Bitcoin has surged back above $70,000 with falling GBTC outflows, despite unexpected US inflation figures. Traders are looking to altcoin markets for potential quick gains. Grayscale’s GBTC ETF saw its lowest outflows in a month of just $18 million, and the CEO believes that the sell-off pressure from bankrupt crypto estates may be diminishing. This suggests that spot Bitcoin ETF demand could be a significant tailwind for the market. The boost from low GBTC sales came as a surprise given the stronger-than-expected US CPI data, which typically triggers a bearish response in the market. Bitcoin’s resilience can be attributed to the ongoing massive fiscal deficit in the US, making it an attractive asset to buy and hold.
Amidst the positive momentum in the market, some traders are seeking altcoins that offer the potential for significant gains beyond what Bitcoin can provide. Ethena (ENA) is an altcoin that has been performing well, hitting record highs and showing strong growth. The decentralized finance protocol behind the issuance of the yield-bearing USDe token has gained attention in the crypto community. Adding Bitcoin as a collateral option has further fueled the hype around Ethena, which aims to replicate the success of Terra’s UST cryptocurrency. With strong TVL figures, Ethena’s market cap is expected to rise significantly, making it a compelling investment option in the current market.
Another altcoin with potential for growth is Nervos Network (CKB), an up-and-coming modular network that has seen a surge in its value on Wednesday. With a market cap of over $1.5 billion and targeting a retest of its 2021 record highs, CKB could be a strong contender for the best crypto to buy now. Additionally, the Bitcoin inscription protocol Ordinal (ORDI) has also shown significant gains and has room for further growth. With a market cap of around $1.5 billion and the potential for rapid adoption as the bull market continues, ORDI could see substantial gains in the near future, making it a promising investment opportunity.
For those looking for alternative investment opportunities, cryptocurrency presales have become a popular option. Presales allow investors to purchase tokens at early-bird prices, potentially leading to profits if the project succeeds in the market. While presales carry risks similar to start-up investing, they can also offer substantial gains for investors who identify promising projects. Projects with strong leadership, clear objectives, and disruptive potential in the cryptocurrency sector may present significant upside opportunities. The Cryptonews team provides resources and analysis to help investors identify compelling presales within the cryptocurrency space.
In conclusion, Bitcoin’s resurgence above $70,000 and the positive momentum in altcoin markets present various opportunities for traders and investors seeking quick gains. While Bitcoin remains a solid investment choice, altcoins like Ethena, Nervos Network, and Ordinal offer potential for significant growth. Additionally, cryptocurrency presales provide an alternative route for investors looking to capitalize on promising projects in the market. As always, it is essential to conduct thorough research and consider the risks involved in the volatile crypto market before making any investment decisions.
