Austin Arnold, a well-known crypto trader, and influencer has named nine altcoins that he believes have huge upside potential and may have a chance to go parabolic this May.
Starting with bitcoin he feels that as US Bank declares custody of the asset and Tesla CEO Elon Musk and Twitter CEO Jack Dorsey continue to urge firms to place the asset on their balance sheets, bitcoin seems to be fascinating institutional investors and getting increased mainstream acceptance, according to the analyst.
The second asset on the trader’s list, Ethereum, is also the second-largest asset by market value (ETH).
He thinks that Ethereum is a fantastic idea. Although it is fantastic from a fundamental standpoint, a technological research (TA) standpoint, and a narrative standpoint.Arnold points out that the commodity that governs the smart contract network is running out of supply as more ETH is locked up in ETH 2.0.
Polygon (MATIC), a layer-2 scaling solution for Ethereum that aims to lighten the burden on Ethereum’s network, is the third coin Arnold mentions, and it offers a strong value proposition as the ETH platform grows. MATIC’s price has soared in recent months, rising by more than 100% in the last seven days.
The Ethereum opponent Cardano (ADA), which recently announced an alliance with the Ethiopian government, is next on Arnold’s list. He says It’s impossible to disregard the sentiment around Cardano; narratives and the sentiment drives too much of the price in cryptocurrency.
Cardano overwhelmingly won the favour of crypto fans, according to the trader, when Altcoin Daily surveyed its Twitter followers to see which Ethereum competitor has won the favour of crypto enthusiasts.
Binance Coin is the next coin on the list (BNB). Users will soon be able to exchange Apple, Microsoft, and MicroStrategy stocks on the Binance trading site, where BNB can be used to cover trading fees. Furthermore, Binance has revealed that they will be launching a new product in the near future.
Arnold places top oracle project Chainlink (LINK) at number six on his list. He claims that Chainlink can run on any blockchain and is the “everyone’s” crypto price oracle. Furthermore, Arnold believes that Connection looks good from a TA standpoint.
VeChain (VET), ranked seventh on the trader’s list, is “morphing into what people want” by offering non-fungible tokens (NFTS) and tapping into the growing popularity of unique digitised art, property, and gaming properties, according to Arnold.
Aave is ranked eighth because it wants to bring yield-farming to its decentralised finance (DeFi) platform in order to entice users to move to its v2 platform.
Finally, according to Arnold, Injective Protocol (INF) is “basically a decentralized variant of Robinhood,” with backing from crypto fund Pantera Capital and Shark Tank star Mark Cuban.