Crypto analyst Austin Arnold has named three altcoins, which he believes can increase the price tenfold in this year. According to Arnold, significant growth awaits Ether, Tezos (XTZ) and Elrond (EGLD).
Arnold recalled that at the beginning of 2022, the volume of funds blocked in the smart contract Ethereum 2.0 was over $30 billion. According to the analyst, the gradual update of the altcoin and its transition to protocol 2.0 are the main catalysts for growth.
In January, Ethereum co-founder Vitalik Buterin said that fully implementing the altcoin roadmap would take about six years. According to Buterin, Ethereum is currently 50% complete. This year, this figure should be increased to 80%, announced the developer. According to him, in 2022, major updates will be made under the name of merger (moving the altcoin to the Proof-of-Stake consensus algorithm (PoS) and sharding (increased blockchain scalability).
On January 14, Ether traded at $3,200. In one month the altcoin fell by 15%, and its capitalization fell to 391 billion dollars. In early November 2021, the cryptocurrency updated an all-time high above $4,800. Since then, its value has dropped by 33%.
This week, casual clothing brand Gap released its own NFT tokens on the blockchain Tezos, recalled Arnold. According to him, other big companies are also interested in the platform, so it is worth paying attention to this altcoin.
On January 14, Tezos traded at $4.2. Within a month, the altcoin fell by 6% and its capitalization dropped to $3.7 billion. Last October, the cryptocurrency updated its all-time high above $9.1. Since then, the price of the token has fallen by 54%.
Tezos is a decentralized blockchain platform that supports smart contracts and allows to create tokens and decentralized applications (dApp).
Elrond is a blockchain platform for creating high-performance and secure applications (DApps) based on smart contracts. The Elrond network is capable of processing up to 15,000 transactions per second, making it one of the most productive blockchains. Transactions on Elrond are confirmed almost instantly.
This week, developers of the Elrond token bought Portuguese crypto payment company Utrust, the analyst said. According to him, right after the transaction, Utrust integrated the EGLD token into its payment system. The Elrond blockchain will continue to grow, Arnold predicted.
On January 14, Elrond traded at $198.5. Within a month, the altcoin fell by 22% and its capitalization dropped to $4 billion. Last November, the cryptocurrency updated a high above 545. Since then, the value of the token has fallen by 64%.
The cryptocurrency industry continues to grow in 2022, with more and more new altcoins catching the attention of the crypto community. We hope that the predictions of experts will come true and that the price of tokens will continue to rise. Stick with Cointribune and follow developments in the crypto market!
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential Cointribune!
The blockchain offers so many possibilities! After NFTs and the metaverse, who knows what this technology can still offer us? This universe fascinates me and I love to read and write about it. I wish you as much pleasure while reading me!