Austin from Altcoin daily has analysed 5 higher market cap coins that have real potential this year and are making the news.
Starting with Bitcoin, many have questioned if now is the right time to buy Bitcoin, no one can see the future Austin says but metrics from Bitcoin miners have historically been very revealing (00:27).
We are seeing nowhere near the amount of sell pressure from the previous bear market that will indicate we are approaching the top.
The first Altcoin that’s making big news today is Synthetix (SNX), three prominent ventures including Coinbase and Paradigm bought SNX token directly from the DAO’s treasury (02:03).
The decentralized trading platform has raised $12million from venture capital firms, Coinbase Ventures, Paradigm and IOSG. The raise looks to be a rare occurrence of VCs investing through the purchase of a platform’s native token directly from its treasury rather than wiring funds to its owners.
Next top altcoin is Cardano (ADA), now 80% decentralized with an ETA of 100% decentralization on March 31st, that is in 50 days moving right along. Next coin on Austin list that he believes has potential to go 10x is Litecoin (LTC) (04:55).
Next major altcoin with massive potential in the next 12 months on his list is Uniswap, the number one decentralized exchange(DEX) which also has its own token(UNI).
Uniswap just became the first decentralized trading platform to process over $100B in volume. Austin says metrics like this are proof investors are into decentralized exchanges now with more retail investors using the platform (08:36).
Next high market cap coin on this list that is clearly making moves is Stellar Lumens (XLM), $6B stablecoin USDC lands on the Stellar blockchain. USDC‘s stellar launch comes after credit card giant Visa revealed it would connect its global payment network of 60 million merchants to USDC.
The last coin on the list is Yearn.finance (YFI) making the headlines after Grayscale files to register trust for the De-fi platform. This could offer a lot of exposure from institutional as well as retail investors to the YFI token.
This episode premiered on February 16th, 2021.