In wake of news breaking that the SEC has proved eight Ethereum ETFs, crypto markets are experiencing volatility and investors are hunting for the best crypto to buy right now to benefit from Ethereum ecosystem growth.
BOOM!! APPROVED! There it is. The SEC just approved spot #Ethereum ETFs. What a turn of events. It’s really happening.
h/t @PhoenixTrades_ pic.twitter.com/KQ39mDyCbT
— James Seyffart (@JSeyff) May 23, 2024
Ethereum (ETH) hasn’t vaulted higher in wake of the news and was last just under $3,800.
That said, it’s still up around 25% on the week. And given that it will probably soon blast above $4,000, Ethereum could easily be the best crypto to buy right now.
Ethereum ETFs could start trading as soon as next week. And if demand is stronger than expected, as happened with Bitcoin ETFs earlier this year, ETH could soon hit all-time highs.
While Ethereum’s prospects look good right now, smaller altcoins might be a better way to express Ethereum ecosystem growth bets.
Let’s take a look at some candidates for the best crypto to buy today.
Best Crypto to Buy Today
Pepe (PEPE)
The third-largest meme coin Pepe (PEPE) has been pumping all week traders bet it will benefit from Ethereum ecosystem growth.
PEPE reached new all-time highs of nearly $0.000016 earlier today and was last up 11% at $0.00001485.
The meme coin’s market cap is currently $6.26 billion, leaving plenty of room for further growth.
Dogecoin and Shiba Inu have market caps of $14.4 billion and $23 billion respectively after all.
Despite recent upside, Pepe could still be the best crypto to buy now.
Arbitrum (ARB)
Layer-2 Ethereum scaling blockchain Arbitrum could soon see a lot more liquidity in wake of Ethereum ETF approvals.
Last up 5% on Thursday, Arbitrum (ARB) is trying to set the foundations for a rebound.
It was last trading near $1.20. Importantly, that leaves it above its 21 and 50DMAs, suggesting bullish momentum may be seeping into the market.
Arbitrum could soon power up towards earlier yearly highs. That could mean quick 2x gains for the crypto, making it potentially the best crypto to buy today.
Bonk (BONK)
Bonk (BONK) isn’t a direct beneficiary of Ethereum ecosystem growth bets, as it’s based on Solana, but it’s nonetheless pumping.
That’s probably as a result of a generalized pick-up in risk appetite, which tends to lift meme coins.
With a market cap of around $2.36 billion, BONK is cheap compared to some of its major meme coin competitors.
As mentioned, Pepe has a market cap of around $6.3 billion and Dogwifhat of around $3 billion.
Bonk could be somewhat of a value play right now. That’s why it could be the best crypto to buy now.
Read More: Best Crypto to Buy Now May 23 – Pepe, Arbitrum, Bonk
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