Markets
Best Crypto to Buy Now, May 24 – Core, Ondo, Uniswap
Last updated: May 24, 2024 6:44 pm EDT | 3 minutes reading
Best crypto to buy now, May 24 – Core, Ondo, Uniswap / Source: Cryptonews
Cryptocurrency markets are ending the week with solid momentum following the SEC’s approval of spot Ethereum ETFs, and following Bitcoin’s (BTC) rally back to the $69,000 level, traders are looking for the best crypto to buy now for quick gains.
That cryptocurrency could be Ethereum (ETH). Ethereum is up more than 20% this week, but last trading in the $3,700 range remains below its March highs.
It also still remains well below its 2021 highs near $4,900. This is despite the arrival of the most bullish Ethereum narrative in years.
When Spot Ethereum ETFs goes live, this will open the door to a flood of new demand from institutional investors.
ETF approval is cool, but it’s not *actually* a use case for Ethereum, it’s just opening up Ether to traditional finance.
If we really want to succeed, we must work to develop those killer mass-appeal apps we’ve been dreaming about all day.
—superphiz.eth 🦇🔊🛡️ (@superphiz) May 24, 2024
ETF Approval This also eliminates any uncertainty about whether Ether is a security or not.
And the market will also interpret ETF approvals as a stamp of approval for the asset from US regulators.
As new ETH buyers arrive, this will inject more liquidity into its ecosystem.
This should solidify Ethereum’s dominant position as the ideal blockchain for web3 project/developers.
It is very likely that Ethereum will reach new highs soon, assuming demand for spot Ethereum ETFs is good.
That said, Ethereum is a contender for the best cryptocurrency to buy right now.
As Bitcoin progresses above $100,000 in the coming quarters, Ethereum could be a good bet for 2x from here.
But some investors will be looking for greater advantages than this. For investors looking to book 5x to 10x upside, they will need to invest in cryptocurrencies at higher levels on the risk curve.
These will be smaller and less well-known currencies, with lower market values. Here are some strong performers altcoins on Friday this may appear.
Best crypto to buy now
Core (CORE)
After bouncing sharply from the $1.50 support zone, Core (CORE) is back at $1.97 and testing its 50DMA.
CORE increased by 22% in 24 hours, for CoinMarketCapmaking it the best performer in the top 100.
“Core is a relatively new web3 blockchain that aims to be inclusive, decentralized, secure and more efficient,” says Bybit.
If it can return to April highs, that could mean quick 2x gains in the coming weeks.
Core (CORE) could see quick 2x gains, positioning it as potentially the best crypto to buy now. Source: TradingViewjoel fr
This could make it the best crypto to buy right now.
Ondo Finance (ONDO)
Ondo Finance (ONDO) is hitting new highs as bets on the growth of the Ethereum ecosystem increase.
ONDO was around $1.1460, up 7% on the day.
Real-world asset (RWA) tokenization is a hot topic in crypto. And Ondo Finance certainly ranks as one of the best RWA coins to invest.
DeFi yield farming kicked off the 2020 cycle. 👨🌾
Since then, LSTs and LRTs have consolidated the idea of productive onchain assets. 🔗
Now, tokenized yield cash equivalents empower holders of fiat-denominated tokens with the ability to be equally productive on-chain. 🔐
-Ondo Finance (@OndoFinance) May 23, 2024
One of the platform’s biggest success stories is the Ondo Short-Term US Government Treasuries (OUSG) token.
The token yields 4.96% and has nearly $200 million in locked trade value, according to the project website.
Ondo Finance’s overall TVL recently hit a record above $450 million, according to DeFi Llama.
This is more than double compared to the beginning of the year.
It shouldn’t come as a big surprise that ONDO is up nearly 600% year-to-date, according to CoinMarketCap.
But as inflows into the Ethereum ecosystem accelerate, ONDO’s advantage could accelerate. ONDO could easily be the best crypto to buy right now.
Uniswap (UNI)
Main Decentralized Exchange (DEX) protocol Uniswap (UNI) is testing key resistance just above $10.
Last increase of 11% in the last 24 hours as per CoinMarketCapUniswap is another beneficiary of Ethereum ETFs.
Rather than being due to the growth bets of the Ethereum ecosystem, this likely has more to do with the SEC’s soft stance.
The SEC’s sudden approval of spot Ethereum ETFs came as a big surprise to the market.
The SEC had previously campaigned to label ETH as a security, as per reports.
Ethereum ETF approvals clear all doubts – ETH is not a security. This is a small reversal of SEC policy.
Uniswap bulls can also expect a policy reversal for them. O SEC hit Uniswap creator Uniswap Labs with pit warning earlier this year.
If Uniswap manages to break the $10 resistance, the door will be open for a quick retest of the $17 yearly highs.
As Uniswap prepares to break above $10 resistance, it could be the best cryptocurrency to buy now. Source: TradingView
The prospect of quick 70% gains means UNI could easily be the best crypto to buy right now.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.
Markets
Crypto Markets Rebound as Spot Bitcoin ETFs Attract Massive Inflows
This week saw $722 million worth of Bitcoin spot ETF inflows, including the largest daily inflow in a month.
Cryptocurrency markets rallied on Wednesday, driven by inflows into spot Bitcoin exchange-traded funds (ETFs).
The price of Bitcoin (BTC) is up 3% over the past 24 hours to last change hands at $65,200, according to CoinGecko. Ethereum (ETH) is up 2% and is trading at $3,471. Solana (SUN) and Polkadot (POINT) increased by 4%.
Bitcoin spot ETFs saw $422 million in daily inflows on Tuesday, the highest in the past 30 days, according to Far side data, . The all-time record for a single day was $1.05 billion on March 12.
Among Tuesday’s top contributors, BlackRock’s IBIT led with $260 million in inflows, followed by Fidelity’s FBTC with $61 million. This week has already seen more than $722 million in inflows.
Among the top 100 cryptocurrencies by market cap, Worldcoin (WLD) led with a 28% increase, followed by Helium (HNT) with 20% and Lido DAO (LDO) with 15%.
Worldcoin, a decentralized identity project led by OpenAI CEO Sam Altman, announced is extending the lockups for early investors and team members. This means that tokens will be gradually released through 2029, instead of the original 2027 plan. Token unlocks are generally seen as a negative because they increase supply and early investors can sell their tokens for profit.
Meanwhile, XRP, the token of the XRP Ledger network, jumped 8% after the CME and CF benchmarks introduced new indices and reference rates for XRP.
U.S. stocks faced a downturn on Wednesday. The S&P 500 fell 1%, while the Nasdaq Composite and Dow Jones Industrial Average both fell 2%.
Markets
Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days
Crypto markets appear to have been taken over by the bulls as major tokens have surged above their crucial resistance zone. Bitcoin surged above $65,000 while Ethereum was above $3,500, and XRP, which had remained passive for quite some time, surged over 40% in the past few days to hit $0.6. The uptrend has been captured in most altcoins, with Worldcoin (WLD), Arweave (AR), and Injective (INJ) leading the rally. Here’s what to expect for these tokens in the coming days.
Worldcoin (WLD) Price Analysis
O Worldcoin Price has been trading inside a descending wedge since it marked a new ATH near $12 in the final days of Q1 2024. The recent price action helped the price break out of the upper resistance of the wedge, breaking above the crucial resistance zone between $2.21 and $2.39. Market sentiments have changed, but technicals suggest that the bulls may remain passive for a while, which could offer some room for a bearish pullback.
The price broke out of the wedge with a significant increase in volume, but the current volume suggests that the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper boundary, which could attract bearish forces. Additionally, the DMI has undergone a bullish crossover, but the decline in the ADX suggests that the rally may remain consolidated above the gains. Therefore, the WLD price is expected to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh rally to $4.4 during the next bullish rally.
Arweave (AR) Price Analysis
Arweave formed a strong base around $25, which helped the rally trigger a recovery during the bearish attack. Mt. Gox and German terror forced the price to fall below $20. However, the recent price action has brought the altcoin within the bullish range and raised expectations of maintaining a decent uptrend for a few more days.
AR price has hit one of the major resistances around $30 to $31.5, which could act as a strong base once overcome. The buying volume is slowly increasing, which could keep the bullish hopes for the rally high. Moreover, the supertrend has just flashed a buy signal, indicating a clean reversal of the trend. Therefore, AR price seems primed to maintain a healthy uptrend and rally above $40. However, if the bulls maintain a similar trend, making new highs above $50 may not be a tedious task for the bulls.
Price Analysis of Injective (INJ)
Injective price has been showing sharp strength since the beginning of the year and hence, the recent turnaround is expected to revive a good uptrend going forward. The bears engulfed the rally to a large extent, but the recent price action suggests that the bulls have regained their dominance. Therefore, INJ price is expected to maintain a strong uptrend with a bearish interference on the way down.
INJ price has surged above the lower support zone and has registered consecutive bullish candles. Although the volume is below the required levels, the OBV is maintaining a sharp uptrend. Furthermore, the Ichimoku cloud lead span B is heading towards the lead span A and a healthy crossover indicates the start of a new uptrend. However, INJ price may be out of the bears’ reach once it secures the resistance zone between $30.77 and $32.12, which seems to be on the horizon.
Markets
Ethereum at $3.5K, Exchange Supply Hits 34-Month High
Ethereum (ETH) supply on exchanges has hit a 34-month high as the asset’s price surpassed the $3,500 mark.
ETH has risen 2.3% over the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency — with a market cap of $419 billion — briefly touched an intraday high of $3,517 earlier today.
ETH Price, Whale Activity, RSI, and Exchange Supply – July 17 | Source: Santiment
Ethereum’s daily trading volume also increased by 7.6% to reach $19.8 billion.
According to data provided by Santiment, the supply of Ethereum on exchanges has reached $19.52 million ETH. This level was last seen in September 2021, when the asset was trading around the same price.
On the other hand, data from the market intelligence platform shows that the number of whale transactions has fallen by 12% in the last day — falling from 8,730 to 7,629 unique transactions per day.
The move shows that the supply of Ethereum on exchanges has been increasing with small deposits rather than large transactions from whales.
Additionally, the ETH Relative Strength Index (RSI) is currently hovering at the 60-mark, per Santiment. The indicator shows that Ethereum is slightly overbought at this price point, but it may not be in a critical position due to its large market cap.
One of the main drivers of Ethereum price increase is ETH spot expectations ETFs in the US Investment products are scheduled to start trading on July 23rd.
Markets
Bits + Beeps: How to Play the ‘Trump Trade’ in Cryptocurrencies After the Assassination Attempt
Also, how much will the Fed cut rates (and when)? What will be the inflows into ETH ETFs? And what is the near future for Bitcoin?
Posted on July 17, 2024 at 12:00 PM EST.
Listen to the episode at Apple Podcasts, Spotify, Capsules, Source, Podcast Addict, Pocket molds, Amazon Musicor on your favorite podcast platform.
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger and Joe McCann, joined by guest Jack Platts, dive into the market reaction to the recent assassination attempt on former President Donald Trump, analyzing how this event will influence the 2024 US presidential election and the cryptocurrency markets.
They also cover potential rate cuts: Could there be a cut in July? How big could the September rate cut be? Could the decision be influenced by the upcoming election?
They also give their predictions on what percentage of BTC ETF inflows the ETH ETFs will reach, and James talks about what he expects for Grayscale’s ETHE (hint: his outlook would be positive for ETH).
Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Just now?
Program Highlights:
- Whether Trump’s shooting decided the election and whether the event caused a “flight to safety”
- How election markets are becoming a place to watch election probabilities and whether cryptocurrencies “lean right”
- Whether rate cuts will occur in July or September and by how much they will cut: 25 bps or 50 bps
- How Joe sees the relationship between global liquidity cycles, rate cuts, and the potential rise of Bitcoin
- What are the new updates about Ethereum ETFs and their expected launch?
- Why Solana Hasn’t Performed Significantly Better Since Trump News
- What Market Breadth Indicates About the Current Market Rally and the Impact of Rates on Small Caps
- Everyone’s predictions on ETH ETF inflows and how much outflow we’ll see on Grayscale’s ETHE
- What’s Next for BTC After German Government Exits Bitcoin and Mt. Gox Giveaways Starting This Week
Hosts:
Guest:
- Jack PlattsCo-Founder and Managing Partner of Hypersphere Ventures
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