Widely followed crypto trader and market analyst Lark Davis is looking at five specific cryptocurrencies to shine in October.
The trader tells his 437,000 YouTube subscribers that he is bullish on Solana (SOL), Polygon (MATIC), Elrond (EGLD), Polkadot (DOT), and Bitcoin (BTC).
Starting with Solana, Davis thinks that Solana’s blooming NFT space will bring more investors to the project.
“Now one thing that’s getting me very excited about Solana right now [is] NFTs. We are seeing a lot of NFTs launching on Solana these days, and we’re starting to see a lot of NFT structure coming into play here…
The whole NFT craze that’s been happening on Solana is very serious. We’ve seen people flipping NFTS for insane gains over on Solana, showing that Solana is providing the kind of NFTs that people want to buy and want to use to make money off of.”
The next coin on Davis’s list is Polygon. He expects MATIC to regain its momentum after daily usage appears to be increasing.
“Polygon had more daily active users than Ethereum for the first time ever. MATIC had 351,000 daily active users compared to Ethereum’s 326,000 daily active users.
And it makes sense, I understand why. When you go over and you use Polygon, you can use basically all the same great stuff that you can use on Ethereum, but for a fraction of the cost, which is of course very, very cool.”
He also mentions that MATIC is partnering with the multinational consulting firm Ernst & Young to develop more Ethereum (ETH) scaling and enterprise solutions.
Next up is Elrond (EGLD). The trader notes that while the network is growing with users, he’s expecting price appreciation to take off after more products and decentralized finance (DeFi) applications start to launch on the platform.
“I think that when we start getting the applications launching here, and that’s gonna be very, very soon, then we’re gonna start seeing the total value locked coming in, then we’re gonna see people FOMO’ing into the EGLD asset in order to lock it up in different DeFi applications. That’s when we’ll really start to see the price appreciation happening. We’re right on the precipice of that moment.”
The fourth token on his list is Polkadot (DOT). Davis thinks that DOT is ready to rise now that the highly anticipated parachain auctions are expected to come to Polkadot’s blockchain soon.
“Once that gets announced, I think that’s going to be a very bullish announcement for Polkadot, and that we’re gonna see the Polkadot asset rally into that first parachain auction… We’re gonna get an announcement on this sooner than a lot of people probably expect, so [I’m] definitely keeping an eye out for that.”
Finally, Davis is expecting higher prices from Bitcoin this month. The trader speculates that while the approval of a Bitcoin Futures ETF is mainly bullish for Wall Street, it will open the door for regulators to approve a Spot Bitcoin ETF for which investors have been waiting for years.
“I think that a Futures ETF launch opens the door for a Spot Bitcoin ETF, which is what we really want because that actually matters. That actually takes real Bitcoin, locks it up, issues out a paper contract on your brokerage account in order to be able to gobble that up. That’s the kind of Bitcoin ETF that we want…
A Futures ETF is bullish, a Spot ETF is mega bullish, and I think that the Futures ETF is probably the gateway drug for the Spot ETF, and that could happen very, very soon.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Angela Harburn/Vladimir Sazonov