Pro-XRP Lawyer Deaton Picks His Top 10 Cryptos For The Year Ahead
22 November 2023 - 11:00PM
NEWSBTC
In a recent post on X (formerly Twitter), noted XRP advocate and
lawyer John Deaton shared his top 10 cryptocurrency picks for the
next 12 months. His selection includes a mix of well-established
and emerging digital currencies. He stated, “If you had to pick
only 10 tokens to own for the next 12 months (as a trade) what are
they? Here’s mine: BTC, XRP, ETH, QNT, RNDR, SOL, KAS, AVAX, HBAR,
CSPR. What am I missing?” Analysis Of The Pro-XRP Lawyer’s Picks
Bitcoin (BTC): Deaton likely selected Bitcoin due to the potential
imminent approval of a spot Bitcoin ETF in the United States.
Bloomberg Intelligence analysts anticipate that the US Securities
and Exchange Commission (SEC) might approve multiple spot Bitcoin
ETF by January 10, 2024, a move that could significantly impact
Bitcoin’s value XRP: Deaton’s choice of XRP is consistent with his
role as a strong supporter and legal advocate for the XRP
community. XRP’s status as a regulatory-defined token in the United
States with high utility adds to its appeal. Currently, XRP is
consolidating after being rejected at the 0.618 Fibonacci
retracement level at $0.7492. Ethereum (ETH): Despite the harsh
criticism of Ethereum’s founder, Deaton has included ETH in his
list. This might be due to its position as the second-largest
cryptocurrency by market cap. Also, BlackRock and several other
financial giants have recently applied for a Spot Ethereum ETF,
adding to the potential bullish trajectory of ETH in the next 12
months. Related Reading: Did JPMorgan Secretly Buy 7.5 Million XRP?
Here’s What We Know Quant (QNT): The QNT token of Quant Network has
found itself in a downtrend channel since late January this year,
down approximately 35% from its year-to-date high. With the current
price of $98.74, QNT is 78% below its all-time high of $428.38 on
November 21, 2023. Nevertheless, Quant can boast partnerships with
major financial institutions, including the Bank for International
Settlements (BIS), Bank of England, Bank of Canada, MasterCard,
Amazon, and Barclays, to develop and test use cases for central
bank digital currencies (CBDCs). Render Network (RNDR): The RDNR
token is currently up 725% since the beginning of the year. Render
Network provides a decentralized GPU rendering platform, allowing
artists to scale GPU rendering work on-demand to high-performance
GPU nodes. Notably, the RDNR price has also profited from the AI
narrative. Solana: SOL has been one of the other big winners this
year, up nearly 600% at the current price since it went below $8 at
the end of last year. Solana is currently seen as the potential
biggest challenger to Ethereum as a layer-1 blockchain, which is
why Deaton may have ranked SOL on his list. Kaspa (KAS): Kaspa has
gained attention due to its positioning as a highly scalable
Layer-1 blockchain, with a focus on fast confirmations and high
throughput. Its underlying technology, GhostDAG/PHANTOM protocol,
aims to balance security, scalability, and decentralization. The
KAS token’s impressive performance, with an over 2,600 % increase
year-to-date, makes it a notable inclusion. Avalanche (AVAX):
Avalanche’s AVAX token might be included due to its recent gains of
almost 130% since mid-October. Deaton may have chosen AVAX because
of Avalanche’s involvement in the Monetary Authority of Singapore’s
tokenization initiative, Project Guardian, as well as its
partnership with Amazon Web Services and Deloitte, all of which are
potential catalysts for price appreciation. Related Reading: XRP
Price: Cup And Handle Pattern Hints At Short-Term 208% Surge Hedera
(HBAR): Hedera Hashgraph has gained prominence by becoming part of
FedNow, the US Federal Reserve’s instant payments platform. This
development led to a significant surge in the price of Hedera’s
HBAR token. Casper (CSPR): Casper’s inclusion may be due to its
position as one of the fastest-growing blockchain projects, with a
focus on solving the blockchain trilemma of scalability, security,
and decentralization. Remarkably, Deaton’s selections reflect a
balance between established market leaders like Bitcoin and
Ethereum, and emerging, high-potential projects like Kaspa and
Casper. This blend indicates a strategic approach to cryptocurrency
investment, recognizing both stability and innovation within the
digital asset space. Featured image from YouTube / CryptoLaw, chart
from TradingView.com
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