Altcoin Daily host Aaron Arnold is sharing why he is bullish on Bitcoin and Ethereum heading into the rest of the year, and he’s also highlighting the potential of three altcoins.
Arnold tells his 900,000 YouTube subscribers that while Ethereum, decentralized finance (DeFi) and non-fungible tokens (NFTs) are getting a lot of attention in the crypto space, Bitcoin is still flashing bullish on-chain signals and undergoing a major supply crunch.
“Bitcoin user network growth seven-day moving average has reached an all-time high. It has been the fastest growing in the entire history of Bitcoin…
On top of that, there’s heavy accumulation going on – re-accumulation showed by ‘Illiquid Supply Shock Ratio’ giving off some mid-2017 vibes, although this current recovery has been much quicker so far. So this is Bitcoin held by strong hands and that continues to increase my friends.”
Arnold says that Ethereum is also experiencing a supply crunch as the EIP-1559 upgrade, which overhauls the crypto asset’s fee mechanism, takes effect.
“[EIP-1559 is] basically changing Ethereum’s monetary policy for the better and basically every single transaction that goes through… A little bit of Ethereum is going to be burnt, and that causes less supply, especially as demand increases… 10.55 Ethereum are being destroyed every 60 seconds… This is happening already during a supply crunch with Ethereum. My friends, Ethereum is exploding.”
Arnold also says that DeFi blue-chip and lending protocol Aave will likely perform well as its team prepares to extend Aave’s reach to the Solana (SOL) and Avalanche (AVAX) networks.
The analyst is also looking at scalable blockchain network Elrond (EGLD), which he says has become the first carbon-negative European blockchain. Elrond is attempting to ensure that each transaction performed on the EGLD blockchain has a positive effect on the environment.
Finally, Arnold takes a look at Ecomi (OMI), the token utilized on the VeVe NFT platform. Arnold says that VeVe is preparing to launch Marvel NFTs of Spider-Man and Wolverine. Additional Marvel NFTs will be introduced later in August, says Arnold.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Ian Good
Altcoin Each day host Aaron Arnold is sharing why he’s bullish on Bitcoin and Ethereum heading into the remainder of the yr, and he’s additionally highlighting the potential of three altcoins.
Arnold tells his 900,000 YouTube subscribers that whereas Ethereum, decentralized finance (DeFi) and non-fungible tokens (NFTs) are getting loads of consideration within the crypto house, Bitcoin remains to be flashing bullish on-chain alerts and present process a serious provide crunch.
“Bitcoin person community progress seven-day shifting common has reached an all-time excessive. It has been the quickest rising in the complete historical past of Bitcoin…
On prime of that, there’s heavy accumulation happening – re-accumulation confirmed by ‘Illiquid Provide Shock Ratio’ giving off some mid-2017 vibes, though this present restoration has been a lot faster to this point. So that is Bitcoin held by sturdy fingers and that continues to extend my buddies.”
Arnold says that Ethereum can be experiencing a provide crunch because the EIP-1559 improve, which overhauls the crypto asset’s charge mechanism, takes impact.
“[EIP-1559 is] mainly altering Ethereum’s financial coverage for the higher and mainly each single transaction that goes by… A little bit little bit of Ethereum goes to be burnt, and that causes much less provide, particularly as demand will increase… 10.55 Ethereum are being destroyed each 60 seconds… That is occurring already throughout a provide crunch with Ethereum. My buddies, Ethereum is exploding.”
Arnold additionally says that DeFi blue-chip and lending protocol Aave will doubtless carry out nicely as its staff prepares to increase Aave’s attain to the Solana (SOL) and Avalanche (AVAX) networks.
The analyst can be taking a look at scalable blockchain community Elrond (EGLD), which he says has turn out to be the primary carbon-negative European blockchain. Elrond is making an attempt to make sure that every transaction carried out on the EGLD blockchain has a optimistic impact on the surroundings.
Lastly, Arnold takes a have a look at Ecomi (OMI), the token utilized on the VeVe NFT platform. Arnold says that VeVe is getting ready to launch Marvel NFTs of Spider-Man and Wolverine. Extra Marvel NFTs can be launched later in August, says Arnold.
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Disclaimer: Opinions expressed at The Each day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any loses it’s possible you’ll incur are your duty. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please observe that The Each day Hodl participates in affiliate internet marketing.
Featured Picture: Shutterstock/Ian Good