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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Featured Image: Shutterstock/Ian Good