Will Bitcoin and Ethereum be left behind?

Luke Martin, host of the podcast Venture Coinist, said on his show that the "new digital assets" (DeFi), based on decentralized finance, will continue to dominate the crypto market with extremely high profits. Luke Martin predicts that assets based on decentralized finance (DeFi) will continue to outperform Bitcoin and Ethereum. Martin also highlighted that chains will continue to be one of the digital assets that will benefit the most from the growth of the DeFi industry.

He stated that altcoins have been the best performing assets in recent months. In that sense, he believes that this trend will continue for tokens such as Compound’s COMP that just surpassed one billion in market capitalization. In addition, he mentioned the impressive performance of Chainlink‘s Link token, which has reached historical highs in the last few months and has yielded 600% gains in the last 6 months. Martin also added:

These coins are flying every single day. Regardless of what Bitcoin or ETH or the rest of the crypto market does, right now money is being allocated to these DeFi altcoins. It’s been the best performing group, and I actually think it will continue to be the best performing group.

In addition to the tokens mentioned, Martin highlighted the performance of the open source protocol token Aave (LEND). Since its launch on January 7th of this year, LEND has achieved gains close to 1500%.

However, the analyst believes that Chainlink will continue to be the biggest beneficiary of DeFi sector growth as investment grows with the number of active protocols, Chainlink will be able to offer its oracle services. In other words, the growth of the sector and the Chainlink platform seem to be connected, as Martin noted:

People are saying if DeFi is going to be big. It needs oracle information. LINK’s going to power that.

Nevertheless, the analyst also acknowledged that Bitcoin has a great influence on the market. He said that, consequently, a rapid rise or crash in the market is likely to be caused by a Bitcoin (BTC) move.

Author : Reynaldo