Altcoins, Bitcoin, Cryptocurrency

Ethereum and Five Altcoins predicted to ‘explode’ this year – Altcoin Daily

Austin Arnold, the Altcoin Daily host, and Bitcoin bull is pulling back the curtain on his top altcoin pick for 2021.

Arnold narrates in Altcoin Daily’s 332,000 subscribers that Ethereum (ETH) is 6th on his list. The crypto trader said that while the leading smart contract platform is often linked to Bitcoin (BTC), the two projects offer unique use cases.

“Ethereum is trying to be something else. It doesn’t have a fixed supply. It’s not the hardest form of money we have. But think of it as a global supercomputer where anybody anywhere can build on top of [it] without the permission of a middleman… While Bitcoin for the first time in human history gives you the option to be your own bank, Ethereum gives you the option for banking type services like credit and lending without the need for a middle man.”

Coming in at number five is decentralized finance (DeFi) lending and borrowing protocol Aave.

“We’re already seeing massive utility on the protocol. Over $2 billion right now of people depositing their assets, peer-to-peer lending and borrowing without any centralized middleman… This could be huge for giving average people financial freedom.”

Arnold further remarks that Aave intends to increase in the Asian markets as it intends to bring DeFi to businesses.

Fourth on Austin’s list is Polkadot (DOT). The crypto trader says he anticipates the Ethereum contender to do well this cycle.

“[Polkadot] is aiming to be the internet of blockchains, offering not only interoperability so different blockchains can connect and talk to each other, but also like Ethereum, it’s own thing, a DApp platform where we’re seeing an ecosystem grow on Polkadot as well. I expect this ecosystem to get bigger, and bigger, and bigger.”

Arnold reckons that 63% of DOT’s supply is locked up which predicts well for the crypto asset’s price.

Taking the third spot is the Synthetix Network Token (SNX), which is a protocol that allows users to get experience to assets and commodities like gold and Bitcoin through the use of synthetic tokens. Arnold stresses that the protocol is intending to interrupt the immensely precious derivatives market.

“While Bitcoin, for example, is going after digital gold, the store-of-value market, which roughly right now is valued at $10 trillion, Synthethix is aiming to revolutionize the derivatives market, which right now on the high end is often valued at $1 quadrillion. Huge.”

Landing in second place is Cardano (ADA). Arnold states that the seventh-largest crypto asset is confident to be the smart contract platform option as Ethereum remains to experience congestion issues.

“I think as Ethereum inevitably gets bigger and bigger and as congestion on the network keeps getting higher, Ethereum users and developers, products will spill over into Cardano as a more scalable option.”

At the top of Arnold’s list is Chainlink (LINK). Arnold highlights the growth of the decentralized oracle network’s fundamentals.

“The metrics tweeted out by the organization itself, ‘2020 was a year of record growth for the Chainlink network. Here’s an overview of key metrics like our adoption in DeFi, implemented research, and blockchain integrations.’ There is huge data and partnerships to back up why Chainlink is the most widely-adopted oracle and on-chain data source for cryptocurrency as of right now.” 

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