The host of popular crypto YouTube channel Altcoin Daily has named seven cryptoassets he believes could surge in June based on various factors. The host, Aaron Arnold, kicked off the list with Cardano (ADA) ahead of its smart contract functionality deployment.
In a video published to the channel’s over 800,000 subscribers, Arnold pointed out that ADA is set to benefit from the upcoming Alonzo hard fork, which will allow smart contracts to be deployed on the Cardano blockchain. He noted that a report from CoinShares shows institutions have been more interested in ADA than BTC or ETH.
CoinShares’ report says institutional investment managers bought $10 million worth of ADA products in the week ending on Monday, even as BTC funds saw outflows above $110 million and ETH saw outflows above $12 million.
Data from CryptoCompare appears to show investors are betting on Cardano anticipating the hard fork, as ADA has been outperforming both ETH and BTC over the last 30 days.
Arnold also pointed to Ethereum (ETH), claiming the cryptocurrency has a potential to move up next month as its dominance has been growing along with interest in it, thanks to upcoming protocol updates. Google searches for it have been going up, and EIP-1559, which could make ETH a deflationary asset, is around the corner.
Then, the analyst pointed to bitcoin (BTC), as the cryptocurrency has “been ranging for some time, and I suspect that at some point it is going to rally to its next leg up especially as big money” shows support for it. He specifically named legendary hedge fund manager Ray Dalio, who recently revealed he owns some bitcoin.
The fourth cryptoasset he named was Polygon (MATIC). MATIC has seen its price rise over 9,000% so far this year as demand for it has been surging. According to a MATIC network explorer, it currently processes over 5.89 million transactions per day, and the network has processed a total of 122 million transactions. There are now over one million wallets on it.
To Arnold, Polygon’s easy-to-use platform for Ethereum scaling helps it stand out. It’s worth noting Billionaire investor and entrepreneur Mark Cuban has invested in the cryptocurrency.
Next on the analyst’s list, as Daily Hodl reports, is Uniswap (UNI), which he says has growing transactions volumes and lower transaction costs playing out in its favor. Number six is ThorChain (RUNE), which he says is “disrupting crypto centralized.”
Finally, the analyst pointed to Chainlink (LINK), the oracle service that he likened to online search giant Google when it first launched, and as such could have explosive price movements in the near future.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured Image via Unsplash.com