Crypto trader and Altcoin Daily co-host Aaron Arnold is sharing five top crypto assets that he thinks are ready to move.
The trader tells his 1.08 million YouTube subscribers that his first pick is Polkadot (DOT). With the platform’s highly anticipated parachain slot auctions coming to fruition, which will allow blockchains to launch on the network, Arnold thinks DOT is primed to rally in November.
[adinserter block="1"]He shares a tweet from the Polkadot team announcing the motion to enable parachain registration.
“Parachain auctions are likely to begin November 4th, and if they don’t happen November 4th, [then] they’re going to happen sometime around there. The point is, Polkadot is entering into its next level.”
At time of writing, Polkadot has recently cracked new all-time highs and is currently trading at $51.24, according to CoinGecko.
Next up is the Ethereum (ETH) smart contract competitor Avalanche (AVAX). Arnold notes that AVAX is growing in popularity among venture capital investors.
“Avalanche Foundation continues to just funnel VC money into its ecosystem, which means it is attracting some of the best in this space. This is hugely bullish for Avalanche.
They’re spending the money, and they’re going to bring in a lot of building, development and money, so I’m bullish on Avalanche.”
The trader notes that the Avalanche Foundation just launched Blizzard, a $220-million investment fund, which will foster development in decentralized finance (DeFi) and non-fungible token (NFT) platforms as well as other ‘emerging use cases.’
Arnold’s third pick is Cardano (ADA). He points to on-chain data from the Cardano smart contract blockchain that indicates that usage on the network is increasing rapidly.
“Bullish on Cardano, particularly because of this: Cardano (ADA) usage is trending up, whether we’re talking about total number of transactions, transactions per day, total fees per day…
All of this is incredibly bullish for Cardano and it’s nice to see its ecosystem growing so greatly.”
He also lists the metaverse token Decentraland (MANA) as another top competitor.
He says Facebook’s announcement to focus on metaverse development sent investors’ attention flocking to the sector, which may have helped MANA’s price erupt by more than 300%. Currently, MANA is trading at $2.92.
Finally, Arnold takes a look at THORChain (RUNE). He highlights the protocol’s ability to enable cross-chain swaps between Ethereum, Bitcoin (BTC), Binance Smart Chain (BSC), and THORChain, bringing more interoperability to DeFi.
“To be quite honest with you guys, the more I learn about THORChain, the more into it I become. It seems useful.
Of course there’s no KYC (know your customer) with all of this, which again makes it so cool.
At time of writing, RUNE has been climbing back towards its previous all-time high of $20, currently trading for $16.40.
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Featured Image: Shuttertstock/INelson/Vladimir Sazonov
