As major cryptocurrencies look to end the week on a strong footing, traders are looking for the best options in the altcoin market that might be the best crypto to buy now. Bitcoin is currently trading close to weekly highs just above $66,000. The recent CPI data has given the cryptocurrency market a boost as Fed rate cut hopes rose. Bitcoin is also experiencing headwinds due to spot Bitcoin ETF demand and the Bitcoin adoption narrative.
The recent 13F filings by US asset managers have shown that over 500 institutions acquired Bitcoin ETFs last quarter, including multi-national banks and even a state pension fund. However, Bitcoin is lagging behind the surge in the US stock market, with the S&P 500 hitting fresh record highs above 5,300 this week. Despite this, if Bitcoin can break above late-April highs at $67,000, a pushback above $70,000 is possible. With interest rates falling and institutional adoption continuing, Bitcoin could potentially be the best crypto to buy now.
While Bitcoin remains a strong option for investors, many are looking for altcoins that offer bigger gains. Some strong-performing altcoins that might be the best crypto to buy now include Arweave (AR), Hedera (HBAR), and THORChain (RUNE). Arweave is a decentralized data storage and hosting service network that has rebounded 125% from its April lows. Hedera powers the decentralized, open-source, proof-of-stake Hedera public ledger and could see quick gains. THORChain is a multi-chain DEX that is up 5% and eying a push above key resistance levels for potential gains.
While the above-mentioned altcoins offer potential 5-10x upside in this bull market, some traders are looking for more opportunities. Meme coins are one way to generate big gains but are very risky due to their lack of clear utility. Investing in web3 startups via presales might offer 50-100x gains, as upcoming projects often offer tokens at a discount to early investors. However, presales come with risks and it is crucial for traders to assess and project properly and conduct their own research. Here are some of Cryptonews’ favorite presales for 2024 that could be a good starting point for investors looking for high gains in the crypto market.
