The host of the Coin Bureau channel on YouTube has revealed his top five altcoins picks for this year in a video published for his 225,000 subscribers, and noted he expects a smaller number of altcoins to benefit from the bull market.
In the video, first spotted by Daily Hodl, the pseudonymous analyst noted that those who have followed the cryptocurrency space know altcoins usually pump after the price of BTC surges in what’s called the altseason, but warned that as the markets grow more sophisticated, “it’s unlikely that this rising tide will lift all boats.”
He then outlined his top altcoin picks for the year. In first place came privacy-centric coin Monero (XMR) which the analyst claims enforcement agencies have tried to decode to no avail, and pointed out its trading volume tops that of all other privacy coins.
The developers working on XMR, he added, help the cryptocurrency’s security and privacy, ensuring those who use it can remain anonymous. Exchanges have, however, been facing regulatory pressure to delist these currencies.
Crypto exchange Bittrex has earlier this year revealed it was delisting XMR, ZEC, and DASH. While the exchange did not specify why it was delisting the tokens, it’s widely assumed the move was a bid to comply with increasingly strict regulations.
The second pick was Algorand (ALGO), which the analyst pointed out aims t develop a scalable, secure, and decentralized blockchain, and has a higher transaction throughput than the Ethereum network.
Recently, Centre’s USDC stablecoin was launched on Algorand, and to the analyst, this means demand for ALGO will increase, as transaction fees are paid in the cryptoasset.
This means USDC users will be able to send the stablecoin on the Algorand Network cheaper and faster that would be done on Ethereum, for example.
He pointed out that Visa has recently partnered with Circle, one of the firms behind USDC, connecting its network of 60 million merchants to the stablecoin. When Circle graduates from Visa’s Fast Track program, a credit card letting businesses send and receive USDC may be launched.
His third pick was Theta, a decentralized streaming and content delivery network that per his words competes with YouTube and Twitch, which have millions of users. The firm, he said, has been growing from just streaming eSports to add poker, crypto events, and more to its portfolio.
In fourth came the Injective Protocol (I_NJ), a decentralized derivatives exchange built on top of the Cosmos network. He said:
They are trying to create a paradigm shift in the DEX space. Quite simply, it will allow users to trade spot, swaps, and futures in a completely permissionless way.
The analyst added the exchange will also structure a derivatives market for “anything that has a price.”
In fifth place came BarnBridge (BOND), which according to the YouTuber seeks to tokenize risk by pooling funds and allocating them to different decentralized protocols. He added:
Then once the funds have been pulled, they will tranche the yield such that it can be tokenized individually. This, therefore means that DeFi investors are able to invest in different risk tranches based on their yield and risk tolerance.
With the DeFi space seeing its total value locked growing, he concluded, BarnBridge is well-positioned to gain more users.
Featured image via Pixabay.
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