Crypto analyst and host of Altcoin Daily Austin Arnold is laying out his top crypto picks as the markets try to shake off a sluggish start to the year.
In a new video, the closely followed trader tells his 1.19 million subscribers that he remains interested in Bitcoin (BTC) as an asset despite the massive selloff which the top crypto has undergone since hitting an all-time high above $69,000 in November.
“People are buying the dip from every exchange. Bitcoin is leaving exchanges.
Miners are not selling their Bitcoin, they’re holding onto it.”
At time of writing, Bitcoin is down 2.02% to $42,613.
Next on Arnold’s list is the leading smart contract platform Ethereum (ETH), noting that,
“Ethereum has its own supply shock going on.
Ethereum 2.0 deposit contract has surpassed $30 billion in value. Once [holders] put their ETH in the deposit contract, they can’t take it out again until it is fully transitioned.”
Ethereum is down 2.17% on the day and trading for $3,259.
The show host has his eye on decentralized finance protocol Uniswap (UNI), which recently deployed on fellow layer-2 protocol Polygon (MATIC).
“2022 might be the year of layer-2s.”
Uniswap is valued at $15.61 while Polygon is trading for $2.26.
Another layer-2 the Altcoin Daily host is keen on is Immutable X (IMX), a scaling solution for non-fungible tokens (NFTs) that aims to enable near-instant, zero gas fee transactions.
The altcoin is down 3.24% on the day and priced at $3.55.
Next on Arnold’s list is the open-source platform Tezos (XTZ), which has been racking up corporate partnerships lately. The latest milestone sees apparel giant The Gap releasing NFT collectibles based on the Tezos platform.
“Tezos is certainly an altcoin to watch doing big things.”
Tezos is also down slightly today to $4.18.
Looking at the Internet of Things space, the Altcoin Daily host highlights open-source public blockchain Helium Network (HNT), which recently surpassed the 450,000 hotspot milestone.
Arnold says of Helium,
“It is a quality [venture capital]-backed project.”
The altcoin is currently priced at $32.59, down 7.23% on the day.
Enterprise-grade scalable blockchain platform Elrond (EGLD) also makes the list of crypto assets to watch after acquiring Web3 payments provider UTRUST (UTK), which in turn integrated EGLD as a form of payment.
“Big win for EGLD.”
Elrond continues the overall daily downtrend and is off by 6.57% to $196.72.
Last on the Altcoin Daily docket is decentralized exchange platform dYdX (DYDX), which the host notes is aiming to achieve full decentralization by the end of this year.
Currently, dYdX is up 2.38% and changing hands for $7.81.
