Best Crypto to Buy Now May 7 – Bitcoin, AIOZ Network, Ethena
As the Bitcoin (BTC) price consolidates just to the north of $63,000, investors are weighing up whether it could be the best crypto to buy now.
Bitcoin continues to trade with gains of over 10% versus last week’s lows in the $56,000s.
Softer-than-expected US jobs data last Friday helped ease fears about the Fed potentially delaying rate cuts to 2025.
This helped propel the price higher and engineer a sudden surge in demand for spot Bitcoin ETFs from institutional investors.
As per The Block, spot Bitcoin ETF flows have been net positive since last Friday.
🚨 #Bitcoin ETF Update, 6 May
– Net inflows of 3.4k BTC ($218m)
– FBTC: +1560 BTC ($99m)
– ARKB: +1200 BTC ($76m)
– IBIT: + 345 BTC ($22m)
– GBTC: second inflow day! 61 BTC ($3.9m) 🎉 pic.twitter.com/fbmsTmQ6hg— Julian Fahrer (@Julian__Fahrer) May 7, 2024
As it stands, Bitcoin is currently close to its 21DMA, having recently broken to the north of a downtrend.
Bitcoin found resistance at its 50DMA when it rallied to the mid-$65,000s on Monday, however.
That’s the second time it has found resistance at the 50DMA since breaking below it in mid-April.
That suggests that while Bitcoin’s short-term downtrend is broken, the bulls have yet to gain full control.
If Bitcoin continues to consolidate within its multi-month $56,000-74,000ish range in the months ahead, that wouldn’t be too surprising.
Typically, the Bitcoin price takes 4-6 months to rally substantially beyond its pre-halving levels after the halving. The latest quadrennial halving just took place in April, and aligns well with Bitcoin’s normally tepid performance during the summer months.
Sell in May and go away in Bitcoin? @MadsEberhardt with all the data here -> https://t.co/OQyGuqYCFr pic.twitter.com/qxyr0yZ2nN
— Andreas Steno Larsen (@AndreasSteno) May 2, 2024
Assuming that spot Bitcoin ETF demand doesn’t suddenly and sustainably resurgence and that macro drivers stay limited as the market awaits the first Fed rate cuts, Bitcoin will likely trade sideways amid a post-halving/summer lull.
Is Bitcoin the Best Crypto to Buy Now?
Q1 earnings reports have been touted as a potential positive driver for the cryptocurrency.
The thinking is that companies might reveal growing BTC holdings, pointing to increased adoption post the launch of Bitcoin ETFs.
BREAKING: $429 BILLION asset manager Susquehanna International just reported owning $831M #Bitcoin across 10 ETFs!
The biggest ownership of Bitcoin ETFs reported to date.
LFG! 🔥
— Bitcoin Archive (@BTC_Archive) May 7, 2024
Indeed, $429 billion asset manager Susquehanna International reported owning $831 million BTC across 10 ETFs.
The theme of growing adoption by major companies/financial institutions, as expressed through ETF demand, will continue to be a major driver in the ongoing BTC bull market.
That’s one reason to be optimistic that Bitcoin could surpass $100,000 this year or next.
Further reasons include Bitcoin’s past history of posting parabolic price increases in the years following the halving and Fed easing.
The coming consolidation period within the $56,000-$74,000 range should be considered an opportunity to accumulate.
And dips below this range will likely be eaten up very quickly. On-chain analysis shows that Bitcoin whales have been gobbling up supply recently as they double down amid the current consolidation.
🚨 #Bitcoin Whales are buying the dip.
They've added 10,000 + #BTC in the last week. pic.twitter.com/kiWpHmBhvQ
— Thomas | heyapollo.com (@thomas_fahrer) May 7, 2024
With Bitcoin expected to post solid 2x gains within a year, it could be the best crypto to buy now.
Some investors will target gains of 5x or more during the current bull market, however.
These investors would be better-served spending time parsing through investment options in the altcoin market.
Here are some big movers on Tuesday that might be the best crypto to buy now.
AIOZ Network (AIOZ)
AIOZ Network (AIOZ) is the best-performing cryptocurrency in the top 100 by market capitalization on Tuesday.
According to CoinMarketCap, the AIOZ price was last at $0.82, up 14% in the past 24 hours.
Having now broken back above its 21 and 50DMAs, AIOZ is looking at a recovery to its March highs, which would mean a quick 30% rally for the token.
The Aioz Network is a Layer 1 blockchain enabling Ethereum and Cosmos interoperability, according to Coinbase.
Aioz Network seeks to enable instant finality and low transaction fees for applications such as file storage, live streaming, content delivery, and more.
Interoperability is a major theme in crypto. If AIOZ can become a leader in this space, its market cap could go well above its current $900 million.
Ethena (ENA)
Ethena (ENA), the DeFi protocol behind the yield-bearing US dollar stablecoin USDe, just broke above its 21DMA.
It was last up 8% in the past 24 hours as per CoinMarketCap and changing hands around $0.93.
As per Coingecko, USDe has amassed a market cap of around $2.3 billion since its launch in early 2024.
Having seemingly snapped its downtrend from the March highs, ENA could soon pump back to its $1.50 record high.
That could mean quick 60% gains for the cryptocurrency, making it potentially the best to buy now.
Alternative Cryptocurrency to Consider – Wiener AI (WAI)
The above-mentioned coins could easily reach 5x or more in this bull market.
But some investors are looking to take even bigger risks in the hope of potentially securing 100x gains.
One popular way to secure massive gains is to catch a meme coin before it trends.
And a fun new meme coin presale called Wiener AI (WAI) has caught the attention of analysts at Cryptonews.
The Sausage dog-themed meme coin offers a suite of handy AI trading capabilities and has already raised over $1 million.
Interested investors may want to move quickly, as the WAI price will rise when the presale reaches $1.2 million.
A HUGE MILESTONE!
Just WAIT until you see what we have in store.
🌭🌭🌭🌭🌭🌭🌭🌭🌭🌭🌭🌭🌭🌭🌭 pic.twitter.com/Yv8qfK053K
— WienerAI (@WienerDogAI) May 4, 2024
Currently priced at $0.000704, investors are buying WAI at a market cap of around $45 million and could be looking at gains of 100x or more if WAI becomes a market leader.
WAI is not only a meme coin with AI capabilities but also a potential passive income gem.
Once you harness the power of AI for your trading…you'll never look back.
🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖 pic.twitter.com/VCHlvuoDON
— WienerAI (@WienerDogAI) May 7, 2024
20% of the supply has been allocated to staking rewards, and investors are currently earning a massive 766% APY, as per the project’s official website.
At this rate, investors can double their initial presale investment in just over one month.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
