Major cryptocurrencies like Bitcoin are ending the week on a strong note, with Bitcoin itself looking to surpass a key short-term resistance zone. The positive momentum in the market can be attributed to the release of CPI data earlier in the week, which raised hopes of a Fed rate cut. Bitcoin is also benefiting from increased demand from spot Bitcoin ETFs and the overall adoption narrative. In addition, recent 13F filings by US asset managers have shown a growing interest in Bitcoin ETFs, with over 500 institutions acquiring them in the last quarter. Despite lagging behind the US stock market, Bitcoin could potentially see a pushback above $70,000 and even test its all-time highs if it breaks above $67,000.
While Bitcoin remains a popular choice for many investors, some are looking to capitalize on smaller altcoins that have the potential for higher returns. Altcoins are riskier than Bitcoin but have the potential to yield 5-10x gains. Some strong-performing altcoins that are worth considering as the best crypto to buy now include Arweave (AR), Hedera (HBAR), and THORChain (RUNE). Arweave, a decentralized data storage network, has rebounded significantly from its April lows and could potentially see further gains. Hedera, which powers the Hedera public ledger, is also showing strong performance after forming an ascending triangle pattern. THORChain is another altcoin that is on the rise, with a potential 65% gain if it breaks key resistance levels.
In addition to these altcoins, meme coins and web3 startups via presales are also options for investors looking for higher returns. Meme coins, while risky due to their lack of utility, can offer substantial gains. Web3 startups often offer tokens at a discounted rate to early investors during presales, providing an opportunity for significant returns. However, it is essential for investors to conduct thorough research and assess the risks associated with presales before making any investments. Cryptonews has compiled a list of 21 best crypto presales for 2024, which could be a good starting point for investors looking to explore alternative investment opportunities.
Overall, the cryptocurrency market is showing positive momentum, driven by factors such as the release of CPI data, increased demand for Bitcoin ETFs, and growing institutional interest in cryptocurrencies. While Bitcoin remains a popular choice for investors, altcoins and presales offer the potential for higher returns, albeit with higher risks. It is crucial for investors to conduct thorough research, assess the risks, and diversify their portfolios to mitigate potential losses. With the market poised for continued growth, exploring alternative investment opportunities in the cryptocurrency space could be a lucrative strategy for investors seeking high returns in the current market conditions.
