Bitcoin (BTC) soars above $70,000 as GBTC outflows decline, despite higher-than-expected inflation in the U.S. Traders are looking for the best cryptocurrencies to buy now for quick profits I've been scouring the altcoin market looking for it.
Grayscale GBTCETF outflows were just $18 million, the lowest in a month. This decline in outflows comes after Grayscale's CEO said he believes the selling pressure from bankrupt crypto properties such as FTX and Genesis is largely over.
Bitcoin ETF Flow – April 10, 2024
GBTC outflow $18 million
— BitMEX Research (@BitMEXResearch) April 10, 2024
If Grayscale's CEO is correct, the risks appear to be tilted towards net inflows into the Spot Bitcoin ETF remaining consistently net positive. This suggests that spot demand for Bitcoin ETFs could be a major tailwind for the market.
Today's GBTC outflow was the lowest daily outflow since its debut as an ETF. This is not to be missed.
Start the engine! 🏎️ #bitcoin pic.twitter.com/NcbdwL64TL
— Neil Jacobs (@NeilJacobs) April 10, 2024
The boost from weak GBTC sales comes on the heels of Bitcoin's surprising resilience to better-than-expected US CPI data.
The consumer price index rose 0.4% month-on-month in March, exceeding expectations for a 0.3% rise. This caused a sharp rise in U.S. Treasury yields and the U.S. dollar as traders refrained from expecting a Fed rate cut.
Bitcoin's resilience came as a surprise to many, as this is usually bearish for cryptocurrencies.
Perhaps Bitcoin's outperformance despite the hawkish reassessment of the Fed's interest rate forecasts is due to the fact that the US continues to run large budget deficits, a sign of fiscal irresponsibility. This is probably because it is being touted as the main reason to buy and hold BTC.
I don't think this move will dampen the better-than-expected consumer price index. Whether or not the Fed cut interest rates by 25bps in June is not a long-term driver of Bitcoin price at this point. It's a limiting factor.
ETF flows and deficit growth are more important, and they line up very well for Bitcoin.
— Matt Hougan (@Matt_Hougan) April 10, 2024
Add to that the fact that Spot Bitcoin ETF flows are turning bullish and the halving is just around the corner. And Bitcoin is expected to reach $100,000 this year.
So there is no doubt that Bitcoin is the best candidate for cryptocurrency to buy at the moment.
However, some traders may be hoping for gains of 40% to 50% or more this year. They could be targeting 5-10 times his profits.
Only smaller, lesser-known altcoins can provide such returns, but of course they come with more risks.
Here are some altcoins that performed well on Wednesday and could be the best cryptos to buy now.
Best cryptocurrencies to buy now
Ethena (ENA)
Etena (ENA) hit a new record high of over $1.50 per token on Wednesday.
According to CoinMarketCap, ENA is up 16% in 24 hours, giving it a market cap of $1.16 billion.
ENA is currently a major topic of conversation in cryptocurrencies. It has more than quadrupled since its launch a week ago.
Ethena is a decentralized finance protocol that powers the issuance of USDe tokens with innovative yields. The protocol recently added Bitcoin as a collateral option, further contributing to the hype.
Ethena seeks to replicate the success of the UST cryptocurrency on the Terra blockchain without causing a dramatic explosion.
The protocol already has a TVL of $2.27 billion per DeFi Llama. However, with Bitcoin as a collateral option, this could quickly skyrocket.
$ENA TVL is now $2.27 billion…big profit 🔥#Ethena pic.twitter.com/E4PTeKEW3B
— Satoshi Santo (@SatoshiSanto) April 10, 2024
Ethena's market cap could rise at least five times this bull market. That's why this is one of the best cryptocurrencies to buy right now.
Nervos Network (CKB)
Nervos Network (CKB), a popular modular network, is active on Wednesday.
It just reached its highest level since early 2021 at nearly $0.038 per token. It is up 10% in the past 24 hours and its market cap is now over $1.5 billion, according to CoinMarketCap.
CKB is targeting a retest of its 2021 all-time high near $0.045, which could make it the best cryptocurrency to buy now.
Oldy (Oldy)
Bitcoin Registration Protocol Ordinal (ORDI) also rose sharply on Wednesday. It last traded around $72.2, up 6% in 24 hours, according to CoinMarketCap.
The company's market capitalization was also recently around $1.5 billion, suggesting there is plenty of room for it to rise further. Assuming adoption of Ordinals increases rapidly as the bull market continues, that ratio could easily be 5-10x. That makes it one of the best cryptocurrencies to buy right now.
Cryptocurrency Alternatives to Consider
Pre-selling virtual currencies is gaining attention as a means of potentially making big profits.
The pre-sale gives investors the opportunity to purchase tokens at early prices. If the project gains traction in the market, these early investors may sell their tokens for a profit.
Pre-sales can be riskier than investing in established cryptocurrencies. That's because you carry many of the same risks as investing in a startup: that something will go wrong and your team won't deliver on its promises.
However, historical data shows that for those who manage to identify promising ones, there can be significant returns. Projects with strong leadership, clear goals, and the potential to disrupt the cryptocurrency space can have significant upside.
The Cryptonews team provides resources and analysis to identify the most attractive presales within the crypto sector.
Below is a list of 16 that our team deemed the best crypto presales in April.
Check out April's 16 Cryptocurrency Presales
Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all your capital.
