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Altcoin Daily host Aaron Arnold explains why he’s bullish on Bitcoin and Ethereum ahead of the rest of the year, and he also highlights the potential of three altcoins.
Arnold tells his 900,000 YouTube subscribers that while Ethereum, decentralized finance (DeFi), and non-fungible tokens (NFTs) are gaining a lot of attention in the crypto space, Bitcoin is still giving bullish signals on the channel and experiencing a major supply crisis.
“The seven-day moving average of Bitcoin user network growth has reached an all-time high. It is the fastest growing in the history of Bitcoin …
On top of that, there is a strong build-up going on – a re-build shown by the “Illiquid Supply Shock Ratio” giving off vibrations in mid-2017, although this current recovery has been much faster so far. . So this is Bitcoin held by strong hands and it keeps increasing my friends.
Arnold says Ethereum is also experiencing a supply crisis when the EIP-1559 upgrade, which revises the crypto asset’s fee mechanism, takes effect.
“[EIP-1559 is] fundamentally change the monetary policy of Ethereum for the better and fundamentally every transaction that goes through… A little bit of Ethereum is going to be burned, and that causes less supply, especially as demand increases… 10.55 Ethereum is destroyed every 60 seconds… This is already happening during a supply crisis with Ethereum. My friends, Ethereum is exploding.
Arnold also says DeFi Aave’s premier and lending protocol will likely work well as his team prepares to extend Aave’s reach to the Solana (SOL) and Avalanche (AVAX) networks.
The analyst is also looking at the Elrond Scalable Blockchain Network (EGLD), which he says has become Europe’s first carbon-negative blockchain. Elrond tries to ensure that every transaction made on the EGLD blockchain has a positive effect on the environment.
Finally, Arnold takes a look at Ecomi (OMI), the token used on the VeVe NFT platform. Arnold says VeVe is getting ready to launch Spider-Man and Wolverine’s Marvel NFT. More Marvel NFTs will be introduced later in August, Arnold said.
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Featured Image: Shutterstock / Ian Good
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