Best Crypto to Buy Now May 7 – Bitcoin, AIOZ Network, Ethena

Last updated: May 7, 2024 4:25 pm EDT | 4 minutes of reading

As the price of Bitcoin (BTC) consolidates north of $63,000, investors are evaluating whether this could be the best cryptocurrency to buy right now.

Bitcoin continues to trade with gains of over 10% from last week’s lows at $56,000.

US employment data weaker than expected last Friday helped ease fears that the Fed could delay rate cuts until 2025.

This helped drive the price up and trigger a sudden increase in demand for spot Bitcoin ETFs of institutional investors.

According to The block, Bitcoin ETF spot flows were net positive since last Friday.

As it is, Bitcoin it is currently near its 21DMA, having recently broken north of a downtrend.

As the price of Bitcoin (BTC) consolidates north of $63,000, investors are evaluating whether this could be the best cryptocurrency to buy right now. Source: TradingView

However, Bitcoin encountered resistance at its 50DMA as it rose to mid-$65,000 on Monday.

This is the second time it has encountered resistance at the 50DMA since breaking below it in mid-April.

This suggests that although Bitcoin’s short-term downtrend has been halted, bulls have not yet fully gained control.

If Bitcoin continues to consolidate within its multi-year range of $56,000 to $74,000 in the coming months, that wouldn’t be too surprising.

Typically, it takes 4 to 6 months for the price of Bitcoin to rise substantially beyond its previous value.reduce by half levels after halving. The most recently quadrennial halving it only happened in April.

This aligns well with Bitcoin’s typically tepid performance during the summer months.

Assuming there is no sudden and sustained resurgence in Bitcoin ETF spot demand, and assuming macro-drivers remain limited as the market awaits the first rate cuts from the FedBitcoin will likely remain range-bound amid a post-halving/summer lull.

Is Bitcoin the best cryptocurrency to buy right now?

The first quarter earnings reports were touted as a potential positive for the cryptocurrency.

The idea is that companies can reveal growing BTC holdings, pointing to greater adoption following the launch of Bitcoin ETFs.

In fact, $429 billion asset manager Susquehanna International just reported holding $831 million worth of BTC across 10 ETFs.

The theme of increasing adoption by large companies/financial institutions, such as expressed through ETF demandwill continue to be an important driver in the ongoing BTC bull market.

That’s one reason to remain optimistic that Bitcoin could surpass $100,000 this year or next.

Other reasons include Bitcoin’s past history of experiencing parabolic price increases in the years following the halving, as well as Fed easing.

The next period of consolidation between $56,000 and $74,000 should be viewed as an accumulation opportunity.

And drops below that range will likely be consumed very quickly. The chain analysis shows that Bitcoin Whales have been gobbling up supply recently as they double down on their bet amid the current consolidation.

With Bitcoin set to post solid 2x gains in a year, it could be the best crypto to buy now.

However, some investors will target gains of 5x or more during the current bull market.

These investors would be better served if they spent some time analyzing investment options in the altcoin Marketplace.

Here are some big moves on Tuesday that could be the best crypto to buy now.

AIOZ Network (AIOZ)

AIOZ Network (AIOZ) is the best-performing cryptocurrency in the top 100 by market cap on Tuesday.

This is in line with CoinMarketCapwhich last put the price of AIOZ at $0.82, up 14% in the last 24 hours.

Having now surpassed its 21 and 50 DMAs, AIOZ is aiming for a recovery to its March highs. This could mean a quick 30% rally for the token.

The Aioz Network is a Layer 1 blockchain that enables interoperability between Ethereum and Cosmos, according to Coinbase.

Aioz Network aims to enable instant finality and low transaction fees for applications such as file storage, live streaming, content delivery, and more.

Interoperability is an important topic in cryptography. If AIOZ manages to become a leader in this space, its market capitalization could surpass the current $900 million.

Ethena (ENA)

Ethena (ENA), the DeFi protocol behind the innovative USDe stablecoin that exposes the US dollar yield, just surpassed its 21DMA.

The last increase was 8% in the last 24 hours, as per CoinMarketCap and changing hands at around US$0.93.

According to CoingeckoUSDe has accumulated a market value of around $2.3 billion since its launch in early 2024.

Having seemingly broken the downtrend from March highs, ENA could soon return to its record highs of $1.50.

Quick 60% gains for Ethena (ENA), making it potentially the best to buy right now. Source: TradingView

This could mean quick 60% gains for the cryptocurrency, potentially making it the best one to buy now.

Alternative cryptocurrency to consider – Wiener AI (WAI)

The coins mentioned above could easily 5x or more in this bull market.

But some investors look to take even greater risks in hopes of securing potential 100x gains.

A popular way to guarantee massive gains is to capture a meme coin before it becomes trending.

And a fun new meme coin presale called Vienna AI (WAI) caught the attention of analysts at Cryptonews.

The sausage dog-themed meme coin offers a suite of useful AI trading features and has already raised more than $1 million.

Interested investors may want to act quickly, as WAI’s price will increase when the presale reaches $1.2 million.

Currently priced at $0.000704, investors are buying WAI with a market capitalization of around $45 million and can expect gains of 100x or more if WAI becomes the market leader.

WAI is not only an exciting meme coin with AI capabilities, but also a potential passive income jewelry.

20% of the supply has been allocated to staking rewards, and investors are currently earning a whopping 766% APY, according to the project official website.

At this rate, investors can double their initial presale investment in just over a month.

Buy WAI here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.

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