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As hype builds that spot Ethereum ETF approvals in the USA might be imminent and Ether pushes to fresh two-month highs above $3,800, traders are hunting for the best crypto to buy now that might hand them the quickest gains in the current market environment.
Multiple potential Ethereum ETF issuers submitted amended 19b-4 applications on Tuesday.
UPDATE: It's happening. We have at least 5 of the potential #Ethereum ETF issuers that have submitted their Amended 19b-4's in the last ~25 min.
Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, & Franklin all submitted via CBOE. pic.twitter.com/pHGt8iRWi8— James Seyffart (@JSeyff) May 21, 2024
And some tickers are already being listed on the DTCC.
VanEck SPOT ETHEREUM ETF (ETHV) is now on the DTCC website.
Let the next crypto tally begin. pic.twitter.com/eNP5IIJY5Y
— Digital Asset News (@NewsAsset) May 21, 2024
Bitcoin (BTC) was last trading a little lower in the past 24 hours around $70,200. Solana (SOL), meanwhile, dipped 4% back under $180.
Attention will shift momentarily to the macro backdrop when the Fed releases the minutes of its April meeting on Wednesday.
But Ethereum ETF newsflow will likely continue to dominate the headlines this week. That potentially leaves the market with significant near-term upside risks.
Imagine Ethereum ETFs get approved and launched, and then demand is stronger than expected. That’s what happened with Bitcoin ETFs earlier this year.
Ethereum could be about to launch back above $4,000. Even though its up 35% up versus recent lows, ETH could still be the best crypto to buy now.
That being said, some traders are hunting higher beta plays.
Here are some strong-performing altcoins that might offer even greater upside potential than Ethereum.
Best Crypto to Buy Now
Pepe (PEPE)
Pepe (PEPE) has jumped more than 50% in the past two days to fresh record highs above $0.000014.
Last at $0.00001375, its market cap is just under $5.8 billion as per CoinMarketCap.
But Pepe could yet go higher. Traders appear to be piling into the token to express bets on Ethereum ecosystem growth.
And Pepe still has a long way to go to catch up to Dogecoin and Shiba Inu.
It could still 5x from current levels this bull market. That makes Pepe potentially the best crypto to buy now.
Arbitrum (ARB)
A major underperformer since March, layer-2 Ethereum scaling blockchain Arbitrum’s ARB token is attempting to pick up.
ARB recently surged back above $1.20 for the first time in a month. It’s also now back above its 21 and 50DMAs.
Quick 2x gains could be instore for ARB, as traders bet on Ethereum ecosystem growth, which would directly benefit Arbitrum.
Arbitrum is a leading Ethereum layer-2 protocol, but currently only has a market cap of around $3.2 billion.
That leaves plenty of room for growth this bull market. ARB could thus be one of the best crypto to buy now.
Uniswap (UNI)
The native token of multi-chain DEX Uniswap (UNI) is another outperforming crypto since the SEC’s u-turn on Ethereum ETFs.
Uniswap was recently hit by a Wells Notice from the agency. Its outperformance could be related to hopes the SEC takes a softer-than-initially-feared stance against them after the Ethereum u-turn.
Either way, UNI is picking up fast and hard. The token was last at $9.65, up 25% in two days.
A break above resistance either side of the $10 level could open the door to a further push higher.
Indeed, UNI could soon retest yearly highs around $17, making it potentially the best crypto to buy now.
Crypto Alternative to Consider – Sealana (SEAL)
If Ethereum ETFs are coming, that could be a risk on trigger to start a new meme coin season.
While Ethereum is currently in focus, Solana has been the go-to trading venue for meme coins this year.
Established Solana meme coins like dogwifhat are a good bet. But their already bloated market caps reduce upside potential.
For 50-100x gains, traders need to find newer meme coins.
One new Solana meme coin that analysts at Cryptonews think has lots of potential is Sealana (SEAL).
Even an honourable discharge won’t stop #Sealana from spreading FREEDOM with his fellow special forces $SEALs.🪖🦭
Putting his battlefield days behind him, Sealana and his comrades are now taking on a different enemy: keyboard warriors and #Memecoin haters.😡⌨️
He didn’t serve… pic.twitter.com/VV4oWeSjTi— Sealana (@Sealana_Token) May 15, 2024
SEAL features an overweight, South Park-themed, Solana meme coin trading degen seal called Sealana.
The seal mascot has already attracted over $2.2 million in funds from eager investors.
Sealana’s marketing and presale success is reminiscent of the recently launched Solana meme coin Slothana (SLOTH).
Slothana raised over $15 million in a blockbuster presale.
However, following launch, its token subsequently pumped to a market cap of over $100 million, as per DEXTools.
Rumors suggest the Slothana and Sealana teams are in some way related. Traders will thus be hoping SEAL matches SLOTH’s success.
#Sealana, making #Memecoins great again! 🇺🇸
Manifesto
1⃣ No Frogs 🐸
2⃣ Less Hats 🧢
3⃣ Many Whales 🐳
4⃣ Zero Rugs 📉
5⃣ More $SEAL 🦭 pic.twitter.com/FEImgpWxWz— Sealana (@Sealana_Token) May 7, 2024
Investors can buy their SEAL by connecting their web3 wallet on Sealana’s official website with SOL, ETH, USDT, or USDC. Sealana is also available for purchase via card.