Austin Arnold Explains Which Digital Coins Will Be The Most Promising Next Month.
Analyst Austin Arnold on his YouTube channel (945 thousand subscribers) named five altcoins, which, in his opinion, will rise in price in September.
Arnold considers Ethereum (ETH), Cosmos (ATOM), Cardano (ADA), Tezos (XTZ) and VeChain (VET) to be the most promising tokens for the next month.
Ethereum (ETH)
On August 24, six organizations at once donated to the Ethereum Foundation $ 250 thousand each for the development and implementation of the Ethereum 2.0 update.
According to the analyst, this shows that the entire cryptocurrency ecosystem is awaiting an altcoin update and is ready to donate funds for this.
Another event supported by Ethereum, Arnold called the purchase by the Visa payment company of an NFT token from the CryptoPunk collection for $ 150,000 (payment was made in ETH).
Ethereum has risen in price by 35% since the beginning of August.
On August 27, the altcoin is trading at $ 3.1 thousand, and its capitalization is $ 366 billion, according to CoinGecko.
Cosmos (ATOM)
On August 23, the Cosmos developers announced that in the near future it will be possible to use bitcoin in the Cosmos ecosystem using the interBTC interchain.
The analyst claims that this will significantly increase the liquidity of the Cosmos ecosystem.
Since the beginning of the month, the Cosmos cryptocurrency has risen in price by 83%. The price of the digital coin reached $ 23.8. On August 27, the cost of Cosmos is $ 18.5, capitalization is $ 5.1 billion.
Cosmos (ATOM) is a decentralized network of independent parallel blockchains that operate on the basis of Byzantine fault tolerance (BFT) algorithms.
These blockchains are able to interact with each other through the Cosmos network called the “Internet of blockchains“.
Cardano (ADA)
According to Arnold, the adoption and popularity of Cardano will grow even more after the asset has received permission from the Japanese regulator and can be traded on Japanese exchanges.
The analyst also noted the low fees on the Cardano network compared to Bitcoin and Ethereum.
In August, the price of Cardano rose 132%. The market valuation of the asset increased to $ 83 billion. The digital coin took the third place in the list of the largest cryptocurrencies in terms of capitalization. Cardano is trading at $ 2.59 on August 27.
Tim Harrison, Marketing and Communications Director of IOHK (the issuer of Cardano), announced the release of the Alonzo hard fork on September 12th.
After that, the altcoin network will receive support for smart contracts and the ability to create decentralized applications (DeFi).
Cardano is a blockchain focused on the launch of smart contracts, decentralized applications and sidechains.
Tezos (XTZ)
On August 24, it became known that the Swiss blockchain companies Crypto Finance, Inacta and InCore Bank entered into a partnership with the aim of creating regulated products tokenized on the Tezos blockchain for institutions.
Thank you #InCoreBank and @inacta for another successful collaboration project! The innovative and compliant standard for asset #tokenisation of financial products (FA2) we have enabled together on @tezos is definitely shaping the #blockchain industry.https://t.co/vEENshU4Kh
— Crypto Finance (@CryptoFinanceAG) August 24, 2021
According to Arnold, financial companies are using the Tezos blockchain to create their own niche.
Since August 1, the price of Tezos has increased by 92%. The capitalization of the digital coin increased by $ 3.8 billion. On August 27, the cryptocurrency is traded at $ 4.5.
Tezos is a decentralized blockchain platform with smart contract support and the ability to create tokens and decentralized applications (dApps).
VeChain (VET)
In mid-August, the developers of the VeChain blockchain allocated $ 1 million to create their own trading platform for corporate NFT tokens.
Arnold argues that this decision will have a positive impact on the development of VeChain, as in the future, companies will be the main driving force behind the mass adoption of NFT technology.
Since the beginning of August, the VeChain blockchain token has grown by 73%. The price of the digital coin reached $ 0.14. On August 27, the cryptocurrency is trading at $ 0.11, and its capitalization is $ 7.8 billion.
VeChain is a blockchain platform for working with smart contracts,
which is focused mainly on business applications, namely, supply chains (tracking, quality control, inventory, etc.).
