- Luke Martin is predicting that assets based on decentralized finance (DeFi) will continue to outperform Bitcoin and Ethereum.
- Martin also stressed out that Chainlink will continue to be one of the digital assets that will benefit most from growth in the DeFi sector.
The host for the podcast Venture Coinist, Luke Martin, said on his show that “new digital assets” based on decentralized finance (DeFi) will continue to dominate the crypto market with its sky-high profits. Martin predicted that these new assets are only beginning to outpace Bitcoin and Ethereum. According to Martin, their main obstacle is adoption:
Mainstream attention is not yet on this thing. There are actually a lot of crypto investors who aren’t in DeFi yet either, the reason being it’s not attracting mainstream interest. They’re also not the easiest things to buy. A lot of these coins are unknown, even the concepts are hard to understand and to acquire them is also quite difficult. Even people that want to get in I think have been hesitating because they’re waiting for a full-blown alt season or for Bitcoin to rip. So you have a really unique trend happening here in crypto…
Will Bitcoin and Ethereum be left behind?
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. Below you can watch Luke Martin’s video: