These Five Altcoins Are Ready for Explosive Moves in November, Says Crypto Trader Aaron Arnold

Crypto trader Aaron Arnold is naming his top altcoin picks for the month of November.

In a new YouTube video, the Altcoin Daily host says he anticipates Polygon (MATIC) to surge as companies like Twitter work on projects that require Ethereum layer-2 scaling solutions.



“Polygon is breaking out, targeting new record highs. MATIC looks ready to set new all-time highs, and this matches what we see going on on-chain.

Polygon just crossed one billion transactions that have all been processed on the Polygon proof-of-stake chain. An amazing milestone, an amazing achievement.

Ethereum layer-2 scaling solutions could not have come at a better time. There’s demand for this, especially with all the adoption that we see.”

The trader is also optimistic about the smart contract platform Avalanche (AVAX) after one of the original rebasing tokens, Ampleforth (AMPL), launched on the network.

“Avalanche is providing a lot of incentives for different DeFi [decentralized finance] protocols to come on the Avalanche blockchain and it’s working.”

He points to Avalanche’s growing numbers in terms of addresses and transactions, adding that the network’s daily active addresses just hit a new high of nearly 70,000, representing a weekly increase of over 100%.

Arnold says that he is also bullish on the decentralized oracle network Chainlink (LINK) and decentralized peer-to-peer file storage protocol Filecoin (FIL).

“I’m adding them just because they are interoperating with a lot of the leaders in this space. I think the future is multi-chain, the future is interoperable.”

Arnold says that the decentralized cross-chain liquidity protocol THORchain (RUNE), which recently broke volume and liquidity all-time highs, is also on his list.

He says the platform is now being viewed as a favored venue for KYC-less (know your customer) and borderless trading of Bitcoin (BTC) for Ethereum (ETH) and ERC-20 tokens. Arnold cites a forecast that the network will have more real Bitcoin than Wrapped Bitcoin (WBTC) on the Uniswap exchange by the end of next January.

“THORchain is doing some impressive metrics.”

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Ampleforth integrates with Avalanche to introduce stablecoin alternative

Fragments Inc., the team responsible for developing the Ampleforth protocol, has announced that Ampleforth will be integrated into popular blockchain Avalanche to facilitate the introduction of AMPL, a fully decentralized unit-of-account that can be used to denominate stable contracts.

The Ampleforth protocol holds promise as a decentralized alternative to stablecoins that can be used in core functionalities in the DeFi space such as lending, borrowing and the deployment of on-chain derivatives.

Ampleforth’s rebasing mechanism of daily adjusted supply levels enables the metric measurement of price value for users’ token accumulation, as opposed to the traditional method of price-tracked volatility. These systemic rules are then encoded on Ethereum via smart contracts. 

For instance, if a user engages in a speculative prediction that Bitcoin (BTC) will reach $100,000 by the end of the year, and it comes true, they will be granted 5 AMPL tokens. However, if the leading asset falls short of the noted target, five tokens will be deducted. In this sense, if the AMPL ecosystem grows, the user attains more tokens and vice versa.

Establishing a dependable consistency in price levels and a fluidity in supply mechanics, all the while being a non-governed decentralized model, implies that AMPL could pose an alternative challenger to the hackneyed stablecoin model.

Related: Cointelegraph Consulting: How Avalanche is reimagining DeFi

Evan Kuo, CEO of Fragments Inc., spoke of the importance of ensuring true decentralization throughout DeFi’s burgeoning ecosystems:

“It is ironic that the DeFi ecosystem currently relies so heavily on centralized stablecoins for liquidity and lending collateral. With the changing regulatory landscape and uncertainty around what the verdict around stablecoins will be, it’s important for DeFi to have a financial building block that’s decentralized, uncensorable and has some aspect of price predictability or stability.”

In late December 2018, the Fragment protocol rebranded its identity into what we know today as Ampleforth. The title was inspired by a poetic character working in the Ministry of Truth in George Orwell’s classically acclaimed novel 1984.

Analytical data from Cointelegraph Markets Pro and TradingView reveals that Avalanche’s native token, AVAX, has encountered bullish momentum over the past seven days, rising 28% to $71.30.

According to technical data from DeFi Llama, the blockchain network hosts 52 decentralized protocols amassing $8.62 billion in total value locked (TVL), the largest being Trader Joe, which comprises 30% of its market share.

Avalanche’s TVL figure has risen substantially since early August when it was trading in consolidation around the $200 million mark.