Blockchain
The best cryptocurrencies to buy now on May 24: Core, Ondo, Uniswap
Last updated: May 24, 2024 6:44 pm EDT | 3 minute read
Cryptocurrency markets are ending the week with solid momentum following the SEC’s approval of Ethereum spot ETFs, and following Bitcoin (BTC)’s recovery to the $69,000 level, traders are on the hunt for the best Cryptocurrencies to buy now for quick profits.
That cryptocurrency could be Ethereum (ETH). Ethereum is up more than 20% this week, but last traded at $3,700 and remained stuck below its March highs.
Furthermore, it still remains well below its 2021 highs, near $4,900. This is despite the arrival of the most bullish Ethereum narrative in recent years.
When Spot ETF on Ethereum go live, this will open the door to a wave of new demand from institutional investors.
The ETF approval is interesting, but it’s *actually* not a use case for Ethereum, it’s simply opening up Ether to traditional finance.
If we REALLY want to succeed we need to work on developing those killer mass apps we dream about all day.
— superphiz.eth 🦇🔊🛡️ (@superphiz) May 24, 2024
ETF approval This also clears up any uncertainty as to whether Ether is a security or not.
And the market will also interpret ETF approvals as a sign of approval on the asset from US regulators.
The influx of new ETH buyers will inject further liquidity into its ecosystem.
This should consolidate Ethereum’s dominant position as the leading blockchain web3 project/developers.
Ethereum is very likely to hit new record highs soon, assuming demand for Ethereum spot ETFs is good.
That said, Ethereum is a candidate for the best cryptocurrency to buy now.
AS Bitcoin surpassing $100,000 in the next few quarters, Ethereum could be a good bet to double from here.
But some investors will be looking for more upside than this. Investors looking to book a 5-10x upside will need to invest in cryptocurrencies higher up the risk curve.
These will be smaller, lesser-known coins with smaller market capitalizations. Here are some with excellent performance altcoins it could explode on Friday.
The best cryptocurrencies to buy now
Nucleus (CORE)
After a strong bounce from the $1.50 support zone, the Core (CORE) has moved back to $1.97 and is testing its 50DMA.
The CORE grew by 22% in 24 hours, however CoinMarketCapmaking it the best performing among the top 100.
“Core is a relatively new web3 blockchain that aims to be inclusive, decentralized, secure and more efficient,” says Bybit.
If it can get back to its April highs, that could mean a quick double in earnings in the coming weeks.
This could make it the best cryptocurrency to buy now.
Ondo Finance (ONDO)
Ondo Finance (ONDO) is hitting new record highs as bets on the growth of the Ethereum ecosystem pour in.
ONDO settled around $1.1460, up 7% on the day.
Tokenization of real-world assets (RWA) is a major theme in cryptocurrencies. And Ondo Finance is definitely one of the best RWA coins to invest in.
DeFi yield farming kicked off the 2020 cycle. 👨🌾
Since then, LSTs and LRTs have solidified the idea of onchain productive assets. 🔗
Now, tokenized yield cash equivalents give holders of fiat-denominated tokens the ability to be equally productive onchain. 🔐
— OndoFinance (@OndoFinance) May 23, 2024
One of the platform’s biggest success stories is the Ondo Short-Term US Government Treasuries (OUSG) token.
The token yields 4.96% and has nearly $200 million in commercial value locked, according to the project website.
Ondo Finance’s overall TVL recently reached a record high above $450 million, according to DeFi Blade.
That’s more than double what it was at the start of the year.
It should come as no surprise that ONDO has grown nearly 600% year-to-date, on schedule CoinMarketCap.
But as inflows into the Ethereum ecosystem accelerate, ONDO’s rally could accelerate. ONDO could easily be the best cryptocurrency to buy now.
Uniswap (UNI)
First Decentralized Exchange (DEX) protocol Uniswap (UNI) is testing key resistance just above $10.
Duration up 11% in the last 24 hours as per CoinMarketCapUniswap is another beneficiary of Ethereum ETFs.
Rather than being down to bets on the growth of the Ethereum ecosystem, it likely has more to do with the SEC’s softening stance.
The SEC’s sudden approval of Ethereum spot ETFs came as a big surprise to the market.
According to reports, the SEC had previously led a campaign to label ETH as a security.
Ethereum ETF approvals dispel any doubts: ETH is not a security. This is a small U-turn on the part of the SEC.
Uniswap bulls may be hoping for a turnaround for them too. THE The SEC hit Uniswap’s creator, Uniswap Labs, with a Wells Notice earlier this year.
If Uniswap manages to break above the $10 resistance, the door would be open for a quick test of the yearly highs at $17.
The prospect of rapid 70% gains means UNI could easily be the best cryptocurrency to buy now.
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.