Best Crypto to Buy Today February 29 – Bitcoin, Bonk, Arweave

Last Updated: February 29, 2024, 5:13 PM EST | 3 minutes of reading

As Bitcoin (BTC) and Ether (ETH) consolidated near recent highs in the $64,000 and $3,500 region on Thursday, investors are looking for alternative coins that could generate quick gains and become the best crypto to buy Today.

Solana (GROUND) and Cardano (ADA) could both be candidates for the best crypto to buy right now.

Both hit new yearly highs above $130 and $0.70 respectively on Thursday, before returning to current levels.

Despite its consolidation, Bitcoin’s fundamentals suggest it could also be the best crypto to buy today.

Last seen in the mid-61,000s, BTC is up almost 20% this week on growing demand for ETFs.

Growing Demand for ETFs and BTC Halving – Is Bitcoin the Best Crypto to Buy Today?

The increase in demand for spot Bitcoin ETFs combined with a future supply shock when the BTC issuance rate halved in April could make Bitcoin the best crypto to buy today.

Spot Bitcoin ETF trading volumes soared to more than $7.5 billion on Wednesdayaccording to The Block.

Meanwhile, net inflows of over 11,000 BTC into spot Bitcoin ETFs were recorded on Wednesday.

This represents more than 10 times the increase in the supply of BTC through the issuance of tokens to miners.

Huge demand for BTC from spot ETF investors precedes Bitcoin’s April halving.

This is when the BTC issuance rate to miners will halve, reducing long-term selling pressure.

Amidst an increase in demand and before a supply shock, it is no wonder that the market value of Bitcoin increases.

And strong demand for ETFs could be about to accelerate further.

In an interview with CNBC on ThursdayMatt Hougan, CIO of Bitwise, explained that until now, one-off demand for Bitcoin ETFs has mainly come from retail investors, hedge funds and independent financial advisors.

“I think there will be an even bigger wave in a few months, with the arrival of the major power plants,” he predicted.

Wirehouses refer to major brokerage platforms, such as those offered by major US banks like Goldman Sachs and Bank of America, most of which have yet to offer spot access to Bitcoin ETFs to their enormous client bases.

But that is already changing, as Hougan predicts.

Bloomberg reported Thursday that Wells Fargo and Bank of America will begin offering spot Bitcoin ETFs to clients.

On Wednesday, reports emerged in the crypto press that Morgan Stanley was also making the same move.

With the macroeconomic backdrop also unfavorable to Bitcoin’s market value, with traders betting on rate cuts by mid-2024, it’s no wonder that Bitcoin price predictions are so bullish right now.

Bitcoin could still rise 2x from current levels, surely making it one of the best cryptocurrencies to buy right now.

Bonk (BONK)

Looking at smaller altcoins, the Bonk coin (BONK) based on the Solana blockchain might be the best crypto to buy today.

He made a stunning leap almost 50% Thursdayaccording to CoinMarketCap.

BONK’s market cap is still only around $1.5 billion.

As coin sentiment improves, BONK could easily gain another 5-6x.

This suggests that it is definitely a contender for the best cryptocurrency to buy today.

Arweave (AR)

Decentralized Storage Network (DSN) Arweave Native Token AR generated an impressive 11% Thursday, according to CoinMarketCap.

The token is outperforming the market thanks to the announcement of the integration of AI models into its smart contracts.

AI is of course a major element that has driven financial markets since the end of 2022.

Last at $27 and well above the $22 resistance, the door is open for AR to quickly move back to the $42 resistance.

A retest of all-time highs above $90 is also on the cards for 2024.

The prospect of 3-4x gains makes AR one of the best cryptocurrencies to buy today.

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