As Bitcoin (BTC) pumps back above $70,000 on falling GBTC outflows and in spite of hotter-than-expected US inflation figures, traders are scouring altcoin markets as they hunt for the best crypto to buy now for quick gains.
Grayscale’s GBTC ETF saw its lowest outflows in one month of just $18 million. That drop in outflows comes in wake of Grayscale’s CEO remarking that he believes sell pressure from bankrupt crypto estates like FTX and Genesis to be largely over.
Bitcoin ETF Flow – 10 April 2024
GBTC Outflow $18m
— BitMEX Research (@BitMEXResearch) April 10, 2024
If Grayscale’s CEO is correct, risks seem tilted towards net flows into spot Bitcoin ETFs remaining consistently net positive. That suggests spot Bitcoin ETF demand could be back as a major tailwind for the market.
Today’s GBTC outflow was the LOWEST daily outflow since it debuted as an ETF. This should not be overlooked.
Start your engines! 🏎️ #Bitcoin pic.twitter.com/NcbdwL64TL
— Neil Jacobs (@NeilJacobs) April 10, 2024
The boost from low GBTC sales comes in wake of Bitcoin’s surprising resilience to hotter-than-expected US CPI data.
The Consumer Price Index rose 0.4% MoM in March, above the expected 0.3% rise. That triggered a jump in US bond yields and the USD as traders pared back on Fed rate cut bets.
That would typically be bearish for crypto, so Bitcoin’s resilience came as a surprise to many.
Perhaps Bitcoin’s outperformance despite a hawkish repricing of Fed interest rate expectations is down to the fact the US continues to run a massive fiscal deficit, with fiscal irresponsibility a key touted reason to buy and hold BTC.
I don’t believe this move fading the higher-than-expected CPI. Whether the Fed cut rates 25bps in June or not isn’t the long-term driver of bitcoin prices right now. It’s a marginal factor.
ETF flows + rising deficits matter more, and they are lining up very well for bitcoin.
— Matt Hougan (@Matt_Hougan) April 10, 2024
Add to the mix that spot Bitcoin ETF flows are turning bullish and the halving is around the corner. And Bitcoin looks on course to hit $100,000 this year.
That means Bitcoin is definitely a candidate for best crypto to buy right now.
But some traders will be looking for more than 40-50% gains this year. They may be targeting gains in the region of 5-10x.
Only smaller and lesser-known altcoins will be able to deliver such gains, though of course come with more risk.
Here are some strong-performing altcoins on Wednesday that could be the best crypto to buy now.
Best Crypto to Buy Now
Ethena (ENA)
Ethena (ENA) hit new record highs to the north of $1.50 per token on Wednesday.
As per CoinMarketCap, ENA is up 16% in 24 hours, and has a market cap of $1.16 billion.
ENA is a major talking point in crypto right now. Since its launch a week ago, it has rallied over 4x.
Ethena is a decentralized finance protocol behind the issuance of the innovative yield-bearing USDe token. The protocol recently added Bitcoin as a collateral option, further contributing to the hype.
Ethena seeks to repeat the success of the Terra blockchain’s UST cryptocurrency but without the spectacular blowup.
The protocol already has $2.27 billion in TVL per DeFi Llama. With Bitcoin as a collateral option, however, this could soon shoot up.
$ENA TVL currently $2,27B…HUGE upside 🔥#Ethena pic.twitter.com/E4PTeKEW3B
— Santo Satoshi (@SatoshiSanto) April 10, 2024
Ethena’s market cap could rise at least 5x this bull market. That’s why it’s one of the best cryptos to buy now.
Nervos Network (CKB)
Up-and-coming modular network Nervos Network (CKB) is pumping hard on Wednesday.
It just hit its highest levels since early 2021 near $0.038 per token. It was last up 10% in the last 24 hours, as per CoinMarketCap, with a market cap of now more than $1.5 billion.
With CKB targeting a retest of its 2021 record highs near $0.045, it could well be the best crypto to buy now.
ORDI (ORDI)
Bitcoin inscription protocol Ordinal (ORDI) is also pumping hard on Wednesday. It was last trading near $72.2, up 6% in 24 hours as per CoinMarketCap.
Its market cap was also last around $1.5 billion, suggesting it has plenty of room left to shoot higher. Assuming Ordinals continues to see rapid adoption as the bull market continues, it could easily 5-10x. That makes it amongst the best crypto to buy now.
Crypto Alternatives to Consider
Cryptocurrency presales have drawn attention as a potential path to major returns.
Presales give investors an opportunity to purchase tokens at early-bird prices. Potentially, these early investors could then sell those tokens for profit if the project gains traction in the market.
Presales can be riskier than investing in established cryptocurrencies. That’s because they have a lot of the same risks as start-up investing – i.e. the risk something goes wrong and the team fails to deliver on its promises.
However, historical data indicates they can also yield substantial gains for those who successfully identify promising ones, however. Projects with strong leadership, clear objectives, and the potential to disrupt the cryptocurrency space may offer big upside.
The Cryptonews team provides resources and analysis to identify the most compelling presales within the cryptocurrency sector.
Here is a list of 16 of what the team deems as the best crypto presales of April.
See the 16 Crypto Presales for April
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here
