Despite lots of positive newsflow on the US regulatory front on Wednesday, major cryptos spent most of the session unwinding recent gains, with investors hunting for the best crypto to buy now needing to get selective in their search for near-term gains.
Bitcoin (BTC) was last down around 1.5% in the past 24 hours and trading just above $69,000.
Ethereum (ETH), meanwhile, was last changing hands in the mid-$3,700s while Solana (SOL) was just under $180.
Crypto markets, and in particular ETH and its major ecosystem tokens, remain substantially higher on the week.
The catalyst was a u-turn from the SECv, who now seem on the verge of approving spot Ethereum ETFs.
19-4b applications could be approved as soon as tomorrow, paving the way for ETF launches in the coming weeks/months.
My best guess is we hear from the SEC around 4pm tomorrow. For spot btc they dropped it at 3:45pm, some others in past were slightly after 4pm. Anything poss tho https://t.co/MzTOcsmTnJ
— Eric Balchunas (@EricBalchunas) May 22, 2024
But a major piece of comprehensive crypto legislation just secured a bipartisan majority in the US House.
There is no guarantee is makes it through the Senate and gets signed off by President Biden.
But that is major progress for the crypto industry in the USA.
FIT21 passes the House 279 – 136
House Democrats voting in favor of this bill: 71.
That is a *huge* number of elected Democrats voting “no confidence” in the current SEC, and sending a message to the Biden administration that “anti-crypto” is a losing platform this year. pic.twitter.com/zmlD1VRQfF
— Jake Chervinsky (@jchervinsky) May 22, 2024
It’s a major step towards reigning in the SEC, who have been on an anti-crypto regulation by enforcement rampage.
And it sends a message to the Biden administration that their up-until-now default anti-crypto stance is a losing battle.
The excitement regarding progress in US crypto legislation and Ethereum ETFs meant the Fed minutes release was pretty much ignored.
For what it’s worth, the minutes emphasized that policymakers are concerned about the lack of progress on inflation in 2024.
But that much has been obvious for weeks in wake of all the recent Fed speak.
Market’s Near-term Trajectory Likely to Remain Bullish
Assuming upcoming US data releases don’t retrigger fears of sticky inflation and trigger a fresh pricing out of Fed rate cut bets, the market’s near-term trajectory is likely to remain to the upside.
The market’s focus is likely to remain on bullish themes like Ethereum ETFs and US regulation/policy/political headwinds.
Bitcoin could soon retest yearly highs near $74,000. And Ether will likely soon trade back to the north of $4,000.
Either could be the best crypto to buy right now. Bitcoin remains the undisputed king of crypto. Ether, meanwhile, is also about to get an important regulatory green light and its very unlikely that this is fully priced yet.
If it was, then Ethereum would also be trading at or close to record highs.
But at $3,750, it remains over 20% down from its 2021 highs.
That could quickly change. Decentralized options market pricing on DeFi derivatives market Lyra suggests a 20% chance of ETH hitting $5,000 by the end of June.
JUST IN #Ethereum traders on DeFi platform Lyra are betting big, with call options at the ambitious $5K strike. There’s a 20% chance that ETH hits this high by June’s end. #Crypto #DeFi #OptionsTrading
— THΞ FΞNNΞC (@FennecSpirit) May 22, 2024
Either could be the best crypto to buy now. But investors chasing even higher/faster gains will need to find smaller and lesser-known altcoins sat higher up the risk curve.
Here are some strong performers on Wednesday that could be the best crypto to buy now.
Best Crypto to Buy Now
Dogwifhat (WIF)
Up 7.6% in 24 hours and bucking the market decline, Dogwifhat (WIF) is making a claim for itself as best crypto to buy today.
Dogwifhat was last close to $3.0, with a market cap of around $3 billion, as per CoinMarketCap.
If it can break above its 21 and 50DMAs, WIF could quickly surge.
Bullish targets would be the May highs at $3.70, and then the top of its short-term upward trend channel.
If it can break above its 21 and 50DMAs, WIF could quickly surge, making it potentially the best crypto to buy now / Source: Cryptonews
Bittensor (TAO)
Exciting AI coin Bittensor (TAO) has decent short-term momentum as it attempts to get back above major DMAs.
Last at $444, TAO has a market cap of $3 billion as per CoinMarketCap.
TAO is currently probing for a break above its 50DMA. If it can muster this, that could open the door to a rise back to yearly highs above $750.
Dogecoin (DOGE)
Dogecoin (DOGE) isn’t a particularly strong performer on Wednesday.
But it has formed an ascending triangle in recent weeks and is threatening a bullish breakout.
If it can push above $0.17 resistance, a quick retest of yearly highs near $0.23 is likely.
Dogecoin could be the best crypto to buy now assuming it can break above $0.17 resistance. Source: TradingView
The prospect of quick 40% gains means Dogecoin could easily be the best crypto to buy now.
Crypto Alternatives to Consider
Altcoins are a great way to make quick gains in crypto.
However, most of the above-mentioned coins are already too well-established to provide traders with gains of upwards of 10x.
For those bigger gains, traders will need to get in super early on newer coins with lower market caps.
Of course, this isn’t for the faint-hearted.
That said, for risk-tolerant investors looking to add upside exposure to their portfolios, presale investing is potentially a good strategy.
Web3 startups often sell their token at an early discount in presales to fund development and build hype.
However, with so many presales vying for investor funds, it can be tough to know where to start.
That’s why analysts at Cryptonews compiled this list of their top picks.
22 Best Crypto Presales to Invest In Now
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