Bitcoin has surged above $70,000 despite hotter-than-expected US inflation figures. Traders are now searching for the best cryptocurrency to buy for quick gains. Grayscale’s GBTC ETF is seeing lower outflows, with only $18 million leaving the fund in the past month, the lowest since the ETF was introduced. This decrease in outflows suggests that demand for spot Bitcoin ETFs may be on the rise, which could be a positive factor for the market. Despite the US dollar and bond yields rising in response to higher inflation, Bitcoin has shown resilience, with some attributing this to the US’s ongoing fiscal deficit, which may lead investors to buy and hold BTC.
Altcoins are also gaining attention from traders looking for significant gains beyond what Bitcoin may offer. Some lesser-known altcoins are showing strong performance and could be a good option for high-risk, high-reward opportunities. Ethena (ENA), a decentralized finance protocol, has seen a significant rally since its launch a week ago, with its market cap reaching over $1 billion. Nervos Network (CKB), another up-and-coming modular network, has also surged to its highest levels since early 2021, while Ordinal (ORDI), a Bitcoin inscription protocol, has shown substantial gains, suggesting it may have further room to grow.
Investors interested in other cryptocurrency opportunities may consider participating in presales, which offer early access to tokens at discounted prices. While presales come with higher risks akin to investing in start-ups, they also present the potential for significant returns if the project succeeds. Identifying promising presales with strong leadership and disruptive potential within the cryptocurrency space may offer substantial upside for investors. The Cryptonews team has compiled a list of 16 crypto presales for April, providing resources and analysis to help investors navigate this high-risk asset class.
Overall, despite rising inflation and US interest rate expectations, Bitcoin’s resilience has led traders to explore alternative cryptocurrencies for potential gains. Grayscale’s lower outflows from its GBTC ETF indicate growing demand for spot Bitcoin ETFs, which could be a positive development for the market. While Bitcoin remains a popular choice for investors seeking steady gains, some are looking towards altcoins for higher returns, with certain lesser-known tokens showing strong performance. Additionally, participating in presales may present opportunities for investors to access tokens at early-bird prices with the potential for significant profits if the project succeeds. Remember that cryptocurrency is a high-risk asset class, and it is essential to conduct thorough research before investing to mitigate potential losses.
