The best cryptos to buy are gaining attention following Bitcoin’s (BTC-USD) recent surge past the $71,000 mark.
Though the crypto bellwether slipped below the $70,000 mark to end last week, it was up 3% overall. The economic landscape is still a mixed bag, following another strong jobs report, rising bond yields, and continued oil production cuts by OPEC. Nevertheless, interest rate cuts will likely happen eventually, making it an excellent time to pounce on these three cryptos to buy.
The first is a no-brainer in Bitcoin, a trailblazing titan that virtually makes it to the top of every cryptos-to-buy list. The second is Ethereum (ETH-USD), up 23% this month, following the approval spot ETFs. Finally, we have Solana (SOL-USD), which continues to shine with lightning-fast speeds and minimal fees.
As a crypto investor, it’s imperative to understand that not all digital assets are created equal. Several notable ones were still in the red as of mid-2024. That said, the three discussed above offer the most substance now.
Bitcoin (BTC)
Bitcoin is a mainstay in every crypto portfolio for obvious reasons. It’s the most popular digital asset by a landslide, roughly 208% higher than the second in line in Ethereum. Moreover, it has been on a monumental run in the past year, gaining upwards of 163%.
Its fundamentals are shining brighter than ever, following its latest halving event and the launch of spot Bitcoin ETFs in the U.S. According to a recent Benzinga report, these ETFs have enjoyed 18 consecutive days of net inflows, totaling a whopping $15.56 billion since January. These incredible inflows, amounting to $217.78 million on June 5 alone, are a testament to BTC’s institutional acceptance as a credible long-term investment.
Adding its bullish outlook, visionaries like former Twitter CEO Jack Dorsey and investing maverick Cathie Wood project a stellar jump in BTC’s value. Dorsey forecasts BTC to rise above $1 million by the end of the current decade, while Wood has set the bar even higher at $1.5 million.
Ethereum (ETH)
Ethereum is another powerhouse investment in crypto, potentially matching or surpassing BTC’s robust performance. Dominating the Web 3.0 landscape, Ethereum is positioned as the foundational layer for multiple developmental projects, underpinning its long-term bull case. Moreover, it recently underwent its “Dencun” update, which further cements its role in the sector by reducing data fees while enhancing network efficiency.
Furthermore, the approval of Ethereum’s spot ETFs might be its most dynamic catalyst currently. The SEC recently moved Ether ETF applications into a later stage of review, a precursor to full-blown trading as early as this summer. This follows the successful launch of Bitcoin spot ETFs, stirring optimistic projections for Ether’s entry. K33 Research analysts expect these ETFs to attract between $3.1 billion and $4.8 billion in net inflows within their first five months. These superb projections indicate a strong rally in Ethereum at the back end of the year.
Solana (SOL)
Solana (SOL-USD) is another stand-out crypto that distinguishes itself from its competition due to exceptional transaction speeds and minimal fees. The platform can process up to 65,000 transactions per second within five seconds, a rate that places it head and shoulders above its competition.
In a recent article, my fellow InvestorPlace colleague Chris MacDonald discussed how Solana’s speed was on full display during the memecoin frenzy. Transaction speeds effectively reached a daily average of 1,504 transactions per second (TPS) on April 6. He noted that compared to Ethereum, Solana is 46 times faster, making it the top “Ethereum Killer.”
Such a stellar TPS makes Solana the top platform for developers needing efficient, high-volume transaction capabilities. Moreover, low gas fees are imperative for activities such as NFT trading and DeFi operations. Lower costs can have a massive impact on enhancing user engagement while broadening market participation.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines
