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Austin Arnold named three altcoins, the value of which could increase significantly this year
The opinions of experts may not coincide with the position of the editors. “RBC-Crypto” does not give investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
Crypto analyst Austin Arnold named three altcoins, which, in his opinion, can rise in price ten times this year. According to Arnold, Ethereum, Tezos (XTZ) and Elrond (EGLD) can show significant growth.
Arnold recalled that at the beginning of 2022, the amount of blocked funds in the Ethereum 2.0 smart contract exceeded $30 billion. According to the analyst, the gradual upgrade of the altcoin and its transition to protocol 2.0 is the main growth catalyst.
In January, Ethereum co-founder Vitalik Buterin said that the full implementation of the altcoin roadmap will take about six years. According to Buterin, Ethereum is currently 50% complete. This year, this figure is planned to be increased to 80%, the developer noted. According to him, in 2022 major updates called merger will be implemented (the altcoin’s transition to the Proof-of-Stake (PoS) consensus algorithm and sharding (increasing the scalability of the blockchain).
On January 14, Ethereum is trading at $3.2 thousand. Over the month, the altcoin has fallen in price by 15%, and its capitalization has decreased to $391 billion. In early November 2021, the cryptocurrency updated its all-time high above $4.8 thousand. Since then, its value has fallen by 33% .
This week, casual wear brand Gap launched its own NFT tokens on the Tezos blockchain, Arnold recalled. According to him, other large corporations are also showing interest in the platform, so this altcoin is worth paying attention to.
January 14, Tezos is trading at $4.2. Over the month, the altcoin fell in price by 6%, and its capitalization decreased to $3.7 billion. In October last year, the cryptocurrency updated its historical maximum above $9.1. Since then, the price of the token has fallen by 54%.
Tezos is a decentralized blockchain platform with support for smart contracts and the ability to create tokens and decentralized applications (dApps).
The developers of the Elrond token have acquired the Portuguese cryptocurrency payment company Utrust this week, the analyst noted. According to him, immediately after the transaction, Utrust integrated the EGLD token into its payment system. The Elrond blockchain will continue to evolve further, Arnold predicted.
January 14, Elrond is trading at $198.5. Over the month, the altcoin has fallen in price by 22%, and its capitalization has decreased to $4 billion. In November last year, the cryptocurrency updated its maximum above $545. Since then, the value of the token has fallen by 64%.
Elrond is a blockchain platform for building high performance and secure applications (DApps) based on smart contracts. The Elrond network is capable of processing up to 15 thousand transactions per second, which makes it one of the most productive blockchains. Transactions in Elrond are confirmed almost instantly.
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