One popular crypto analyst is naming his top five altcoins, including three Ethereum-competitors, to keep an eye on in March 2022.
“I’m bullish on alternative layer-1s, but let’s not forget the king of layer-1s – Ethereum.
How could you not be bullish with so many different verticals that are contributing to the great tokenomics that is Ethereum? Sometimes it’s NFTs [non-fungible tokens], sometimes it’s DeFi [decentralized finance].”
The YouTube analyst references a tweet from crypto reporter Jacquelyn Melinek to support his bullish stance.
“Total DeFi addresses are at 4.4 million, up 203% from year-ago date.”
Arnold is also bullish on layer-1 (L1) alternative Cosmos (ATOM), billed the internet of blockchains. Referencing a pair of tweets from crypto influencer Erik Voorhees, Arnold says ATOM “is doing big things in the L1 space.”
“The Cosmos ecosystem is gaining steam, and is unique among L1 alternatives to ETH. It’s architected as a constellation of L1’s that are natively interoperable. This means horizontal scaling where each DApp [decentralized application] creates its own capacity. And it means assets can move between chains.
I’ve been a fan of Cosmos for several years, primarily because A) smart devs I know love it when they try it, and B) it doesn’t make the decentralization sacrifices that other [Proof-of-Stake] L1s make. It’s highly decentralized, and decentralizing. And the [user experience] of actual [transactions] is beautiful.”
Arnold is also pumped on Ethereum-competing layer-1 solution Solana (SOL) over the coming months, reacting to the announcement that the Solana non-fungible token (NFT) marketplace Neon has begun selling NFTs in vending machines in New York City.
“This might be the most exciting thing you can buy at a vending machine since you were a kid getting those bouncy super balls.”
Rounding out Arnold’s favorite Ethereum-competitors is Avalanche (AVAX), which reportedly received $25 million in institutional investment inflows last week. Arnold says the news sent the price of Avalanche on a 20% rally.
Shifting from Ethereum alternatives, Arnold also says he is bullish on the little-known gaming altcoin Splinterlands (SPS), who recently signed a deal with media giant Warner Music Group (WMG). Arnold calls the deal to develop new blockchain games around existing WMG artists “a big partnership.”
Says WMG Chief Digital Officer & Executive Vice President of Business Development Oana Ruxandra of the deal,
“I don’t think we can underestimate how massive the opportunity around P2E [play-to-earn] gaming is. Our partnership with Splinterlands pulls focus to our artists and their music as we all work together to develop and maintain tokenized games. As we build, we will be unlocking new revenue streams for our artists while further solidifying fans’ participation in value created.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/NotjungCG/Natalia Siiatovskaia