The cryptocurrency market is experiencing a positive trend, with Bitcoin looking to push above a key short-term resistance zone. The recent boost in the market came after CPI data released earlier in the week showed a cooling trend in core inflation, leading to hopes of a Fed rate cut. Bitcoin is also facing headwinds due to spot Bitcoin ETF demand and the increasing Bitcoin adoption narrative. 13F filings this week by US asset managers have shown that over 500 institutions acquired Bitcoin ETFs last quarter, including multi-national banks and a state pension fund. While Bitcoin is lagging behind the US stock market, a potential push above $70,000 could lead to a near-term test of its all-time highs, making it an attractive investment option for many investors.
In addition to Bitcoin, traders are also looking at altcoins that might be the best crypto to buy now. Some strong-performing altcoins that are potentially good investments include Arweave (AR), Hedera (HBAR), and THORChain (RUNE). Arweave, a decentralized data storage and hosting service network, has seen a 10% gain in the past 24 hours and is rebounding from its April lows. Hedera, which powers a decentralized, open-source ledger, could potentially see a near-term pushback to its April highs. THORChain, a multi-chain DEX, is attempting to break above key resistance levels, offering the potential for quick gains. While these altcoins are riskier than Bitcoin, they also offer the potential for 5-10x gains.
For traders looking for even higher returns, investing in meme coins or web3 startups via presales could offer the opportunity to make 50-100x gains. Meme coins, while risky due to their lack of clear utility, have the potential for big returns. Investing in web3 startups via presales, where tokens are offered at a discount to early investors, is another way to potentially generate significant profits. However, it is important for traders to conduct thorough research and assess the risks associated with these investments. Cryptonews has compiled a list of 21 best crypto presales for 2024 that could be a good starting point for investors looking for high-growth opportunities.
Overall, the cryptocurrency market is showing signs of positive momentum, with Bitcoin potentially on the brink of a new all-time high. Altcoins like Arweave, Hedera, and THORChain also present attractive investment opportunities for traders looking to diversify their portfolios. While these altcoins offer the potential for significant gains, it is important for investors to carefully assess the risks associated with each investment and conduct thorough due diligence before making any decisions. Investing in high-risk assets like cryptocurrencies requires a cautious approach and a thorough understanding of the market dynamics to maximize returns.
