Altcoin Daily Predicts Ethereum and Five Crypto Assets Will Explode in 2021
Altcoin Daily host and Bitcoin bull Austin Arnold is pulling back the curtain on his top altcoin picks for 2021.
Arnold tells Altcoin Dailys 332,000 subscribers that Ethereum is number six on his list. The crypto trader says that while the leading smart contract platform is often compared 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 super computer 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.
“Were 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 also notes that Aave plans to expand in Asian markets as it aims to bring DeFi to institutions.
Fourth on Austins list is Polkadot (DOT). The crypto trader says he expects the Ethereum competitor 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 adds that 63% of DOT‘s supply is locked up which bodes well for the crypto asset’s price.
Taking the third spot is Synthetix Network Token (SNX), which is a protocol that allows users to get exposure to assets and commodities like gold and Bitcoin through the use of synthetic tokens. Arnold emphasizes that the protocol is aiming to disrupt the immensely valuable 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 says that the seventh-largest crypto asset is poised to be the smart contract platform alternative as Ethereum continues 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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