As major cryptocurrencies look to end the week on a strong footing, with Bitcoin (BTC) looking to push above a key short-term resistance zone, traders are parsing through their options in the altcoin market that might be the best crypto to buy now.
Bitcoin nudged up 1.5% on Friday and was last trading close to weekly highs just above $66,000.
CPI data released earlier this week gave the cryptocurrency market a major boost as Fed rate cut hopes rose.
US core #inflation cools for 1st time in 6 mths in relief for Fed and financial markets. April core CPI, which excl food and energy costs, increased 0.3% from March MoM after +0.4% MoM prev month. From a year ago, it advanced 3.6% in Apr after +3.8% YoY in March. Overall… pic.twitter.com/0MzgiswrxF
— Holger Zschaepitz (@Schuldensuehner) May 15, 2024
Bitcoin is also experiencing headwinds due to spot Bitcoin ETF demand and the Bitcoin adoption narrative.
US spot Bitcoin ETFs have enjoyed net inflows every day this week, totaling over $750 million so far.
$550 million of these flows came in the past two days, as per Farside Investors.
Bitcoin ETF Flow (US$ million) – 2024-05-16
TOTAL NET FLOW: 257.3
(Provisional data)
IBIT: 93.7
FBTC: 67.1
BITB: 1.4
ARKB: 62
BTCO: 6.2
EZBC: 3.8
BRRR: 18.5
HODL: 0
BTCW: 0
GBTC: 4.6
DEFI: 0
For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) May 17, 2024
Meanwhile, 13F filings this week by US asset managers have shown that over 500 institutions acquired Bitcoin ETFs last quarter.
These include a range of multi-national banks, like Morgan Stanley, and even a state pension fund.
Bitcoin is lagging behind a surge in the US stock market, with the S&P 500 hitting fresh record highs above 5,300 this week.
Bitcoin, by contrast, is 10% down from its March record highs near $74,000.
But if Bitcoin can break above late-April highs at $67,000, a pushback above $70,000 is possible.
Bitcoin could easily 2x as interest rates fall and institutional adoption continues, making it potentially the best crypto to buy now. Source: TradingView
The prospect of a near-term test of its all-time highs means that Bitcoin might be the best crypto to buy now for many investors.
Indeed, over the next year or so, Bitcoin could easily 2x as interest rates fall and institutional adoption continues.
The lower issuance rate to miners will also be a major long-term tailwind after the latest halving.
That said, many crypto investors will be hunting for gains that are bigger than 2x.
Smaller and lesser-known altcoins are riskier than Bitcoin but much more likely to yield 5-10x gains.
Here are some strong-performing altcoins that might be the best crypto to buy now on Friday.
Best Crypto to Buy Now
Arweave (AR)
Decentralized data storage and hosting service network Arweave (AR) just hit its highest levels since January 2022.
As per CoinMarketCap, Arweave gained 10% in the past 24 hours and was last in the $48s.
The cryptocurrency has already rebounded 125% from its April lows.
Arweave has hit a similar point to #Bitcoin.
It’s feature complete, it’s secure, it just works.
The goal remains unchanged: permanently securing the world’s knowledge.
It’s up to everyone to continue being the catalyst for this change.
— Only Arweave (@onlyarweave) May 16, 2024
If it can continue its momentum and push back to its 2021 highs, further 2x gains are potentially in store.
Currently, Arweave has a modest market cap of around $3.2 billion.
As its promising protocol gains further adoption, this market cap could expand 5 or even 10x beyond its current level.
That’s why Arweave potentially ranks as the best crypto to buy now.
Hedera (HBAR)
Another strong-performing altcoin on Friday is Hedera (HBAR). The cryptocurrency is up 6.5% in today and trades at an upper $ 0.11.
HBAR powers the decentralized, open-source, proof-of-stake Hedera public ledger.
It appears to have formed an ascending triangle, a break above which could open the door to a near-term pushback to April highs.
The prospect of quick 50% gains means that HBAR is potentially the best crypto to buy today. Source: TradingView
Hedera saw a big pump last month after news emerged that a BlackRock fund would be tokenized on its blockchain.
The prospect of quick 50% gains means that HBAR is potentially the best crypto to buy today.
THORChain (RUNE)
Multi-chain DEX THORChains (RUNE) is up 5% in 24 hours on Friday as it attempts to break above key resistance.
Last at $6.94, RUNE is eying a push above key resistance in the $7.20 area.
Once this level is broken, RUNE could quickly pump back to its March highs above $11.
Steady Rise in Weekly Unique Swappers on @THORChain
The $RUNE Ecosystem has grown significantly in the past 2 years, as the protocol has turned into a DeFi behemoth.
The growth catalysts are the combination of resource efficiency and an enjoyable user experience.$RUNE pic.twitter.com/anlNBzoqsQ
— House of Chimera (@HouseofChimera) May 16, 2024
The prospect of quick 65% gains makes RUNE possibly the best crypto to buy right now.
Crypto Alternatives to Consider
While all of the above coins offer a potential 5-10x upside in this bull market, some traders are hunting for more.
Meme coins are one way to generate big gains. But, owing to their lack of clear utility, they are very risky.
A better way to make 50-100x gains might be to invest in web3 startups via presales.
Upcoming projects often offer their tokens at a steep discount to early investors as they raise funds for development.
Presales have their own risks – a project might fail to meet expectations, for example.
That’s why it’s crucial that traders don’t rush their investments. Rather, they should take the time to assess and project properly and do their own research.
Here are some of Cryptonews’ favorite presales for 2024 that could be a good starting point.
21 Best Crypto Presales to Invest In Now
The post Best Crypto to Buy Now May 17 – Arweave, Hedera, THORChain appeared first on Cryptonews.
