As hype grows over the possible imminent approval of an Ethereum ETF in the United States and Ether hits a new two-month high above $3,800, traders are searching for the best cryptocurrencies to buy now that will allow them to make the quickest profits in the current market environment.
Multiple potential Ethereum ETF issuers filed amended 19b-4 filings on Tuesday.
Update: It's happening. We have at least 5 possibilities: #Ethereum ETF issuers that have filed an Amended 19b-4 within the past 25 minutes.
Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin all filed via CBOE. pic.twitter.com/pHGt8iRWi8— James Seifert (@JSeyff) May 21, 2024
Additionally, some tickers are already listed on DTCC.
VanEck SPOT ETHEREUM ETF (ETHV) has been posted on the DTCC website.
Start counting your next cryptocurrency. pic.twitter.com/eNP5IIJY5Y
— Digital Asset News (@NewsAsset) May 21, 2024
Bitcoin (BTC) has been trading slightly lower around $70,200 over the past 24 hours. Meanwhile, Solana (SOL) fell 4% below $180.
Attention will briefly shift to the macro backdrop when the Fed releases the minutes of its April meeting on Wednesday.
However, news regarding Ethereum ETFs is likely to continue to grab attention this week. Therefore, there may remain significant upside risk to the market in the short term.
Imagine an Ethereum ETF is approved and launched, and demand is stronger than expected. That's what happened with Bitcoin ETFs earlier this year.
Ethereum Could Re-Start Above $4,000 Despite a 35% rally compared to recent lows, ETH may still be the best cryptocurrency to buy right now.
That being said, some traders are aiming for higher beta plays.
Here are some high-performing altcoins that could offer even greater upside potential than Ethereum.
Best Cryptocurrencies to Buy Now
Pepe
Pepe (PEPE) has risen over 50% over the past two days, hitting a new high above $0.000014.
According to CoinMarketCap, the last price was $0.00001375, giving it a market cap of just under $5.8 billion.
But Pepe can go even further. Traders appear to be rushing into the token to express their bets on the growth of the Ethereum ecosystem.
And Pepe still has a long way to go before it catches up with Dogecoin and Shiba Inu.
This bull market could even see a 5x increase from current levels. As such, Pepe could be the best cryptocurrency to buy right now.
Arbitrum (ARB))
Arbitrum’s ARB token, a layer-2 Ethereum scaling blockchain, is starting to pick up after having been significantly down since March.
ARB recently surged above $1.20 for the first time in a month and is currently above its 21-DMA and 50-DMA.
As traders bet on the growth of the Ethereum ecosystem, ARB could double in profits in a short period of time, which could directly benefit Arbitrum.
Arbitrum is the leading Ethereum Layer 2 protocol, but its current market cap is only around $3.2 billion.
This leaves plenty of room for growth in this bull market, therefore ARB could be one of the best cryptocurrencies to buy right now.
Uniswap (UNI)
The native token of the multi-chain DEX Uniswap (UNI) is another outperforming cryptocurrency since the SEC pivoted to Ethereum ETFs.
Uniswap recently received a Wells Notice from the agency. That outperformance may be related to expectations that the SEC will take a softer stance toward them than originally feared after Ethereum's U-turn.
In any case, UNI is recovering quickly and strongly. The token's last price was $9.65, an increase of 25% in two days.
A breakout above the resistance on either side of the $10 level could open the door for further upside.
In fact, UNI could soon retest yearly highs around $17, making it the best cryptocurrency to buy right now.
Alternative Crypto to Consider – Sealana (SEAL)
If an Ethereum ETF emerges, it could be a risk that could start a new meme coin season.
While Ethereum is currently in the spotlight, Solana has become the main trading location for meme coins this year.
Established Solana meme coins like dogwifhat are a good bet. However, an already inflated market cap reduces the upside potential.
To get 50-100x profits, traders need to find new meme coins.
One new Solana meme coin that Cryptonews analysts believe has a lot of potential is Sealana (SEAL).
Honorable discharge won't stop you #Sheelana From spreading freedom with fellow special forces $SEALs.🪖🦭
Forgetting their days on the battlefield, Sheelana and her friends are now taking on another enemy, the Keyboard Warriors. #memecoin People I hate 😡⌨️
He did not serve… pic.twitter.com/VV4oWeSjTi— Sealana (@Sealana_Token) May 15, 2024
SEAL features an overweight, South Park-themed degen seal called Sealana who trades Solana meme coins.
The seal mascot has already raised more than $2.2 million from eager investors.
Sealana’s marketing and presale success is reminiscent of the recently launched Solana meme coin Slothana (SLOTH).
Slothana has raised more than $15 million in advance sales for its blockbuster product.
However, according to DEXTools, since its launch, its token has exceeded a market capitalization of over $100 million.
Rumor has it that there is some connection between the Slothana and Sealana teams. Traders will therefore be hoping that SEAL can match SLOTH's success.
#Sheelana,make #memecoin Great again! 🇺🇸
manifesto
1⃣ No frogs 🐸
2⃣ Less hats 🧢
3⃣ Many whales 🐳
4⃣ Zero lag 📉
5⃣ Details $ seal 🦭 pic.twitter.com/FEImgpWxWz— Sealana (@Sealana_Token) May 7, 2024
Investors can purchase SEAL by connecting their Web3 wallet to SOL, ETH, USDT, or USDC on Sealana's official website. Sealana can also be purchased by card.
Click here to purchase Sheerana
Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all your capital.
