Altcoin Daily Says Fundamental Factors Will Fuel Ethereum Explosion, Explores Metaverse Altcoins
A crypto-focused YouTube channel with over 1 million followers is predicting an Ethereum (ETH) explosion possibly as soon as this weekend.
In a new video, Altcoin Daily co-host Austin lays out two fundamental factors that he says will drive up the price of the leading smart contract platform even further.
First, Austin notes that major movie studios are getting into the non-fungible token (NFT) market, notably on the Ethereum blockchain.
“Huge green flag if you’re an ETH hodler [long-time holder].
Warner Bros to launch Red Pill NFT avatars for their new movie ‘The Matrix Resurrections.’
Think about this: this is the first time in history that we have major movie studios encouraging their audience to download an Ethereum wallet [and] get a little bit of ETH, all thanks to NFTs.”
Even more pressing than movie-themed NFTs, Austin explains a major reason why Ethereum could spike over the next 24 hours.
“On Friday, over $540 million worth of Ethereum options contracts expire. Now luckily, those contracts do favor traders with ETH targets at $5K.
Generally speaking, when options contracts expire, especially [at] these high amounts, it’s always wise to expect volatility, in either direction.
The good news is, the bulls in this case seem to be winning.”
The host goes on to say,
“What this means is that even though many, many people seemed to have been betting against the Ethereum price, because the price has shown such strength, such a rally in these recent weeks, the bears look like they’re about to get wiped out.”
Ethereum is trading at $4,496 at time of writing, according to CoinGecko.
Next, Altcoin Daily lays out concrete reasons for holders of decentralized video streaming platform Theta Network (THETA) to be excited.
“Theta Network welcomes Fuse.TV as their latest media partner.
How this affects you is that [actress and singer Amara La Negra] now joins the list of other notable celebs choosing Theta.
If you hold Theta, this is a big news day for you.”
At time of writing, THETA is trading at $7.92 per CoinGecko.
Finally, Austin looks at Enjin Coin (ENJ), the cryptocurrency of the Enjin metaverse. Enjin recently announced a fund incentivizing developers to use their metaverse blockchain, which he believes will only help to grow the platform.
“Enjin wants to decentralize its metaverse with their new $100 million fund.
The Efinity Metaverse Fund will focus on seed equity investments for projects building on Efinity.
Efinity in Enjin’s much more scalable, yet much more centralized, blockchain for metaverse/crypto gaming.”
ENJ is trading at $2.98 at time of writing.
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