Top Cryptocurrencies to Consider Buying Now – Dogwifhat, Bittensor, Dogecoin
Joel Frank
May 22, 2024
Despite positive news on US regulation, major cryptocurrencies experienced a slight decline in the last 24 hours. Investors searching for the best cryptocurrencies to invest in must be selective in their choices. Bitcoin (BTC) saw a 1.5% decline and is currently trading just above $69,000. Ethereum (ETH) is trading in the mid-$3,700s, while Solana (SOL) is just under $180. However, the crypto market, particularly ETH and its ecosystem tokens, has seen significant gains this week.
The catalyst for these gains was the SEC’s change of heart regarding spot Ethereum ETFs. It is expected that 19-4b applications for ETF approval will be granted soon, allowing for ETF launches in the near future. Additionally, comprehensive crypto legislation has gained bipartisan support in the US House, signaling progress for the crypto industry. While there is no guarantee it will pass the Senate and be signed into law by President Biden, it is a significant step towards reining in the SEC and changing the anti-crypto stance of the Biden administration.
The excitement surrounding US crypto legislation and the potential approval of Ethereum ETFs has overshadowed the release of the Fed minutes, which highlighted policymakers’ concern about the lack of progress on inflation in 2024. However, assuming upcoming US data releases do not trigger fears of inflation and a decline in Fed rate cut bets, the market’s trajectory is likely to remain bullish in the near term.
Bitcoin could soon retest its yearly highs near $74,000, while Ether is expected to trade above $4,000. Both cryptocurrencies have the potential for significant gains. While Bitcoin remains the dominant player in the crypto market, Ether is also poised for regulatory approval, which is not yet fully priced in. At its current price of $3,750, Ether is still down over 20% from its 2021 highs, but that could change quickly. Decentralized options market pricing suggests a 20% chance of ETH reaching $5,000 by the end of June.
For investors seeking even higher and faster gains, smaller and lesser-known altcoins may be worth considering. Here are some strong performers on Wednesday that could be the best cryptocurrencies to buy now:
1. Dogwifhat (WIF): Up 7.6% in the last 24 hours, Dogwifhat is defying the market decline and making a case for itself as the best cryptocurrency to buy today. With a current price close to $3.0 and a market cap of around $3 billion, WIF has the potential for a surge if it breaks above its 21 and 50DMAs.
2. Bittensor (TAO): Bittensor, an exciting AI coin, has shown decent short-term momentum as it aims to surpass major DMAs. With a current price of $444 and a market cap of $3 billion, TAO is currently testing a break above its 50DMA, which could lead to a rise back to yearly highs above $750.
3. Dogecoin (DOGE): While Dogecoin has not been a strong performer recently, it has formed an ascending triangle pattern and is approaching a bullish breakout. If it can break above the $0.17 resistance level, a quick retest of yearly highs near $0.23 is likely.
Investors looking for even higher gains may consider investing in presales of newer coins with lower market caps. This strategy is more risky but can potentially provide significant returns. Web3 startups often offer tokens at an early discount in presales to fund development and generate hype. However, with numerous presales available, it can be challenging to choose the right investment. To help, analysts at Cryptonews have compiled a list of their top picks for the 22 best crypto presales to invest in now.
Disclaimer: Cryptocurrency is a high-risk asset class, and this article is for informational purposes only and does not constitute investment advice. There is a possibility of losing all invested capital.