3 Cryptos to Buy to Turn $5,000 into $5 Million: June Edition

  • These cryptos have momentum and catalysts on their side. 
  • Ethereum (ETH-USD): Institutional investors are snapping up this crypto. 
  • Binance Coin (BNB-USD): One of the fastest growing cryptos of the year. 
  • Bitcoin (BTC-USD): Spot BTC ETFs remain hugely popular with retail investors. 
cryptos to buy - 3 Cryptos to Buy to Turn $5,000 into $5 Million: June Edition

Source: Wit Olszewski / Shutterstock

The rally in cryptocurrencies has stalled following the Bitcoin (BTC-USD) halving event in April that saw the available amount of BTC and rewards that can be earned from mining it reduced by 50%. After hitting an all-time high of just under $74,000 in March of this year, Bitcoin’s price has slid to right around $70,000 and has been trading sideways over the past two months.

Most other cryptocurrencies have followed a similar trajectory as Bitcoin with the brisk rally seen in the first quarter fizzling out. However, it likely won’t be long before crypto is again running hot and testing record highs. Catalysts that include lower interest rates and a new batch of spot Ethereum (ETH-USD) exchange-traded funds (ETFs) are likely to provide momentum to the entire crypto sector.

Here are three cryptos to buy to turn buy to turn $5,000 into $5 million: June edition.

Ethereum (ETH-USD)

Crypto currency etherium. ethereum coin on exchange charts. e-currency Ethereum. Ethereum price predictions
Source: viktoryabov / Shutterstock.com

Institutional investors are purchasing Ethereum at a brisk clip following regulatory approval of spot Ether ETFs. A report from asset manager CoinShares shows that institutional investors have been buying Ethereum at the fastest pace since March of this year after the U.S. Securities and Exchange Commission (SEC) cleared the way for spot Ethereum ETFs to begin trading. Some analysts are forecasting that Ethereum’s price could reach $10,000 within the next 12 months.

In all, cryptocurrency investment products saw inflows of nearly $2 billion in the past week, extending the amount of inflows to more than $4 billion over the last month. Analysts say the increased buying of Ethereum is likely due to the SEC decision to allow spot Ether ETFs, with the first ones expected to launch by the end of June. Eight asset managers and investment firms have filed to list Ethereum ETFs, including VanEck, Fidelity, ARK Invest, and BlackRock (NYSE:BLK).

Ethereum is up 56% in 2024.

Binance Coin (BNB)

A Binance Coin sits in front of trading charts. Binance price predictions
Source: Shutterstock

Binance Coin (BNB-USD), the digital token issued by the world’s biggest cryptocurrency exchange, recently hit an all-time high. The cryptocurrency has more than doubled this year and recently hit a record high of $711.05. Over the past 12 months, Binance Coin gained 172%. The market capitalization of Binance Coin now exceeds $100 billion, making it the fourth-largest cryptocurrency.

The new all-time high comes as Binance founder and former CEO Changpeng Zhao begins a four-month prison sentence in California for violating the Bank Secrecy Act. CZ, as Zhao is known, pled guilty to charges of money laundering and operating an illegal exchange within the U.S. The rise of Binance Coin also comes as the broader cryptocurrency market starts to bounce back after a slowdown in April.

Although it is the world’s biggest crypto exchange, Binance remains privately held. Its stock does not trade on a public exchange.

Bitcoin (BTC)

man in glasses holding a coin that has the Bitcoin (BTC-USD) logo
Source: Shutterstock

Still the king. Bitcoin remains the largest cryptocurrency by market capitalization and the most influential digital token on the market. While its price pulled back since hitting a record high in March, the crypto appears to have gathering momentum. Much of that momentum is coming from spot BTC ETFs that are hugely popular with retail investors. BlackRock recently reported that its iShares Bitcoin Trust (NASDAQ:IBIT) surpassed $20 billion of assets under management.

While about a dozen spot Bitcoin ETFs are offered in the U.S. market, BlackRock has emerged as the sector leader with the biggest and most popular fund. Data from Bloomberg Intelligence shows that the combined Bitcoin ETFs pulled in $2.4 billion in fresh capital during May of this year, the third-largest number of inflows across the entire ETF market. BlackRock’s ETF now holds nearly 300,000 Bitcoins valued at more than $20 billion. Further inflows to ETFs could underpin the price of Bitcoin going forward.

On the date of publication, Joel Baglole 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.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/3-cryptos-to-buy-to-turn-5000-into-5-million-june-edition/.

©2024 InvestorPlace Media, LLC