According to trader Aaron Arnold, next month five altcoins can show "explosive" growth
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Trader and analyst Aaron Arnold named five altcoins, which, in his opinion, could show "explosive" growth in November. Arnold recommended paying attention to Polygon, Avalanche, Chainlink, Filecoin and THORchain tokens.
In the near future, the Polygon token will aim at rapid growth and renewal of historical highs, the trader said. According to him, the project is actively developing, and the number of transactions in its network has already exceeded one billion. This is confirmed by the data of the Polygonscan service. For comparison, the Ethereum network has processed 1.3 billion transactions over the entire period of operation.
On October 29, the Polygon token is trading at $ 2. In a month, it has risen in price by 93, and its capitalization has increased to $ 13.8 billion, according to CoinGecko. Altcoin last hit its all-time high in mid-May at $ 2.6.
Polygon is an Ethereum-compatible second level sidechain powered by PoS (Proof-of-Stake) algorithm. This network is faster and with lower fees than the main Ethereum network.
Arnold drew attention to the growth of the Avalanche network, in which the number of addresses and transactions is rapidly increasing. The trader claims that the number of active Avalanche addresses has reached a new maximum above 70 thousand. All these factors in the near future can provoke a rapid growth in the Avalanche token, the analyst predicted.
On October 29, the altcoin is trading at $ 65.7. Over the month, Avalanche has risen in price by 7%, and its capitalization exceeded $ 14.5 billion. The last time the token reached its all-time high at the end of September at $ 79.3.
Avalanche is an open source platform for running decentralized applications (dApps) and enterprise blockchain deployment.
Chainlink and Filecoin
Arnold considers Chainlink and Filecon to be promising, as they are actively building relationships with other crypto projects and are among the most advanced projects in the digital asset industry. In the future, Chainlink and Filecon may take a large share of the crypto market, the trader predicted.
On October 29, Chainlink is trading at $ 31.5, and its capitalization is $ 14.6 billion. Over the month, the token has risen in price by 42%. At the same time, the price of Filecoin is $ 60.6, while the market value of the project is $ 7 billion. Over the month, the cost of the altcoin has grown by 9%.
Chainlink is the first network of decentralized oracles between blockchains and smart contracts, and among its partners is the Swift payment system. Also, the coin is in the portfolio of the Grayscale investment fund.
Filecoin is a decentralized storage system. The meaning of the project is that the owners of free disk space can rent it out and receive rewards in cryptocurrency for this.
Over the past week, the THORchain token has managed to grow in price by almost a third, Arnold recalled. In his opinion, this is only the beginning of the upward movement for the altcoin and it is able to continue its growth next month. A decentralized cryptocurrency exchange platform is actively developing and becoming more and more popular among users, the trader added.
On October 29th, THORchain is trading at $ 13.8. Over the month, the token has risen in price by 110%, and its capitalization has grown to $ 4 billion. Altcoin updated its all-time high in mid-May at $ 20.8.
THORChain is a protocol that creates a bridge between blockchains to exchange assets quickly and efficiently.