This altcoin is the most significant digital asset to monitor in 2022
One prominent cryptocurrency analyst has identified his top five altcoins digital assets to watch in March 2022, including three Ethereum competitors.
Aaron Arnold, co-host of Altcoin Daily on YouTube, recently stated that he is bullish on Ethereum (ETH) and its layer-1 ETH competitors.
“While I am bullish on alternative layer-1 cryptocurrencies, we must not forget the king of layer-1 cryptocurrencies – Ethereum.
How could you not be bullish when so many different verticals contribute to Ethereum’s great tokenomics? Occasionally, NFTs [non-fungible tokens] are used; occasionally, DeFi [decentralised finance] is used.”
To support his bullish stance, the YouTube analyst cites a tweet from crypto reporter Jacquelyn Melinek.
“Total DeFi addresses are at 4.4 million, up 203% from year-ago date.”
Arnold is also bullish on Cosmos (ATOM), a layer-1 (L1) alternative that has been dubbed the “internet of blockchains.” Arnold asserts that ATOM “is doing big things in the L1 space,” citing a pair of tweets from crypto influencer Erik Voorhees.
The Cosmos ecosystem is growing in popularity and is unique among L1 Ethereum alternatives. It is designed as a constellation of natively interoperable L1s. This entails horizontal scaling, in which each DApp [decentralized application] self-scales. Additionally, this enables the movement of assets between chains.
Cosmos has been great for several years, primarily because A) competent developers rave about it, and B) avoids the decentralization trade-offs associated with other [Proof-of-Stake] L1s. It is a highly decentralized system that decentralizes. And the actual [user experience] of [transactions] is stunning.”
In the coming months, Arnold is also bullish on Solana (SOL), a layer-1 competitor to Ethereum, following the announcement that the Solana non-fungible token (NFT) marketplace Neon has begun selling NFTs in vending machines in New York City.
“This may be the most exciting vending machine purchase since you were a child and got those bouncy super balls.”
Arnold’s preferred Ethereum rivals are rounded out by Avalanche (AVAX), which reportedly received $25 million in institutional investment last week. Arnold claims that the news resulted in a 20% increase in the price of Avalanche.
Moving away from Ethereum alternatives, Arnold expresses optimism for the lesser-known digital asset Splinterlands (SPS), which recently signed a deal with media conglomerate Warner Music Group (WMG). Arnold refers to the agreement to create new blockchain games centered on existing WMG artists as a “massive partnership.”
According to WMG Chief Digital Officer and Executive Vice President of Business Development Oana Ruxandra,
“I don’t think we can underestimate how massive the opportunity around P2E [play-to-earn] gaming is. Our partnership with Splinterlands focuses on 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.”