With Bitcoin (BTC) and Ether (ETH) consolidating close to recent highs in the $64,000 and $3,500 region on Thursday, investors are looking for alternative coins that could deliver quick gains and become the best crypto to buy today.
Solana (SOL) and Cardano (ADA) could both be candidates for the best crypto to buy today.
Both broke out to fresh highs for the year on Thursday above $130 and $0.70 respectively, before pulling back to current levels.
Despite its consolidation, Bitcoin fundamentals suggest that it too could also be the best crypto to buy today.
Last trading in the mid-$61,000s, BTC has rallied nearly 20% this week on surging ETF demand.
Surging ETF Demand & BTC Halving – Is Bitcoin the Best Crypto to Buy Today?
The demand surge from spot Bitcoin ETFs combined with an upcoming supply shock when the BTC issuance rate halves in April could make Bitcoin the best crypto to buy today.
Spot Bitcoin ETF trading volumes jumped to more than $7.5 billion on Wednesday, as per The Block.
Wednesday, meanwhile, saw net inflows into spot Bitcoin ETFs of more than 11,000 BTC.
That’s more than 10x the increase in BTC supply via token issuance to miners.
Oh my goodness
Two days ago $BTC Bitcoin ETFs were buying 9000 Bitcoin a day
Yesterday they bought 11,000
Miners $CLSK $MARA only produced 900
More than 10x demand vs new supply created
Post halving, the miners will only produce 450 a day pic.twitter.com/lvEerHBE5g
— amit (@amitisinvesting) February 29, 2024
Huge demand for BTC from spot ETF investors comes ahead of the Bitcoin halving in April.
This is when the rate at which BTC is issued to miners will drop in half, reducing long-term sell pressure.
Amid a demand surge and ahead of a supply shock, it’s no wonder that Bitcoin’s market value is surging.
And the demand surge from ETFs could be about to accelerate further.
In a CNBC interview on Thursday, Bitwise CIO Matt Hougan explained that spot Bitcoin ETF demand has so far come mainly from retail investors, hedge funds, and independent financial advisors.
“I think there’s an even bigger wave coming in a few months as the major wirehouses come on,” 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 are yet to offer spot Bitcoin ETF access to their enormous client bases.
But this is already changing, as Hougan predicted.
Bloomberg reported on Thursday that Wells Fargo and Bank of America will begin offering spot Bitcoin ETFs to clients.
Reports emerged in the crypto press on Wednesday that Morgan Stanley was also making the same move.
Morgan Stanley Evaluating Spot Bitcoin ETFs for Its Giant Brokerage Platform: Sources
Since spot bitcoin ETFs went live in January, chatter has increased about the imminent arrival of the big registered investment advisor (RIA) networks and broker-dealer platforms.…
— *Walter Bloomberg (@DeItaone) February 28, 2024
With macro also a headwind for 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 yet 2x from current levels, making it surely one of the best crypto to buy right now.
Bonk (BONK)
Looking at smaller altcoins, Solana-blockchain-based meme coin Bonk (BONK) could be the best crypto to buy today.
It has surged a stunning near 50% on Thursday, as per CoinMarketCap.
BONK’s market cap is still only around $1.5 billion.
As meme coin sentiment picks up, BONK could easily gain another 5-6x.
That suggests it’s definitely a candidate for the best crypto to buy today.
Arweave (AR)
Decentralized storage network (DSN) Arweave’s native token AR has pumped an impressive 11% on Thursday, as per CoinMarketCap.
The token is outperforming the market on news that it has brought AI models into its smart contracts.
AI has, of course, been a major narrative driving financial markets since late 2022.
Last at $27 and well above $22 resistance, the door is open for AR to quickly pump back to $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 crypto to buy today.
Read the full article here
