As Bitcoin (BTC) surges back above $70K on lower GBTC outflows and despite hotter-than-expected US inflation numbers, traders are looking into altcoin markets as they search for the best cryptocurrencies to buy now for quick gains. .
Grayscale's GBTC ETF saw its lowest outflows in a single month at just $18 million. This decline in outflows comes on the heels of Grayscale's CEO stating that he believes the selling pressure from bankrupt crypto properties like FTX and Genesis has largely passed.
Bitcoin ETF Flow – April 10, 2024
GBTC outflow $18 million
— BitMEX Research (@BitMEXResearch) April 10, 2024
If the Grayscale CEO is correct, the risks appear to be skewed towards net inflows into spot Bitcoin ETFs that remain consistently net positive. This suggests that spot demand for Bitcoin ETFs may return as a major supporting force for the market.
GBTC's outflow today was the lowest daily inflow since its debut as an ETF. This should not be overlooked.
Start your engines! 🏎️ #Bitcoin pic.twitter.com/NcbdwL64TL
– Neil Jacobs (@NeilJacobs) April 10, 2024
The surge from lower GBTC sales comes on the heels of Bitcoin's surprising resilience to hotter-than-expected US CPI data.
The Consumer Price Index rose 0.4% month-on-month in March, above the expected 0.3% rise. This has sent US bond yields and the US dollar higher as traders reduce interest rate cut bets from the Federal Reserve.
This is usually bearish for cryptocurrencies, so Bitcoin's resilience has come as a surprise to many.
Bitcoin's outperformance despite the Fed's hawkish repricing of interest rate forecasts is probably due to the fact that the US is still running a massive fiscal deficit, with fiscal irresponsibility being a major reason to buy and hold Bitcoin.
I don't think this move will make the higher than expected CPI fade away. Whether the Fed cuts interest rates by 25 basis points in June or not is not the long-term driver of Bitcoin prices at the moment. It's a marginal factor.
ETF inflows + rising deficits are more important, and they line up very well for Bitcoin.
– Matt Hogan (@Matt_Hougan) April 10, 2024
Add to the mix that spot Bitcoin ETF inflows are turning bullish and the halving is just around the corner. Bitcoin appears to be on track to reach $100,000 this year.
This means that Bitcoin is definitely a candidate for the best cryptocurrencies to buy right now.
But some traders will be looking for gains of more than 40-50% this year. They are probably targeting gains in the 5-10x area.
Only smaller, less popular altcoins will be able to achieve such gains, although of course they come with more risks.
Here are some altcoins that performed strongly on Wednesday that may be the best cryptocurrencies you can buy right now.
Best cryptocurrencies to buy now
Athens (Aena)
Ethena (ENA) reached new highs north of $1.50 per token on Wednesday.
According to CoinMarketCap, ENA is up 16% in 24 hours, and has a market capitalization of $1.16 billion.
ENA is a major talking point in the cryptocurrency space right now. Since its launch a week ago, it has risen more than 4 times.
Ethena is the decentralized finance protocol behind the innovative yield-bearing USDe token issuance. The protocol recently added Bitcoin as a collateral option, further contributing to the hype.
Ethena seeks to replicate the success of the Terra blockchain's UST cryptocurrency but without the spectacular explosion.
The protocol already has $2.27 billion TVL per DeFi Llama. However, with Bitcoin as a security option, this could go up soon.
$this TVL is currently at $2.27 billion… big 🔥#Athens pic.twitter.com/E4PTeKEW3B
– Santo Satoshi (@satoshisanto) April 10, 2024
Ethena's market capitalization could rise by at least 5 times this bull market. That's why it's one of the best cryptocurrencies you can buy right now.
Neural network (CKB)
Bullish benchmark Nervos Network (CKB) pumped hard on Wednesday.
It just reached its highest levels since early 2021 near $0.038 per token. It was last up 10% in the past 24 hours, according to CoinMarketCap, with a market cap now at more than $1.5 billion.
With CKB targeting a retest of its 2021 record highs near $0.045, it could be the best cryptocurrency to buy now.
Urdu (Urdu)
The Bitcoin Ordinal (ORDI) inscription protocol is also pumping hard on Wednesday. It recently traded near $72.2, up 6% in 24 hours according to CoinMarketCap.
Its market cap also stood at around $1.5 billion, suggesting it has plenty of room to rise. Assuming Ordinals continues to see rapid adoption as the bull market continues, it could easily expand 5-10x. This makes it among the best cryptocurrencies you can buy right now.
Encryption alternatives to consider
Cryptocurrency pre-selling has drawn attention as a potential path to significant returns.
Pre-sales give investors the opportunity to purchase tokens at early prices. These early investors will likely be able to sell those tokens for a profit if the project gains traction in the market.
Pre-selling can be riskier than investing in existing cryptocurrencies. This is because they have many of the same risks as investing in startups – namely the risk that something will go wrong and the team will fail to deliver on its promises.
However, historical data suggests that it can also bring significant gains to those who successfully identify promising ones. Projects with strong leadership, clear goals, and the potential to disrupt the cryptocurrency space may provide significant gains.
The Cryptonews team provides resources and analysis to identify the most compelling presale offers in the cryptocurrency sector.
Here is a list of 16 of what the team considers to be the best cryptocurrency presales for April.
See the 16 cryptocurrency sales for April
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.
