The cryptocurrency market is going through a dull phase. But with a new month comes a new opportunity. According to a crypto influencer and Youtuber Lark Davis, four cryptocurrencies can still generate massive profits as they have some established catalysts. In a video, the analysts revealed four cryptos that would likely explode and described the different reasons.
Ethereum, the second largest cryptocurrency by market cap, has a huge catalyst in July. Recently, Ethereum London Upgrade was released on the testnet. Davis mentioned that the highly anticipated EIP 1559, which is part of the London update, could push the price to a new height.
"If no major issues are found, there will be an update on Ethereum in about two to three weeks."
The upcoming EIP 1559 will make the tariff more reliable and improve Layer 2 integration for Ethereum. The digital asset will also undergo a massive transformation into a deflationary cryptocurrency. In the video, he explained that the fundamental factors, both the technologies and the innovations that caused its price to hit an all-time high are still in place and will push the asset to new highs again.
According to Davis, Bitcoin could be gearing up for a big move. This will be heavily influenced by recent Bitcoin Exchange-Traded Fund (ETF) applications awaiting SEC approval. Cathie Woode's Ark Invest recently joined the Bitcoin ETF race.
He also mentioned that the quality of this app comes from the largest and most successful companies that can positively influence Bitcoin.
"Even if it takes until the end of July or August or even December, one of these companies will get approval."
When the Bitcoin ETF is approved, the price will explode and money will flow into Bitcoin before it finally leaks into other assets.
Cardano has an incredible community behind their project. Recently, it added 50,000 new staking addresses in just three weeks. This explains why many Cardano holders come together to stake their assets. Cardano is in the era of smart contracts. This means that there will be new additions to your basic "ADA staking for ADA" use case.
Cardano's smart contract will see an explosion in NFTs, liquidity aggregators, decentralized finance, borrowing and loan services, and many others. This huge project is currently on the testnet, and the excitement ahead of its main launch could bring massive returns to ADA investors.
Davis revealed that he has been very optimistic on Polygon. It has many positive aspects. Speaking of scalability and gas fees, he noted that "using the Polygon network is one hundredth of the price of basic Ethereum transactions." This means that Polygon has a clear use case.
"I did a transaction in Defi yesterday, and it cost me between $ 35-50, and it was more complicated and interactive with the Defi protocol. If you are going to send Ether or USDC, it is cheap to use the Ethereum network. However, it will be brutal if it is done with defi ”.
According to Davis, many Ethereum applications are integrating with Polygon because it is an Ethereum-compatible project.