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Best cryptocurrencies to buy now May 17 – Arweave, Hedera, THORChain
Last Updated: May 17, 2024 10:31am EDT | 3 minute read
As major cryptocurrencies look to end the week on solid footing, with Bitcoin (BTC) looking to push above a key near-term resistance zone, traders are analyzing their options in the altcoin market that could be best cryptocurrency to buy now.
Bitcoin it rose 1.5% on Friday and last traded near weekly highs just above $66,000.
CPI data released earlier this week gave a major boost to the cryptocurrency market as Fed rate cut hopes rose.
US core #inflation cools for the first time in 6 months with relief for the Fed and financial markets. April’s core CPI, which excludes food and energy costs, rose 0.3% from March on a monthly basis, following a 0.4% monthly increase in the previous month. Compared to a year ago, it grew 3.6% in April after +3.8% year-on-year in March. Overall… pic.twitter.com/0MzgiswrxF
— Holger Zschaepitz (@Schuldensuehner) May 15, 2024
Bitcoin is also experiencing challenges due to spot demand for Bitcoin ETFs and the Bitcoin adoption narrative.
US spot Bitcoin ETFs have seen net inflows every day this week, for a total of over 750 million dollars until now.
$550 million of these flows arrived in the last two days, according to Farside Investors.
Bitcoin ETF Flow ($M) – 05/16/2024
TOTAL NET FLOW: 257.3
(Provisional data)IBIT: 93.7
FBTC: 67.1
BITB: 1.4
ARKB: 62
BTCO: 6.2
EZBC: 3.8
BRRR: 18.5
HODL: 0
BTCW: 0
GBTC: 4.6
DEFI: 0For full data and disclaimers visit:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) May 17, 2024
Meanwhile, 13F filings by US asset managers this week showed that more than 500 institutions acquired Bitcoin ETFs last quarter.
These include a number of multinational banks, such as Morgan Stanleyand even a state pension fund.
Bitcoin is lagging the U.S. stock market’s surge, with the S&P 500 hitting new record highs above 5,300 this week.
Bitcoin, by contrast, is down 10% from March’s record highs near $74,000.
But if Bitcoin can break out of late April highs at $67,000, a pushback above $70,000 is possible.
The prospect of a near-term test of its all-time highs means Bitcoin could be the best cryptocurrency to buy now for many investors.
In fact, over the next year, Bitcoin could easily double as interest rates decline and institutional adoption continues.
After the last one, the lower emission rate for miners will also be an important long-term advantage halving.
That said, many cryptocurrency investors will be looking for gains greater than 2x.
Smaller and less known altcoins they are riskier than Bitcoin but are much more likely to produce 5-10x gains.
Here are some with excellent performance altcoins could be the best cryptocurrency to buy now on Friday.
The best cryptocurrencies to buy now
Arweave (AR)
Decentralized network of data storage and hosting services Arweave (AR) just hit its highest levels since January 2022.
As per CoinMarketCapArweave gained 10% in the last 24 hours and was last at $48.
The cryptocurrency has already rebounded 125% from its April lows.
Arweave has reached a similar point #Bitcoin.
It has full functionality, it’s safe, it just works.
The goal remains unchanged: to permanently secure global knowledge.
It is up to everyone to continue to be the catalyst for this change.
— Only Arweave (@onlyarweave) May 16, 2024
If it can continue its momentum and return to 2021 highs, further doubled gains are potentially in store.
Currently, Arweave has a modest market capitalization of around $3.2 billion.
As its promising protocol gains further adoption, this market capitalization could expand 5 or even 10 times beyond its current level.
This is why Arweave is potentially the best cryptocurrency to buy now.
Ivy (HBAR)
Another altcoin that performed well on Friday is Hedera (HBAR). Cryptocurrency is up 6.5% today and is trading at a higher price of $0.11.
HBAR powers the decentralized, open source, proof-of-stake Hedera public ledger.
It appears to have formed an ascending triangle, a break above which could open the door for a near-term push towards the April highs.
Hedera saw a big boost last month after news emerged that a BlackRock fund would be tokenized on its blockchain.
The prospect of rapid 50% gains means that HBAR is potentially the best cryptocurrency to buy today.
THORChain (RUNE)
Multi-chain DEX THORChains (RUNE) is up 5% in 24 hours on Friday as it attempts to break out of key resistance.
Last at $6.94, RUNE aims for a push above key resistance in the $7.20 area.
Once above this level, RUNE could quickly return to March highs above $11.
Constant increase in weekly unique swingers @THORChain
🔹The $RUNE The ecosystem has grown significantly over the past 2 years, as the protocol has transformed into a DeFi juggernaut.
🔸The catalysts for growth are the combination of resource efficiency and a pleasant user experience.$RUNE pic.twitter.com/anlNBzoqsQ— House of Chimera (@HouseofChimera) May 16, 2024
The prospect of rapid 65% gains makes RUNE perhaps the best cryptocurrency to buy right now.
Cryptographic alternatives to consider
While all of the above coins offer 5-10x upside potential in this bull market, some traders are looking for something more.
Meme coins they are a way to generate large profits. But, due to their lack of clear utility, they are very risky.
A better way to get 50-100x earnings could be to invest in web3 startups via pre-sales.
Upcoming projects often offer their tokens at a steep discount to early investors while raising development funds.
Pre-sales have their risks: for example, a project may not meet expectations.
This is why it is crucial that traders do not rush their investments. Instead, they should take the time to properly evaluate and design and do their own research.
Here are some of Cryptonews’ favorite presales for 2024 that might be a good place to start.
21 Best Cryptocurrency Presales to Invest in Now
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.