Top 5 Cryptocurrencies Set To Explode In August, According to Analyst Aaron Arnold
Top crypto trader Aaron Arnold shares with 900k his subscribers the top cryptocurrencies that are poised to explode in the interesting month August.
The crypto KOL kicks off the coin list of the month by calling the name of the king of crypto market Bitcoin (BTC). According to the trader, the BTC is experiencing a supply shock in which its supply reached the lowest in 8 months.
“The current wave of BTC supply shock has a lot of momentum. Think of this as a visual for the underlying wave of supply shock (or lack thereof) in the market. The last time we went from full reset to buy signal was September, although this current move is much more aggressive.”
The analyst adds that after 7 straight green candles, BTC could very well consolidate in the upper half of this range for a little while between 36.5k-40k, but whenever it does close above 40k, BTC will begin its rally.
The next crypto asset is Ethereum (ETH). Similar to Bitcoin, the supply of ETH on exchanges has dropped dramatically from 30 million to 20 million in the past year. In addition, the crypto KOL highlights another milestone of Ethereum in which it breaks 20,000 validators and there are over $14 billion stacked in ETH.
More importantly, Coca-Cola has made an announcement about bringing the first NFTs to Ethereum Metaverse. Coca-Cola will issue its first NFT collectibles to commemorate International Friendship Day on Jul. 30.
“Inspired by video-game loot boxes, the NFT pack will include a Friendship Box packed with four 1-of-1 NFT collectibles, plus more surprises only to be revealed when the Box is opened.”
The next cryptocurrency to explode on Arnold’s list is Uniswap. As the number of DeFi users hits 3 million, a breakdown of the sector’s surge reveals that decentralized exchange Uniswap (UNI) was the key driver.
According to the trader, Uniswap clearly leads the pack of DeFi’s growth, hosting more than 80% of all DeFi users. And among all DEX platforms, it commands a market share of 63.8%: “There have been four key protocols driving this growth. They include (~2.5 million users), (326,487 users), 1inch Exchange (276,254 users), and SushiSwap (198,618).”
Arnold also points out that in terms of 24-hour volume, DEX Uniswap is also on par with centralized competitors in FTX and
Elrond (EGLD) is the fourth altcoin of August. The project is going to launch its own DEX Maiar with its latest version has just been released on the devnet. The launch is expected to bring new features to the ecosystem such as abstraction of wrapped EGLD, batch transactions, re-invest and consolidate features.
“Batch signing multiple transactions means you can do more with fewer interactions. For example, providing liquidity has 4 transactions: wrapping EGLD into the smart contract, sending the 1st token, sending the 2nd token & claiming the LP NFT – all in one go,”
Once the development of Maiar is finished, the crypto KOL predicts that the network will attract significant liquidity and lock more circulating supply and significantly accelerate the startup iteration cycles within the Elrond ecosystem, providing immediate liquidity for new projects, and plenty of opportunities for community members.
Last on the list is Cardano (ADA). The crypto strategist says that Cardano must slice through a massive supply barrier to achieve its upside potential.
“Cardano has broken out of a consolidation pattern, but it’s lacking the volume it needs for a trend reversal. The $1.33 resistance zone has prevented ADA from achieving its upside potential.”
The analyst highlights that a spike in buying pressure that allows Cardano to move past $1.33 might be all that is needed for prices to rise toward the $1.91 target presented by the descending triangle.