Following the breaking news that the SEC has approved eight Ethereum ETFs, the cryptocurrency market has been in turmoil, with investors seeking the best cryptocurrencies to buy right now to profit from the growing Ethereum ecosystem.
Boom! It's approved! The SEC approved the spot. #Ethereum ETFs. What a cool development. It's really happening.
Than Follow pic.twitter.com/KQ39mDyCbT
— James Seifert (@JSeyff) May 23, 2024
Ethereum (ETH) failed to rally on the news, and was last seen trading just below $3,800.
That said, it's still up about 25% this week, and with it expected to probably surpass $4,000 soon, Ethereum may be the best cryptocurrency to buy right now.
An Ethereum ETF could begin trading as early as next week, and if demand is stronger than expected, as happened with the Bitcoin ETF earlier this year, ETH could soon reach an all-time high.
While Ethereum’s prospects are good right now, smaller altcoins may be a better way to express excitement for the growth of the Ethereum ecosystem.
Let's take a look at some of the best cryptocurrency contenders to buy today.
Best Cryptocurrencies to Buy Today
Pepe
Pepe (PEPE), the third-largest meme coin, has been surging all week as traders anticipate it will benefit from the growth of the Ethereum ecosystem.
PEPE hit an all-time high of around $0.000016 early today and was recently up 11% to $0.00001485.
Memecoin's current market capitalization stands at $6.26 billion, leaving plenty of room for further growth.
After all, Dogecoin and Shiba Inu have market caps of $14.4 billion and $23 billion, respectively.
Despite the recent rally, Pepe may still be the best cryptocurrency to buy.
Arbitrum (ARB)
Layer-2 Ethereum scaling blockchain Arbitrum may soon see a significant increase in liquidity following the approval of an Ethereum ETF.
Arbitrum (ARB), which rose 5% on Thursday, is looking to build a foundation for a rebound.
The most recent price was trading around $1.20. Importantly, it is above the 21-DMA and 50-DMA, which suggests that bullish momentum is beginning to permeate the market.
Arbitrum may soon rise towards its previous yearly high, which could mean the cryptocurrency will double soon, making it the best cryptocurrency to buy today.
BONK
Bonk (BONK) is based on Solana, so it doesn’t directly benefit from the growth of the Ethereum ecosystem, but it is still growing.
This is likely a result of a general increase in risk appetite, which tends to boost meme coin prices.
With a market cap of approximately $2.36 billion, BONK is inexpensive compared to other major meme coin competitors.
As mentioned earlier, Pepe's market cap is around $6.3 billion and Dogwifhat's is around $3 billion.
Bonk may be a somewhat worthwhile investment for now, which is why it may be the best cryptocurrency to buy right now.
