Altcoin Daily host Aaron Arnold explained why he believes Bitcoin and Ethereum will rise and three other currencies he believes have bullish potential.
Arnold, who has 900,000 YouTube subscribers, says that while Ethereum, DeFi, and NFTs are gaining a lot of interest in the crypto space, the on-chain Bitcoin data is still giving bullish signals and is seriously in short supply.
“The seven-day moving average of the growth of the Bitcoin user network has reached an all-time high. This is the fastest growing thing in the history of Bitcoin…
Moreover, there is significant build-up going on – this is similar to the re-accumulation shown by the “liquid supply shock ratio” of mid-2017, although the current recovery has been much faster thus far. So Bitcoin remains in strong hands and continues to grow.”
Arnold says Ethereum is also in short supply with the activation of the EIP-1559 update, which overhauls the cryptocurrency fee mechanism:
“[EIP-1559] It fundamentally changes the monetary policy of Ethereum for the better and basically for every transaction that takes place… Little Ethereum will burn up and cause less supply especially with increased demand… 10.55 Ethereum is destroyed every 60 seconds… A supply crunch is already happening in Ethereum. My friends, Ethereum is thriving.”
Arnold also says that a high-quality DeFi project, the Aave lending protocol, is likely to do well as it prepares to expand its reach into Solana (SOL) and Avalanche (AVAX) networks.
The analyst is also looking into the scalable blockchain network Elrond (EGLD), which became the first carbon-negative blockchain in Europe. Elrond strives to ensure that every transaction made on the EGLD blockchain has a positive environmental impact.
Finally, Arnold took a look at Ecomi (OMI), a token used on the VeVe NFT platform. Arnold says VeVe is preparing to release Marvel NFTs from Spider-Man and Wolverine. Arnold says additional Marvel NFTs will be introduced later in August.
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