These 8 Altcoins Could Blast, According to Popular Analyst
Austin Arnold, Altcoin Daily founder and cryptocurrency trader,
These 8 Altcoins Could Blast, According to Popular Analyst.
Austin Arnold, Altcoin Daily founder and cryptocurrency trader, explains 8 altcoin projects that he says have the potential to explode this year.
Top of Arnold’s list is Ethereum (ETH) , the leading smart contract platform. The trader points to data from ViewBase showing that 2% of the Ethereum supply is withdrawn from exchanges in a single day. This is a sign that investors are moving ETH to private wallets.
Arnold’s radar includes three blue chip (concept used to describe financially stable assets with inherent profitability mechanisms) decentralized finance (DeFi) project. The cryptocurrency strategist says he has followed the peer-to-peer lending protocol Aave, the borrowing and lending platform Compound (COMP), and the stablecoin governance token Maker (MKR), while the total value locked on DeFi in the past few months has risen.
“DeFi lending platforms added $ 6.32 billion to their total value, which was locked in the last three months. While the prices of these assets are not yet at an all-time high, if you take a look at the true utility, the function they do, they are growing every month. In fact, specifically for Maker, Maker DAO ranks among the top 10 most active DApps, up 127% in a week. The users and volume of Maker DAO also increased, with seven-day users up 7% and seven-day throughput by 70%.
Fifth place is Ethereum (ETH) rival Polkadot (DOT), which Arnold says is currently extremely notable.Sixth is Cream Finance (CREAM), a Compound-based lending and borrowing DApp. Arnold points out that Cream has a new functionality that has the potential to be huge for DApp.
“Take a look at this. You ask me if this is important. ‘The Cream Finance project, a lending protocol that merged with the Yearn ecosystem, recently announced the upcoming Iron Bank feature… [Cream’s Iron Bank] is an attempt to create a decentralized finance equivalent of corporate debt . The announcement released on Thursday explains how the peer-to-peer lending market in traditional finance, valued at $ 70 billion, pale in comparison to the world of corporate lending with $ 10 trillion in outstanding loans.
So why is it important? Because in a world where interest rates are zero or negative, you can get a great return at Cream Finance. “
Number seven includes yearn.finance (YFI), the yield aggregator platform. Arnold says YFI is starting to rise as he puts forth a new offer for asset holders.
At number eight is the blockchain scalability platform Matic Network (MATIC), which Arnold says he included in the list but forgot why he included it.
The last coin on Arnold’s list is Bitcoin (BTC). The cryptocurrency trader says BTC is still a great buy for “life-changing fortune” at its current price level :
“Let’s not be stupid here. Bitcoin (BTC) is literally internet gold. Take a look at what this money has done and there is only one. Bitcoin can turn another skeptic into a believer. Billionaire investor Howard Marks admits that he must change his skeptical perspective. How many other billionaires are feeling similarly? “