Cryptocurrency markets are ending the week with solid momentum in wake of the SEC’s approval of spot Ethereum ETFs and, in wake of Bitcoin (BTC)’s recovery back to the $69,000 level, traders are hunting for the best crypto to buy now for quick gains.
That cryptocurrency could be Ethereum (ETH). Ethereum is up over 20% this week, but last trading in the $3,700s, remains stuck below its March highs.
It also still remains well below its 2021 highs near $4,900. That’s despite the arrival of the most bullish Ethereum narrative in years.
When spot Ethereum ETFs go live, that will open the door to a flood of new demand from institutional investors.
The ETF approval is cool, but it's not *actually* a use case for Ethereum, it's just opening Ether to traditional finance.
If we're REALLY going to be successful we must work to develop those mass appeal killer apps we used to dream about all day.
— superphiz.eth
(@superphiz) May 24, 2024
ETF approval is also clears up any uncertainty regarding whether Ether is a security or not.
And the market will also interpret ETF approvals as a stamp of approval on the asset from US regulators.
As new ETH buyers flood in, this will inject further liquidity into its ecosystem.
That should solidify Ethereum’s dominant position as the go-to blockchain for web3 project/developers.
It’s very likely that Ethereum hits new record highs soon, assuming demand for spot Ethereum ETFs is good.
All said, Ethereum is a candidate for best crypto to buy now.
As Bitcoin progresses above $100,000 in the coming quarters, Ethereum could be a good bet to 2x from here.
But some investors will be hunting for higher upside than this. For investors looking to book 5-10x upside, they will need to invest in cryptos higher up the risk curve.
These will be smaller, lesser-known coins with smaller market caps. Here are some strong-performing altcoins on Friday that might pop.
Best Crypto to Buy Now
Core (CORE)
After bouncing strongly from the $1.50 support zone, Core (CORE) is back at $1.97 and testing its 50DMA.
CORE was last up 22% in 24 hours, per CoinMarketCap, making it the best performing in the top 100.
“Core is a relatively new web3 blockchain that aims to be inclusive, decentralized, secure and more efficient,” Bybit says.
If it can return to its April highs, that could mean a quick 2x gains in the next few weeks.
That could make it the best crypto to buy now.
Ondo Finance (ONDO)
Ondo Finance (ONDO) is powering to new record highs as bets on Ethereum ecosystem growth come pouring in.
ONDO was last around $1.1460, up 7% on the day.
The tokenization of real-world assets (RWA) is a major theme in crypto. And Ondo Finance certainly ranks as one of the best RWA coins to invest in.
DeFi yield farming ignited the 2020 cycle.
LSTs and LRTs have since cemented the idea of productive onchain assets.
Now, tokenized yield-bearing cash equivalents empower fiat-denominated token holders with the ability to be equally productive onchain.
— Ondo Finance (@OndoFinance) May 23, 2024
One of the platform’s biggest success stories is its Ondo Short-Term US Government Treasuries (OUSG) token.
The token yields 4.96% and has nearly $200 million in trade value locked, per the project’s website.
Ondo Finance’s overall TVL recently hit a record high above $450 million, as per DeFi Llama.
That’s up more than double versus the start of the year.
It shouldn’t come as a big surprise that ONDO is up nearly 600% year to date, as per CoinMarketCap.
But as inflows into the Ethereum ecosystem accelerate, ONDO’s upside could accelerate. ONDO could easily be the best crypto to buy now.
Uniswap (UNI)
Leading Decentralized Exchange (DEX) protocol Uniswap (UNI) is testing key resistance just above $10.
Last up 11% in the past 24 hours as per CoinMarketCap, Uniswap is another beneficiary of Ethereum ETFs.
Rather than that being down to Ethereum ecosystem growth bets, that’s probably more to do with the SEC softening stance.
The sudden SEC approval of spot Ethereum ETFs was a big surprise to the market.
The SEC had previously been campaigning to label ETH a security, as per reports.
Ethereum ETF approvals clears up all doubts – ETH isn’t a security. That’s a bit policy reversal from the SEC.
Uniswap bulls might be hoping for a policy reversal for them too. The SEC hit Uniswap’s creator, Uniswap Labs, with a Wells Notice earlier this year.
If Uniswap can bust through $10 resistance, the door is open to a quick retest of yearly highs at $17.
The prospect of quick 70% gains means UNI could easily be the best crypto to buy now.
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