Aaron Arnold, moderator of the Altcoin Daily, lists five assets he believes will take off this August.
At the top of the list of traders is the flagship crypto Bitcoin (BTC). Arnold says Bitcoin is experiencing an extreme supply crisis that will, over time, steer the price of BTC in one direction.
“You love to see how limited the supply is. Well the price has nowhere to go, but if there is enough time it will go up. To go even further, there is still so much capital on the sidelines in stablecoins because of the BTC / stablecoin supply ratio … that capital is just beginning to flow back into the market.
On-chain things look bullish. There is a lot of momentum behind this current wave of Bitcoin supply shock. “
Arnold is also bullish on Ethereum (ETH), which he says is experiencing its own supply crisis.
The trader adds that ETH supply on the exchanges fell by 10 million over the past year and that $ 14 billion worth of Ethereum is placed on top of Ethereum 2.0 where it must rest.
Eventually, Arnold notes that the Coca-Cola Company recently used Ethereum’s network to coin non-fungible tokens (NFTs) as a promotional tactic.
“This is, in my opinion, Ethereum’s bull run to lose.”
Arnold also analyzes the decentralized exchange Uniswap (UNI). He shares metrics suggesting that Uniswap is responsible for attracting about 80% of the 3 million users in the decentralized financial (DeFi) sector. Arnold says the volume of Uniswap is comparable to the volume of the centralized exchanges Kraken and FTX.
The analyst also says Elrond (EGLD) will have a strong performance in August as the scalable blockchain network prepares for the launch of its Maiar decentralized exchange.
The last asset Arnold predicts will explode in August is the Chainlink oracle network (LINK). According to Arnold, Chainlink is rapidly expanding its integrations and could reach 1,000 integrations by the end of this year.
Don’t Miss A Beat – Subscribe to crypto email notifications straight to your inbox
Follow us on Twitter, Facebook and Telegram
Surf the daily Hodl mix
Check the latest headlines
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trades are made at your own risk and that you are responsible for any losses. The Daily Hodl does not recommend buying or selling 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 / Maxger