Crypto trader and strategist Austin Arnold is naming 10 crypto assets that he believes could have an explosive 2021.
In a new video, the Altcoin Daily host tells his 287,000 subscribers why Bitcoin is at the top of his list. The trader points to strong institutional demand even while the leading cryptocurrency trades close to its all-time high of $20,000, highlighting Microstrategy’s recent purchase of $50 million worth of Bitcoin at an average price of $19,427 BTC.
“This is the first cycle where smart money and corporate treasuries become the cheerleaders, become the educators for Bitcoin.”
The second coin the list is Cardano (ADA). Arnold says the smart contract platform is about to make noise with the upcoming hard fork as part of its transition to the Goguen development era which would introduce the token locking feature.
“Locking, in this case, means reserving a number of tokens for a specified period of time so they cannot be disposed of to gain a benefit such as voting or running a smart contract. So I guess just adding transparency and a little of security in the coins being used on the network.”
Next up is Trustswap (SWAP), which aims to be the number one non-fungible token marketplace by returning fees to the community.
“The problem with current NFT marketplaces like Rarible is that while they provide a great service, they return nothing back to their community with a 5% commission fee of the sale price taken from both the buyer and the seller, 2.5% each.”
The fourth coin on the trader’s list is XRP. Arnold reveals why the incoming Biden administration could have a positive impact on XRP.
“[Brad] Garlinghouse actually donated to the Biden for president campaign earlier this year… And also last year, he donated to the Kamala Harris for the People campaign when she was a presidential candidate.”
Arnold says Tezos (XTZ) could start the new year with a bang as Logical Pictures, a production company in the European film and series industry, launches a $121 million security token offering (STO) on Tezos.
The sixth coin that could be making a splash next year is VeChain’s (VET). Arnold highlights VeChain’s partnership with KnowSeafood which would enable seafood farmers to upload supply chain data onto the VeChain Thor blockchain. The information could then be accessed by consumers.
Number seven is Ethereum (ETH). The crypto analyst points to the emergence of a new fund that will expose Canadian traditional investors to Ethereum. Arnold notes that investments in the Ethereum fund could soar to as high as $107.5 million.
At number eight is Injective Protocol (INJ) as it successfully launched the testnet for its decentralized finance (DeFi) trading platform. Arnold refers to a direct quote from Pantera Capital partner, Paul Veradittakit who said Injective “will be able to pioneer the next wave of decentralized derivatives trading.”
Ninth on Arnold’s list is Binance Coin (BNB). The crypto analyst emphasizes that traders continue to use Binance’s utility coin BNB as spot trading in the crypto exchange amounts to $858 billion and Bitcoin futures trading soars to $991 billion as of November 30th.
The last coin making headlines is Uniswap (UNI). Arnold notes that Uniswap addresses account for over half of the addresses in the DeFi space. He also speculates that decentralized exchanges like Uniswap will only get more popular next year.