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Major cryptocurrencies are locked within weekly ranges on Thursday as markets look ahead to the release of key US Core PCE data on Friday, with investors weighing up the best crypto to buy now for quick gains.
Bitcoin (BTC) rose as high as $69,500, but was last around $68,500, near the mid-point of this week’s $67,000-$70,500ish range.
Ethereum (ETH), meanwhile, was moving sideways in the $3,700s, not far below recent highs near $4,000
Ethereum ETFs could go live next month, posited Bloomberg ETF analyst Eric Balchunas.
Good sign. Prob see rest roll in soon. Then prob one more round of fine-tune comments from Staff. End of June launch a legit possibility altho keeping my o/u date as July 4th https://t.co/WymshkTvat
— Eric Balchunas (@EricBalchunas) May 29, 2024
JP Morgan thinks Ethereum ETFs will struggle to find much demand, attracting just $3 billion in inflows this year. If staking is permitted, this could rise to $6 billion.
“Bitcoin had the first mover advantage, potentially saturating the overall demand for crypto assets in response to spot ETF approvals,” JP Morgan analyst Nikolaos Panigirtzoglou said.
JPMorgan analistleri, spot Ethereum ETF’lerinin spot Bitcoin ETF’lerine kıyasla daha az talep göreceğini öngörüyormuş.
Piyasa değeri bakımında Bitcoin’e giren para ile Ethereum’a giren para elbette aynı etkiyi yaratmayacaktır. Bitcoin ETF’lerinin onaylandığı günden bu yana…
— Mehmet GİZİK (@AI_gizik) May 30, 2024
If Ethereum ETFs do experience muted demand, this could weigh on the ETH price post-ETF launch.
For what it’s worth, an X poll suggested 31.7% of nearly 500 respondents expect Ethereum ETF inflows of greater than $4 billion within three months of their launch.
Let’s see whether the collective wisdom of CT can beat JP Morgan’s prediction
US ETH Spot ETF net inflow within 3 months of launching (taking into account Grayscale ETHE outflow)?https://t.co/71ej3H8N9i
— Arthur (@Arthur_0x) May 30, 2024
But options markets suggest most traders remain optimistic. “Ethereum’s put-call ratio has reached 0.6, signaling a bullish outlook following spot ETH ETF approvals,” Wintermute said in a note.
Wintermute is an algorithmic trading firm that is a major market maker in the crypto market.
A good chance of further near-term upside suggests that Ethereum could be the best crypto to buy now.
That said, some investors might prefer investing in higher beta, smaller altcoins capable of delivering faster gains.
Here are some strong-performing altcoins on Thursday that could be the best crypto to buy now.
Best Crypto to Buy Now
Notcoin (NOT)
Recently launched crypto token Notcoin (NOT), which powers a viral Telegram-based play-to-earn game, is pumping hard on Thursday.
Up 40% in the past 24 hours, as per CoinMarketCap, NOT’s market cap is now more than $1.35 billion. It also now ranks as the 72nd largest crypto on the market.
At the start of the week, it wasn’t even in the top 100 coins. Notcoin might not stay at its modest market cap for long.
It has the support of the TON Foundation (NOT is issued on the Ton blockchain) and already has a huge user base.
In just its first week following the game’s launch in January, it attracted over 5 million players.
5x or 10x gains for NOT are very possible, which is why it could be the best crypto to buy now.
JasmyCoin (JASMY)
Decentralized Internet of Things (IoT) protocol JasmyCoin (JASMY) is rallying hard, up 25% in 24 hours.
Last at $0.0312, JASMY is now up 940% versus its 2023 lows around $0.003.
JASMY is still down around 99% versus its all-time high price reached back in late 2021, as per CoinMarketCap.
That suggests it’s still very early to get back into the coin, assuming it continues to pump with the broader market. JASMY is thus a candidate for the best crypto to buy today.
Ordi (ORDI)
Bitcoin inscription protocol Ordinal (ORDI) is also pushing higher on Thursday. It was last trading near $48.5, up 19% in 24 hours as per CoinMarketCap.
Its market cap was also last around $1.02 billion, suggesting it has plenty of room left to shoot higher.
Assuming Ordinals continues to see rapid adoption as the bull market continues, it could easily 5-10x. That makes it amongst the best crypto to buy now.
Alternative Strategy to Consider – Crypto Presales
Early-bird opportunities in cryptocurrency presales are capturing attention due to their potential for lucrative returns.
These presales allow investors to secure tokens at discounted rates, with the prospect of profiting from their resale if the project gains momentum in the market.
While presales offer the chance for significant gains, they also come with inherent risks akin to startup investments.
There’s the possibility of setbacks or project failure, similar to the uncertainties associated with fledgling ventures.
Nonetheless, historical data suggests that identifying promising presales can lead to substantial profits.
Projects backed by strong leadership, clear objectives, and disruptive potential in the cryptocurrency realm present considerable upside opportunities.
To assist investors in navigating this landscape, the Cryptonews team offers valuable resources and analysis to pinpoint the most promising presales within the cryptocurrency domain.
They’ve curated a list of 16 standout presales from April, deemed worthy of attention by their expert analysis.
22 Best Crypto Presales to Invest In Now
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