Started by Bitcoin, Dec 03, 2023, 10:08 am
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The general crypto market has recorded a slight boost in the last week as market leader Bitcoin surged by 4.44% to trade above the $39,000 price mark. As bullish sentiments continue to rise, popular crypto analyst Austin Arnold has now highlighted four tokens that offer investors a high potential for profitability in the coming weeks.
Speaking in a recently published video on his YouTube channel Altcoin Daily, Arnold stated that certain tokens are "set to rip through the crypto markets."
The first cryptocurrency he highlights is Injective (INJ), a layer 1 blockchain and decentralized protocol backed by Binance, Pantera, and renowned tech billionaire Mark Cuban. Arnold states that Injective's potential for a massive price surge is tied to multiple factors, including its impressive tokenomics facilitated by its buyback and burn auction system.
This is a process in which Injective utilizes 60% of all fees collected across its multiple native dApps to buy back INJ from the market. The bought INJ is then burned, allowing the token to maintain a controlled supply and increase market value.
Furthermore, Injective currently possesses one of the lowest network fees in the market, which is considered an attractive feature for most users and developers. In addition, the Cosmos-SDK built protocol is also set to undergo its largest mainnet upgrade – Volan Upgrade – in the next few weeks.
Joining Injective on Arnold's list is Chainlink (LINK), an Ethereum-based decentralized blockchain oracle network. The crypto analyst notes that Chainlink recently celebrated a milestone of 2,000 integrations and projects, which only underlines the network's appeal to developers and the wider crypto community.
Furthermore, Arnold lauds Chainlink for its multiple strategic partnerships with major traditional institutions, including the SWIFT banking system and the Depository Trust and Clearing Corporation (DTCC), which could drive institutional adoption of the crypto project.
In addition, Chainlink recently launched an upgraded staking mechanism, which introduces greater flexibility, better security guarantees for oracle services, and a modular architecture, all of which Arnold believes' contributes to the cryptocurrency's potential for massive price gain soon.
The final cryptocurrencies on Austen Arnold's list are, unsurprisingly, the two biggest assets in the market, namely Bitcoin and Ethereum.
For Bitcoin, The crypto analyst notes that crypto whales have been stocking up their supply of the premier cryptocurrency, citing an example of Michael Saylor's Microstrategy. In addition, he also references an impending rise in BTC's institutional demand, which hinges on the approval of a spot exchange-traded fund (ETF).
In addition, Arnold pinpoints there is also a rising interest in Ethereum as more asset managers continue to approach the US Securities and Exchange Commission with applications to launch an Ether Spot ETF. This development was revealed by American investor Ric Edelman, who personally claims to be more excited about Ethereum than Bitcoin, as it offers more technological capability and commercial applications.
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