May 17, 2024 – Top Cryptocurrencies to Invest in Now: Arweave, Hedera, THORChain
As the week comes to a close, major cryptocurrencies like Bitcoin (BTC) are showing strength and traders are considering their options in the altcoin market to find the best crypto to invest in right now.
Bitcoin saw a 1.5% increase on Friday and is currently trading near its weekly highs, just above $66,000. The release of CPI data earlier this week gave a boost to the cryptocurrency market as hopes for a Fed rate cut rose. Additionally, the demand for spot Bitcoin ETFs and the Bitcoin adoption narrative are contributing to Bitcoin’s momentum.
US spot Bitcoin ETFs have seen net inflows every day this week, totaling over $750 million so far. $550 million of these inflows came in the past two days, according to Farside Investors. Recent 13F filings by US asset managers reveal that over 500 institutions acquired Bitcoin ETFs in the last quarter, including major banks like Morgan Stanley and even a state pension fund.
Although Bitcoin is currently 10% below its record highs in March, it has the potential to surpass the late-April highs at $67,000 and reach $70,000 if it can break through the resistance.
Considering the possibility of Bitcoin reaching its all-time highs in the near future, it may be the best cryptocurrency to invest in right now. Over the next year, as interest rates fall and institutional adoption continues, Bitcoin could easily double in value. The reduced issuance rate to miners after the latest halving will also be a long-term advantage.
However, some investors are looking for even greater gains than a 2x increase. While smaller and lesser-known altcoins carry more risk than Bitcoin, they also have the potential to yield gains of 5-10 times the investment.
Here are some altcoins that have been performing well and might be the best cryptocurrencies to invest in today:
1. Arweave (AR): Arweave, a decentralized data storage and hosting service network, has reached its highest levels since January 2022. With a 10% gain in the past 24 hours, Arweave is currently trading in the $48 range. It has already rebounded 125% from its April lows, and if it can maintain its momentum and reach its 2021 highs, there is potential for a 2x gain. With a market cap of around $3.2 billion, Arweave has room to expand significantly as its protocol gains further adoption.
2. Hedera (HBAR): Hedera is another altcoin that has been performing well recently, with a 6.5% increase today and trading at around $0.11. Hedera powers the decentralized Hedera public ledger and has formed an ascending triangle pattern, indicating the possibility of reaching April highs in the near term. With the potential for quick 50% gains, Hedera is a strong contender for the best cryptocurrency to invest in today.
3. THORChain (RUNE): THORChain, a multi-chain decentralized exchange (DEX), has seen a 5% increase in the past 24 hours as it attempts to break through key resistance. Currently priced at $6.94, THORChain is aiming to surpass the $7.20 resistance level, which could lead to a quick pump back to its March highs above $11. With the potential for quick 65% gains, THORChain is a promising investment option.
While the above altcoins offer the potential for 5-10x gains, some traders are seeking even greater returns. Meme coins can generate big gains, but they are also very risky due to their lack of clear utility. Investing in web3 startups through presales might be a better option for making 50-100x gains. Upcoming projects often offer tokens at a discounted price to early investors as they raise funds for development. However, presales also carry their own risks, so it is important for traders to carefully assess each project and conduct their own research.
For a list of Cryptonews’ favorite presales for 2024, check out their recommendations.
Disclaimer: Cryptocurrencies are high-risk assets, and this article is for informational purposes only and should not be considered investment advice. There is a possibility of losing all capital invested.