Cryptocurrency analyst and Altcoin Daily host Austin Arnold lays out his top crypto picks as the market tries to bounce off a sluggish start to the year.
*This article is based on the author's personal opinion and should not be considered an investment recommendation*
In a new video, the trader tells his 1,19 million subscribers that he is still interested Bitcoin (BTC) despite the massive sell-off that the largest cryptocurrency has experienced since hitting an all-time high above $69.000 in November.
“People are buying when the price drops from every exchange. Bitcoin is leaving exchanges.
Miners are not selling their Bitcoin, they are keeping it. ”
At the time of writing, Bitcoin is down 2,02% to $42,613.
Next on Arnold's list is the leading smart contract platform Ethereum (ETH), he noted that:
“Ethereum is having its own supply shock. Ethereum 2.0 deposit contract has surpassed 30 billion USD in value. After [owners] put their ETH in the deposit contract, they cannot take it out until it is fully converted. ”
Ethereum is down 2,17% in 24 hours and is trading for $3,259.
The host has an eye on the decentralized finance protocol Uniswap (UNI), the protocol was recently implemented on layer2 Polygon (MATIC).
“The year 2022 could be the year of layer 2.”
Uniswap is trading around $15,61 while Polygon is at $2,26.
Another layer 2 that Altcoin Daily is interested in is Immutable X (IMX), a scaling solution for non-fungible tokens (NFTs) that aims to enable near-instant transactions, with no gas fees.
This altcoin is down 3,24% in 24 hours and is priced at $3,55.
Next on Arnold's list is the open source platform Tezos (XTZ), has recently consolidated corporate partnerships.
The latest milestone is apparel giant The Gap releasing Tezos platform-based NFT collections.
“Tezos is definitely an alternative currency to do big things.”
Tezos today also fell slightly to $4,18.
Looking into the Internet of Things space, the host of Altcoin Daily highlights the Open Source Public Blockchain Network Helium (HNT) recently passed the milestone of 450.000 hotspots.
Arnold talks about Helium
" This is a quality project supported by funds.”
The altcoin is currently priced at $32,59, down 7,23% on the day.
Blockchain platform for business Elrond (EGLD) also on the list to watch after acquiring Web3 payment service provider UTRUST (UTK), thereby integrating EGLD as a form of payment.
" Big win for EGLD.”
Elrond continues its downtrend and is down 6,57% in 24h to $196,72.
The bottom of the list is the decentralized exchange platform dYdX (DYDX), Austin Arnold noted that the project is trying to achieve full decentralization by the end of the year.
Currently, dYdX is up 2,38%, at $7,81.