2 Cryptos Down 70%, Primed for Rebound

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In 2023, Avalanche and Chainlink, although seeing significant gains, still lag around 70% below their all-time highs. Avalanche, a key Ethereum rival, is witnessing increased blockchain activity, while Chainlink explores various applications, including potential connections to artificial intelligence.

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In 2023, all major cryptocurrencies are on the rise, with substantial triple-digit gains. Bitcoin has surged by over 107%, and Solana has experienced an impressive increase of more than 650%.

Despite these positive trends, there’s a flip side. Many leading cryptocurrencies, even after notable gains this year, still fall short by 70% or more from their peak values just two years ago. Among the noteworthy options currently priced attractively are Avalanche (AVAX) and Chainlink (LINK).

Avalanche (AVAX): A Potential Comeback Story

During the previous bull market, Avalanche reached an impressive peak of $146, but the current price stands at $40, indicating a more than 70% decline. Despite this, some investors see this as a significant discount, especially considering Avalanche’s standing as a formidable competitor to Ethereum.

Often hailed as an “Ethereum killer,” Avalanche distinguishes itself by offering faster and more cost-effective transactions than Ethereum. Functioning as a Layer-1 blockchain, Avalanche encompasses a wide range of features, including non-fungible tokens (NFTs), decentralized finance (DeFi), blockchain gaming, and Web3 applications.

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Recent excitement around Avalanche revolves around the introduction of a new type of crypto collectible, gaining immense popularity. These collectibles share similarities with the well-received Bitcoin Ordinals and traditional NFTs. Notably, 95% of all transactions on the Avalanche blockchain are now linked to these crypto collectibles, reflecting a significant market interest.

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In the past 30 days, Avalanche has seen a surge of over 90%, indicating positive momentum. This could set the stage for a robust start to 2024. Analysts attribute Avalanche’s late-year rally to the remarkable performance of Solana, another Ethereum competitor. As Solana has witnessed a staggering 650% increase this year, investors may anticipate a similar trajectory for Avalanche, potentially leading to substantial investment inflows in the coming year.

Chainlink’s Unique Role in Blockchain Data Oracles and the AI Frontier

Chainlink stands out as a decentralized blockchain data oracle, playing a crucial role in facilitating data delivery to smart contracts, self-executable pieces of code within the blockchain ecosystem. Despite its seemingly complex nature, Chainlink’s practical significance lies in its central position in the exchange of data within the blockchain sphere. This is particularly relevant in decentralized finance (DeFi), where smart contracts heavily rely on real-time data access.

The cryptocurrency gained substantial value during the DeFi craze in the summer of 2020, capitalizing on the rising interest and expectations surrounding the potential dominance of decentralized finance over traditional financial systems.

In 2023, Chainlink is embarking on a new venture involving artificial intelligence (AI). Highlighting various ways in which AI and blockchain integration can be beneficial, Chainlink’s vision extends beyond conventional blockchain applications. While some concepts, like “authenticity verification,” may not be glamorous but are crucial for blockchain users, the prospect of a groundbreaking idea—a “killer app” for blockchain and AI—could propel Chainlink to new heights in the coming years.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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