullish  am I  um my main question right now is just  recessionary concerns and and and fed  Federal Reserve concerns raising  interest rates into a into a slowing  economy I don't really know exactly how  hard that's going to hit projects like  chain link so again I think against the  US dollar it's probably  um  50 50 on on what it does but I think  again it's Bitcoin and Eve you could you  could easily make the case that you  should be bullish whoa Benjamin so  you're telling me that the inflation  currency devaluation the FED tightening  the equity indices breaking their June  lows the comparisons between the  financial 2008 financial crisis the s p  closing three red quarters in a row the  sovereign debt crisis OPEC cutting oil  production Putin Waging War against the  westers telling me all that these macro  conditions are making you a tad bit you  know tepid about the next year yeah just  just a little bit you know I mean like  like maybe link doesn't hold up always  the best under those conditions uh but  we'll see we'll see I mean the thing is  eventually we will come out of it and um  and that's why I'm drawing the  distinction between like link Bitcoin  and Link USD and Link Eve because it's  all about like relative performance  right like uh it's all about relative  performance and I do think link is  probably starting to finally look strong  against some of the blue chip  counterpoints but yeah I mean against  the US dollar  man if if the s p goes through a final  capitulation or something like we've  seen in Prior I mean look the last 10  years has been pretty fun for financial  markets right like just money printing  Galore uh but if if we see something  like you know what we saw in 2000 or  2008 uh or even going back even further  then yeah I mean we're we're likely in  some pain for a while on all USD  evaluations of of most risk assets  I feel it Benjamin thank you so much for  jumping on the channel today and  updating us on chain link this is why I  subscribe to you I encourage our  audience to go subscribe to you give us  some final Alpha for our audience  Benjamin  some final Alpha  um well the the only thing I I mean a  lot of things I talk about on my Channel  right now are are how the Bitcoin  dominance should go much higher but  while I say that there's always a few  altcoins that outperform Bitcoin even  when the dominance is going higher and  and if history is an indication uh at  the end of a bear market and in an  accumulation phase before next bull  market  chain link is is a is a reasonable place  to look but again uh one one last thing  if you guys are watching from my channel  make sure you subscribe to all coin  daily as well I mean they've been  putting out videos for a long time and  uh always have a lot of great  discussions  classy move Benjamin thank you so much  man thanks for having me


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