Solana
Best Crypto to Buy Today May 6 – Ethena, Jupiter, Solana
Last updated: May 6, 2024 at 5:09 p.m. EDT | 4 minutes of reading
While major cryptocurrencies were choppy on Monday as traders gauge the sustainability of the recent strong rebound from last week’s multi-week/month lows, traders are scouring the altcoin markets for the best crypto to buy today for quick gains.
Bitcoin (BTC) last changed hands just above its 21DMA in the upper $63,000 range, after rebounding to $65,500 earlier – a rebound of more than 12% from the low of $56,000 from last week.
And this rebound comes amid a sudden resurgence of inflows into spot Bitcoin ETFs last Friday.
According to data presented by The blocknet inflows totaled $378 million, the highest in more than a month.
Even GBTC saw an inflow of $63 million, the first since its conversion to a convertible spot ETF.
Coupled with the strong price rebound, the news showed that the buying demand for BTC is strong.
In a note from the weekend, Bernstein Analysts have reiterated their prediction that Bitcoin will reach $150,000 by the end of 2025.
According to analysts, the recent pullback “has eliminated excessive leverage on futures contracts on crypto exchanges.”
“Measurements indicate a healthy cycle, still in its early stages… The risk-reward ratio here remains attractive,” they added.
For what it’s worth, open interest in the Bitcoin futures market has seen a substantial decline from the previous year’s highs.
According to coinglass.comopen interest stands at $29.17 billion, up from more than $36 billion at the end of March.
Bitcoin could still rise by more than 2x from current levels, making it the best crypto to buy today.
But for impatient traders looking to make faster gains, the altcoin markets could be a more attractive investment option.
While Bitcoin could easily 2-3x this bull market, many smaller and lesser-known altcoins could show an increase of 10x or more.
Here’s something high performing altcoins Monday, this could be the best crypto to buy today.
Best Crypto to Buy Today
Ethena (ENA)
The native token of the algorithmic and yield-generating stablecoin protocol Ethena (ENA) is performing well on Monday.
ENA last rose 7% in 24 hours according to CoinMarketCap at $0.87, with a market capitalization of $1.25 billion.
Ethena is behind the creation of the new algorithmic stablecoin USDe.
To generate USDe, users post ETH or BTC as collateral. Ethena maintains the value of its collateral and generates yield by taking long and short positions in ETH and BTC.
Users of the protocol can increase the yield they obtain by locking their ENA.
Based on community feedback, $ENA liquidity lock has been simplified to further align incentives for longer-term participants
Users can now lock $ENA to receive a tiered sats increase of up to 100% depending on the amount of $ENA locked to USDe positions pic.twitter.com/FW6wHxe4z5
– Ethena Laboratories (@ethena_labs) May 3, 2024
Ethena’s TVL currently stands at just under $2.3 billion, according to Lama DeFi.
USDe’s attractive qualities as a yield-generating stablecoin, however, may soon spark a wave of new interest.
Ethena’s TVL will likely exceed $10 billion at some point, which could help ENA grow 5x from its current level, making it one of the best cryptocurrencies to buy Today.
Jupiter (JUP)
Solana’s larger DEX Jupiter (JUP) is also pushing higher on Monday.
According to CoinMarketCap, JUP is up just over 4% in 24 hours.
JUP is attempting to push north from its recent $0.80-$1.20 range.
A break above this level could open the door for a move back towards $1.90.
The prospect of quick gains makes JUP potentially the best crypto to buy today.
Solana (SOL)
Solana (SOL), the fifth largest cryptocurrency by market capitalization, has climbed back above $150.
It increased by 3% in the last 24 hours. the best performing crypto in the top 20 by CoinMarketCap.
After the token’s double bottom around $120, bulls are hoping this recovery carries weight.
But before bulls can claim local lows have been reached, SOL must move back above support-turned-resistance around $160. This also coincides with the 50DMA.
As Solana positions itself for a potential retest of March highs, this could be the best crypto to buy today.
Crypto Alternatives to Consider
The altcoins mentioned above could all generate quick gains for investors.
For those looking for quick wins above 5x, the often overlooked strategy of presale investing is worth considering.
Emerging Web3 projects often raise funds for development via pre-sale or ICO of their native tokens.
These tokens are usually offered at a deep discount, making them attractive to early-stage investors.
Investing in pre-sales is risky. Projects may fail to deliver on their visions or promises if crypto management or user adoption fails.
If investors can identify projects with a competent team and excellent use cases, pre-sale investment can be very profitable.
With so many presales vying to attract investor funds, it can be difficult to know where to start.
That’s why Cryptonews analysts have put together a list of their favorite presales.
20 Best Crypto Presales to Invest in
Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.