- The brothers also shared a particular altcoin to avoid, especially in the short term.
- Besides, Bitcoin, Ethereum, Mina, Avalanche, GALA, Axie Infinity, and Binance are on the list.
According to the video released on Friday, the popular crypto YouTube podcast, Altcoin Daily, says there are eight or nine cryptocurrency coins implementing upgrades and doing big things in the space.
There are many reasons to buy Bitcoin and accumulate a nice stash. People are taking advantage of the dip. The number of addresses that hold at least one Bitcoin hit a new all-time high at 893,000 addresses. The altcoin daily referenced a recent tweet from an on-chain data analyst (@onchaincollege).
The number of addresses that hold at least 1 #Bitcoin hit a new all-time high at 893k addresses.
May 2020 – Feb 2022 (21 months): 0% change
Feb 2022 – early June 2022 (4 mos): +4.8% growth
Early June 2022 – Early August 2022 (2 mos): +5.1%
Something to keep an eye on… pic.twitter.com/1tVEjcTXDP
— On-Chain College (@OnChainCollege) August 11, 2022
While the ownership percentage has been trending up for some time, it spiked in the last few months. People are making efforts to own one Bitcoin while its price is lower. From May 2020 to February 2022, there was zero percent change for people holding one Bitcoin. But, from February 2022 to early June 2022, there was a 4.8 percent growth in people owning one Bitcoin.
Also, from early June 2022 to early august 2022 (about two months as opposed to the four months and 21 months prior), there was a 5.1 percent rate increase in people accumulating one Bitcoin. Another important point is that Bitcoin’s network settled $2 trillion worth of BTC in July 2022. Its previous all-time high was $8 million. Over the past 12 months, the network settled a total of $62 trillion worth of Bitcoin. That’s three times more than the United States GDP.
The point is that people are using the network and buying this cryptocurrency. The current leaderboard for Bitcoin treasuries from public and private companies shows that Grayscale Bitcoin Trust holds the largest amount of Bitcoin. Others on the top 10 list include Block One, MicroStrategy, Tesla, and the Tezos foundation.
More than ever, people realize they need to own some Bitcoin. Also, regulations have changed for the positive over the last few years. Hence, bigger entities are buying Bitcoin thanks to people like Michael Saylor (Microstrategy CEO) and some politicians for being vocal in their support for the digital asset, which resulted in some positive changes.
Over the last few years, we’ve seen continuations of the trend of large asset managers (such as Blackrock and ark investment) buying Bitcoin. They’re increasing their exposure and commitment. Altcoin daily’s final reason for including Bitcoin in its list is that a lot is happening within the Bitcoin ecosystem. Jack Dorsey’s block (formerly known as Square) recently committed to building a Bitcoin hardware wallet.
More importantly, the wallet will be multi-sig and will prioritize mobile use. Block wants to make it easier for more people to adopt its wallet. Bitcoin is getting bigger and better, slowly but surely.
Altcoin daily says Ethereum is the one to watch in the short term. Ethereum price is rallying as the Merge draws closer. Ethereum will leave proof of work (PoW) behind forever in about five weeks and become a proof-of-stake (PoS) network. This upgrade is an excellent move for Ethereum to keep differentiating itself from Bitcoin.
Related: Anthony Scaramucci warns retail investors ahead of the Ethereum Merge
The ETH Merge is a significant milestone. The popular YouTube podcast tells its audience to trade or hedge it if necessary. But the show hosts (Aaron and Austin Arnold) said they aren’t selling any of their spots because no one knows how Ethereum will break after the Merge.
Mina has topped the 10 Github commits charts for the past six months. The Mina protocol team is adding commits to their code and presumably improving the project. Mina has had 2720 Github commits in the last six months. Honorable mentions go to ICP (Internet Computer), Solana, Sushiswap, and Bitcoin.
There’s a tie between Avalanche and an Avalanche project (DeFi Kingdom (DFK)). This play-to-earn coin is a cross-chain gaming, decentralized exchange, farming, and playable NFTs. $JEWEL is their coin. The DeFi Kingdom subnets daily transactions have surpassed 1 million.
The DeFi Kingdom is Avalanche’s first subnet and was launched on March 30th, 2022. It’s already processed more daily transactions than some layer-1 blockchains. Avalanche also makes this list because many developments are happening on the network.
Altcoin daily warns its subscribers to avoid this coin in the short term. The reason is that ChainLINK is approaching a significant supply wall. ChainLINK price soared more than $0.50 in Friday’s trading session. An increase in bullish pressure could cause LINK to gain enough momentum and reach $10. Nevertheless, several indicators hint that LINK could soon suffer a correction. However, it may be bullish in the long-term, according to the YouTube podcast.
GALA also offers an interoperable ecosystem where fans can benefit from cross-over content by including a film with its successful gaming and music platforms. GALA is partnering with stick figure productions (an Emmy award-winning film production firm) to launch GALA films.
GALA film’s first project is the presentation of “Four Down”, a feature-length documentary directed by award-winning filmmaker Stephen Cantor. A movie adaptation of Nick Schuyler and Jere Longman’s New York Times best-seller “Not Without Hope”.
The core benefit of GALA film is its ability to offer a watch-and-earn system. Through the same blockchain tech that powers GALA music’s listen-and-earn community where fans are earning rewards through NFTs and nodes.
With GALA film, fans have the power to actively participate in the content they consume, take control of their entertainment through digital ownership, and support new projects by voting on script choices or casting.
Axie Infinity (AXS)
Axie Infinity cuts rewards from their classic game, subtly forcing play-to-earn players to their new mode, Axie Infinity origin. The team describes the move as one of the ways to attract more users for its new “smooth love potion” token. This industry keeps growing regardless of how these changes and upgrades affect the ecosystem.
The number of people working in the blockchain industry went up by 76 percent. Yet, there’s still a significant gap in the demand for technical talent. These numbers come from a study that LinkedIn did with the OKX exchange.
Binance is doing the crypto community good. The exchange recently helped recover $450,000 stolen in the curve finance phishing attack. The crypto exchange, Fixed Float, also obtained nearly 112 ETH, valued at approximately $212,000. Binance founder and CEO, Changpeng Zhao, said the exchange is working with law enforcement to return the funds to the victims.
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