Altcoin Daily: Cryptocurrencies with high upside potential in 2022

Cryptocurrency analyst and Altcoin Daily host Austin Arnold lays out his top crypto picks as the market tries to bounce off a slow start to the new year.

In a new video, the trader tells his 1.19 million subscribers that he remains interested in Bitcoin (BTC) despite the massive sell-off the biggest cryptocurrency has experienced since hitting all-time high above $69,000 in November.

People are buying when the price drops from every exchange. Bitcoin is leaving exchanges.

Miners are not selling their Bitcoin, they are holding it.

At the time of writing, Bitcoin is down 0.60% to $43,066.

Next on Arnold’s list is the leading smart contract platform Ethereum (ETH), noting that:

Ethereum is experiencing its own supply shock. Ethereum 2.0 deposit contract has surpassed 30 billion USD in value. After [chủ sở hữu] put their ETH in the deposit contract, they cannot take it out until it is fully converted.

Ethereum is down 0.80% in 24 hours and is trading for $3,319.

The presenter had an eye on decentralized finance protocol Uniswap (UNI), which was recently deployed on layer2 Polygon (MATIC).).

2022 could be the year of layer 2.

Uniswap is trading around $15.61 while Polygon is at $2.26.

Another layer 2 that Altcoin Daily is interested in is Immutable X (IMX), a scaling solution for non-fungible tokens (NFTs) that aims to enable near-instant transactions, with no gas fees.

Next on Arnold’s list is the open source platform Tezos (XTZ), which has recently solidified the company’s partnerships.

The latest milestone is apparel giant The Gap releasing Tezos platform-based NFT collections.

Tezos is definitely an alternative currency to do big things.

Looking at the Internet of Things space, the host of Altcoin Daily highlighted the Helium Open Source Public Blockchain Network (HNT) which recently passed the milestone of 450,000 hotspots.

Arnold said of Helium:

This is a quality project supported by funds.

Enterprise blockchain platform Elrond (EGLD) is also on the watch list after acquiring Web3 payment service provider UTRUST (UTK), thereby integrating EGLD as a form of payment.

Big win for EGLD.

Last on the list is decentralized exchange platform dYdX (DYDX), which Austin Arnold noted is trying to achieve full decentralization by the end of the year.

The views and opinions expressed in this article are for informational purposes only and are not investment advice. Every investment and trading move carries risks, you should do your own research before making a decision.

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