On Thursday, the bitcoin price is trading in the red, as bulls try to remain afloat. For BTC to restart its upward trend, it has to find support around $61,500. While ETH, ADA and XRP too are trading in red, SOL, BNB and DOT are holding up well as they trade in green today.
Aaron Arnold, a crypto trader and co-host of Altcoin Daily, has identified five top crypto assets that he believes are ready to move.
Polkadot is the trader’s first choice. Arnold believes DOT will rally in November when the platform’s highly anticipated parachain slot auctions, which will allow blockchains to emerge on the network, come to fruition.
He sends out a tweet from the Polkadot team, announcing the motion to allow parachain registration.
At the time of writing, DOT is trading at $52.50. rising from a 24 hour low of $49.38, the token hit an ATH at $54.86 and has currently retraced a few cents but is still on a rising streak.
Avalanche, a smart contract competitor for Ethereum (ETH), is next. Arnold observes that AVAX is gaining traction among venture capitalists.
He mentions that the Avalanche Foundation is still just funnelling VC money into its ecosystem, which means it’s drawing some of the best in the industry. This is quite positive for Avalanche.
“They’re spending money and will be bringing in a lot of construction, development, and money, so I’m optimistic about Avalanche.” He adds.
The Avalanche Foundation recently announced Blizzard, a $220 million investment fund that will support growth in decentralised finance (DeFi) and non-fungible token (NFT) systems, as well as other developing use cases,according to the company.
At the time of writing, AVAX is trading at $76.42 rising from a 24 hour low of $69.15, the token hit an ATH at $80.55 and has currently retraced a few cents but is still on a rising streak. The bulls are now said to be aiming for the next key psychological level at $100, indicating more gains ahead for AVAX.
Cardano is Arnold’s third choice. He cites on-chain data from the Cardano smart contract blockchain, which shows that the network’s utilisation is fast expanding.
He mentions Cardano (ADA) adoption is increasing, in terms of total transactions, transactions per day, or total fees per day.
“All of this is incredibly bullish for Cardano and it’s nice to see its ecosystem growing so greatly,” he adds.
At the time of writing, ADA is trading at $2.03 down by 3.9% in the last 24 hours. Support on the downside is at $1.817 and $1.5. Incase of an uptrend, resistance is at $2.15.
Decentraland (MANA), a metaverse token, is another significant rival, according to him.
He claims that Facebook’s decision to focus on metaverse development drew investors’ attention to the industry, causing MANA’s price to skyrocket by more than 300 percent. MANA is now trading at $2.92.