With major cryptocurrencies choppy on Monday as traders assess the durability of the recent strong rebound from last week’s multi-week/month lows, traders are scouring the altcoin markets for the best crypto to buy today for fast gains.
Bitcoin (BTC) was last changing hands just above its 21DMA in the upper $63,000s, having rallied to $65,500 earlier – more than 12% rebound from last week’s mid-$56,000 lows.
And that rebound comes amid a sudden resurgence of inflows into spot Bitcoin ETFs last Friday.
As per data presented by The Block, net inflows totaled $378 million, the highest in over a month.
Bitcoin might be the best crypto to buy today as ETF inflows flip back to positive. Source: The Block
Even GBTC saw an inflow of $63 million, its first since converting into a convertible spot ETF.
Coupled with the strong price rebound, the news has conveyed that dip-buying demand for BTC is strong.
In a weekend note, Bernstein analysts reiterated their prediction that Bitcoin will reach $150,000 by the end of 2025.
According to the analysts, the recent pullback “cleaned up the excess leverage on futures contracts on crypto exchanges.”
“Metrics indicate a healthy cycle, still in its early stages… Risk-reward here remains attractive,” they added.
For what it’s worth, open interest in the Bitcoin futures market has seen a substantial fall from earlier yearly highs.
As per coinglass.com, open interest is at $29.17 billion, versus over $36 billion in late March.
Open interest in the Bitcoin futures market has dropped substantially, suggesting less leverage currently in the system. Source: coinglass.com
Bitcoin could still increase more than 2x from current levels, making it the best crypto to buy today.
But for impatient traders looking to make faster gains, altcoin markets might be a more attractive investment option.
While Bitcoin could easily 2-3x this bull market, many smaller and lesser-known altcoins might post 10x or more upside.
Here are some strong-performing altcoins on Monday that might be the best crypto to buy today.
Best Crypto to Buy Today
Ethena (ENA)
The native token of the algorithmic, yield-generating stablecoin protocol Ethena (ENA) is performing well on Monday.
ENA was last up 7% in 24 hours as per CoinMarketCap at $0.87, with a market cap of $1.25 billion.
Ethena is behind the creation of the new USDe algorithmic stablecoin.
To generate USDe, users post ETH or BTC as collateral. Ethena maintains the value of its collateral and generates yield by going long and short ETH and BTC.
Protocol users can boost the yield they get by locking their ENA.
Based on community feedback the $ENA liquidity lock has been simplified to further align incentives for longer term participants
Users can now lock $ENA to receive a scaled sats boost up to 100% based on the amount of $ENA locked relative to USDe positions pic.twitter.com/FW6wHxe4z5
— Ethena Labs (@ethena_labs) May 3, 2024
Ethena’s TVL is currently just under $2.3 billion, as per DeFi Llama.
USDe’s attractive qualities as a yield-generating stablecoin could soon attract a wave of new interest, however.
Ethena’s TVL will likely surpass $10 billion at some point, which could help ENA 5x from current level, making it one of the best crypto to buy today.
Jupiter (JUP)
Solana’s largest DEX Jupiter (JUP) is also pushing higher on Monday.
As per CoinMarketCap, JUP is up a little over 4% in 24 hours.
JUP is attempting to push to the north of its recent $0.80-1.20ish range.
JUP could be the best crypto to buy today if it can break back to recent highs. Source: TradingView
A break above here could open the door to a run back higher towards $1.90.
The prospect of quick gains makes JUP potentially the best crypto to buy today.
Solana (SOL)
Solana (SOL), the fifth largest cryptocurrency by market cap, has pushed back above $150.
It was last up 3% in the last 24 hours, the best-performing crypto in the top 20 per CoinMarketCap.
Following the token’s double bottom around $120, bulls are hoping this recovery has legs.
But before the bulls can claim that local lows are in, SOL needs to push back above support-turned-resistance around $160. This also coincides with the 50DMA.
Solana might be the best crypto to buy today if it can break above the $160 resistance. Source: TradingView
As Solana positions itself for a potential retest of March highs, it could be the best crypto to buy today.
Crypto Alternatives to Consider
The above-mentioned altcoins could all deliver quick gains to investors.
For those looking for quick gains of over 5x, the often-overlooked strategy of presale investing is worth considering.
Up-and-coming web3 projects often raise funds for development via the presale or ICO of their native tokens.
These tokens are usually offered at a steep discount, making them attractive to early-bird investors.
Presale investing is risky. Projects can fail to deliver on their vision or promises if management or adoption by crypto users fails.
If investors can identify projects with a competent team and great use-case, however, presale investing can be very profitable.
With so many presales vying for investor funds, it can be difficult to know where to start.
That’s why analysts at Cryptonews have compiled a list of their favorite presales.
20 Best Crypto Presales to Invest In
The post Best Crypto to Buy Today May 6 – Ethena, Jupiter, Solana appeared first on Cryptonews.