The cryptocurrency market is ending the week on a strong note following the SEC’s spot approval of an Ethereum ETF, and with Bitcoin (BTC) recovering to the $69,000 level, traders are searching for the best cryptocurrencies to buy now to realize quick profits.
That cryptocurrency could be Ethereum (ETH), which is up more than 20% this week but recently traded in the $3,700 range, remaining below its March highs.
And despite some of the most bullish outlook for Ethereum in years, it remains well below its 2021 high of $4,900.
Once the spot Ethereum ETF goes live, it is likely to see a surge in new demand from institutional investors.
While the approval of an ETF is great, this isn’t really a use case for Ethereum, it’s simply opening up Ether to traditional finance.
If we really want to be successful, we have to work on building that killer app that the masses will embrace, the kind of thing we all dream about all day.
— superphiz.eth 🦇🔊🛡️ (@superphiz) May 24, 2024
The ETF's approval also removes uncertainty about whether Ether is a security.
The market will also interpret the ETF's approval as a sign of approval for the asset by U.S. regulators.
As new ETH buyers flood in, more liquidity will be injected into the ecosystem.
This should cement Ethereum’s dominant position as the go-to blockchain for Web3 projects/developers.
Assuming demand for the spot Ethereum ETF remains good, it is very likely that Ethereum will hit new highs in the near future.
All in all, Ethereum is a contender for the best cryptocurrency to buy right now.
If Bitcoin surpasses the $100,000 mark in the coming quarters, Ethereum will likely double from here.
However, some investors will be looking for higher upside than this. Investors looking for a 5-10x upside will need to invest in cryptocurrencies higher on the risk curve.
These are coins with smaller market caps and lesser known. Here are some of the best-performing altcoins that could surge on Friday:
Best Cryptocurrencies to Buy Now
CORE
Core (CORE) bounced strongly from the $1.50 support zone and is back at $1.97, testing its 50-DMA.
According to CoinMarketCap, CORE has risen 22% in the last 24 hours, making it the best performing cryptocurrency in the top 100.
“Core is a relatively new Web3 blockchain that aims to be inclusive, decentralized, secure and more efficient,” Bybit said.
If it can get back to its April highs, we could see a two-fold surge in the coming weeks.
It could be the best cryptocurrency to buy right now.
ONDO Finance (ONDO)
Ondo Finance (ONDO) is surging towards new highs amid a flurry of bets on the growth of the Ethereum ecosystem.
ONDO rose 7% from the previous day, trading at around $1.1460.
The tokenization of real-world assets (RWA) is a major theme in cryptocurrencies, and Ondo Finance undoubtedly ranks as one of the best RWA coins to invest in.
DeFi Yield Farming Fueled the Cycle in 2020. 👨🌾
Since then, LST and LRT have solidified the idea of productive on-chain assets. 🔗
Now, tokenized yield-bearing cash equivalents allow fiat token holders to be equally productive on-chain.
— OndoFinance (@OndoFinance) May 23, 2024
One of the platform's biggest success stories is the Ondo Short Term United States Government Note (OUSG) token.
According to the project's website, the token has a yield of 4.96% and is valued at approximately $200 million.
Ondo Finance’s total TVL recently hit an all-time high of over $450 million, according to DeFi Llama.
This is more than double the number since the beginning of the year.
It shouldn’t come as much of a surprise that ONDO is up nearly 600% year-to-date, according to CoinMarketCap.
However, as inflows into the Ethereum ecosystem accelerate, ONDO’s price appreciation could accelerate. ONDO could be the best cryptocurrency to buy right now.
Uniswap (UNI)
Uniswap (UNI), a leading decentralized exchange (DEX) protocol, is testing key resistance just above $10.
Uniswap, which rose 11% in the past 24 hours according to CoinMarketCap, is another beneficiary of the Ethereum ETF.
This is likely due to a softening stance from the SEC, rather than a bet on the growth of the Ethereum ecosystem.
The SEC's sudden approval of a spot Ethereum ETF came as a big surprise to the market.
The SEC has reportedly been campaigning for some time now to classify ETH as a security.
The approval of the Ethereum ETF has cleared all doubts: ETH is not a security. This is a change of policy from the SEC.
Uniswap bulls may also be hoping for a policy reversal against them: The SEC issued a Wells Notice to Uniswap Labs, the developer of Uniswap, earlier this year.
If Uniswap can break out of the $10 resistance, it will pave the way for a quick retest of the yearly high of $17.
The expected rapid rise of 70% means that UNI could be the best cryptocurrency to buy right now.
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is for informational purposes only and is not investment advice. You can lose all your capital.
