Altcoin Daily host Austin Arnold is breaking down five altcoins that he thinks have growth potential in September.
In a new video on his popular YouTube channel, Arnold tells his 945,000 subscribers that he’s keeping an eye on the fundamental strength of Tezos (XTZ), VeChain (VET), Ethereum (ETH), Cosmos (ATOM), and Cardano (ADA).
Launched in 2018, Tezos is a smart contract platform that allows its users to actively participate in network governance by holding XTZ tokens. Arnold highlights XTZ’s adoption among several Swiss-based blockchain and financial companies, including Crypto Finance Group, InCore Bank, and Inacta.
In a joint statement, the three Swiss companies said that they chose to adopt Tezos “because its on-chain governance allows upgrades without disrupting or splitting the network.”
Arnold believes these financial companies are utilizing Tezos to create a particular niche.
“So it seems they’re carving out their own little niche – a Tezos token standard to specifically work with those financial bodies and institutions that need some sort of compliance.”
Next up is the blockchain-powered supply chain platform VeChain. Arnold notes that the blockchain has committed $1 million toward funding the development of its own enterprise non-fungible token (eNFT) marketplace, establishing the blockchain’s stake in the future of NFTs.
“As a key player in the real business world, enterprises will be the main driving force behind the mass adoption of NFT technologies and as such, the best way to facilitate this adoption is to develop and support a vibrant eNFT ecosystem using the VeChainThor platform.”
Arnold is also looking at the second-largest crypto asset, Ethereum (ETH). Six crypto entities, including crypto exchange Kraken and decentralized finance (DeFi) protocols Uniswap, The Graph, Compound, Lido and Synthetix, have each donated $250,000 for a combined $1.5 million to support efforts toward Ethereum’s upcoming “Ethereum 2.0” upgrade, which will move the Ethereum network from a proof-of-work model to proof of stake.
“And why this matters to you is because this is showing us that the entire crypto ecosystem, or at least many, many key players, are donating money and resources to support the success of this major ETH upgrade.”
Arnold says history and trust are still on Ethereum’s side as he highlights that major financial giant Visa recently purchased its very own CryptoPunk NFT last week.
The crypto trader’s fourth pick is the decentralized interoperability network Cosmos. He says that Bitcoin (BTC) is coming to the Cosmos network using interBTC, a DeFi platform that enables Bitcoin users to invest, earn and pay with their BTC on any blockchain. The Cosmos network’s latest grant by Interchain Foundation (ICF) to Interlay, the creator of interBTC, marks the first step in this transition, according to Arnold.
“And just for some perspective, Bitcoin on Cosmos will bring deep liquidity to the Cosmos ecosystem and greatly increase the utility and scope of Cosmos DeFi. Don’t count Cosmos out.”
Finally, Arnold covers the smart contract platform Cardano. He believes that the network’s prominent community will grow even more following Japan’s official announcement that Cardano would be listed in the East Asian country on August 25th after the asset successfully passed strict regulatory checks.
Arnold also highlights Cardano’s relatively low transaction fees and level of adoption in comparison to BTC and ETH.
“First off, while Cardano obviously has a much lower market cap than [Bitcoin and Ethereum], it’s actual real on-chain volume [is] pretty similar to the other two. That’s a good sign…
Notice how the fees on Cardano [are] much, much lower in comparison. This is $52,000 (ADA) compared to $22 million (ETH). Significant. Something to note.”
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