Austin Arnold Lists His Top 5 Altcoins To Keep An Eye On in September
Austin Arnold, a popular trader and the host of Altcoin Daily list five altcoins that he believes have growth potential in September.
In a recent video, Arnold tells his 945,000 YouTube subscribers that he’s closely following on the fundamental strength of Tezos (XTZ), VeChain (VET), Ethereum (ETH), Cosmos (ATOM), and Cardano (ADA).
Tezos (XTZ)
Tezos is a smart contract platform that allows its users to actively participate in network governance by holding XTZ tokens. It was launched in 2018. Arnold points out XTZ’s adoption among several Swiss-based blockchain and financial companies, including Crypto Finance Group, InCore Bank, and Inacta.
According to a joint statement, the three Swiss companies chose to adopt Tezos “because its on-chain governance allows upgrades without disrupting or splitting the network.”
Altcoin Daily host says these financial companies are utilizing Tezos to create a particular niche.
“So it seems they’re carving out their own little niche – a Tezos token standard to specifically work with those financial bodies and institutions that need some sort of compliance.”
VeChain (VET)
The second on the list is the blockchain-powered supply chain platform VeChain. Arnold notes that the blockchain has committed $1 million toward funding the development of its own enterprise non-fungible token (eNFT) marketplace, establishing the blockchain’s stake in the future of NFTs.
“As a key player in the real business world, enterprises will be the main driving force behind the mass adoption of NFT technologies and as such, the best way to facilitate this adoption is to develop and support a vibrant eNFT ecosystem using the VeChainThor platform.”
Ethereum (ETH)
Ethereum (ETH), the second largest crypto by market cap is up next. Six crypto entities, including crypto exchange Kraken and decentralized finance (DeFi) protocols Uniswap, The Graph, Compound, Lido and Synthetix, have each donated $250,000 for a combined $1.5 million to support efforts toward Ethereum’s upcoming “Ethereum 2.0” upgrade, which will move the Ethereum network from a proof-of-work model to proof of stake.
“And why this matters to you is because this is showing us that the entire crypto ecosystem, or at least many, many key players, are donating money and resources to support the success of this major ETH upgrade.”
According to the trader, history and trust are still on Ethereum’s side as he highlights that major financial giant Visa recently purchased s CryptoPunk NFT last week.
Cosmos (ATOM)
The fourth altcoin on the list is the decentralized interoperability network Cosmos. Arnold points out that Bitcoin (BTC) is coming to the Cosmos network using interBTC, a DeFi platform that enables Bitcoin users to invest, earn and pay with their BTC on any blockchain. The Cosmos network’s latest grant by Interchain Foundation (ICF) to Interlay, the creator of interBTC, marks the first step in this transition, he says.
“And just for some perspective, Bitcoin on Cosmos will bring deep liquidity to the Cosmos ecosystem and greatly increase the utility and scope of Cosmos DeFi. Don’t count Cosmos out.”
Cardano (ADA)
The fifth and last coin on the trader’s list is the smart contract platform Cardano. He believes that the network’s prominent community will grow even more following the announcement that Cardano would be listed in Japan on August 25th after the asset successfully passed strict regulatory checks.
The trader also mentions Cardano’s relatively low transaction fees and level of adoption in comparison to BTC and ETH.
“First off, while Cardano obviously has a much lower market cap than [Bitcoin and Ethereum], it’s actual real on-chain volume [is] pretty similar to the other two. That’s a good sign…
Notice how the fees on Cardano [are] much, much lower in comparison. This is $52,000 (ADA) compared to $22 million (ETH). Significant. Something to note.”
