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Altcoin Daily host Aaron Arnold is explaining why he sees big potential for several mid-cap altcoins while predicting continued success for Bitcoin (BTC) and Ethereum (ETH).
In his latest YouTube video, Arnold tells his 1.11 million subscribers that he expects the decentralized wireless platform Helium (HNT) to continue rising.
“This project is very heavily VC [venture capital] backed, but in my opinion they have a lot of quality VCs and they are doing real things.
Token scarcity is built into Helium token economics. As the number of Hotspots increases and as halvings occur every two years, the average HNT burned per day by Hotspots naturally decreases.”
Helium is a blockchain with operational nodes known as Hotspots, a combination wireless gateway and mining device. HNT is currently trading at $52.88.
Recent news about Elrond Network (EGLD) has the Altcoin Daily co-host excited about the high-speed transactional blockchain.
“Elrond Network is bridging to this bluechip centralized stablecoin [Coinbase’s USDC].
And this just speaks to what we see from Elrond on a weekly or monthly basis. Their amount of building, partnerships, bridging, updates, everything like that cannot be ignored.
10 million transactions, 888,000 accounts, 3,200 validators.”
Arnold is reacting to the news of the US Dollar Coin (USDC) stablecoin going live on the Elrond platform. EGLD is up 21.6% over the last 14 days, trading at $311.85 at time of writing.
The widely followed crypto trader is also predicting a big future for decentralized finance (DeFi) platform Aave (AAVE) after a recent unanimous vote within the community to upgrade the platform to V3 (version 3).
“[Aave] is a blue chip in the lending and borrowing decentralized finance space. They’re just about to go through a major upgrade.
If this goes off without a hitch, we’re going to see some major upgrades, and this is going to be good for Aave.
Version three is very sexy once you begin to understand it. Basically, you can borrow and lend on different chains.”
Despite the upgrade, AAVE is down 8% over the last seven days, currently exchanging hands at $306.28.
Next, the Altcoin Daily co-host can’t help but discuss the two biggest players in the crypto space: Bitcoin and Ethereum. As for the largest crypto asset by market cap, Arnold issues a stern warning to those “sleeping” on BTC.
“I’d be remiss if I didn’t point this out to you, because I’m very bullish on Bitcoin. Bitcoin supply is getting tighter with each passing day.
Supply shock is no joke. Do not sleep on Bitcoin, ladies and gentleman.”
BTC is trading at $63,768 at time of writing, down nearly 3% in the last 24 hours.
Finally, Arnold makes the case for leading smart contract platform Ethereum (ETH) to continue stealing market dominance from Bitcoin.
“Coinbase Q3 earnings are out. Ethereum volume surpasses Bitcoin volume for the second straight quarter.
We’re starting to see a shift.
Ethereum’s dominance, or growing dominance, cannot be denied.”
ETH is exchanging hands at $4,635 at time of writing.