Best Crypto to Buy Now May 17 – Arweave, Hedera, THORChain
As major cryptocurrencies look to end the week on a strong footing, with Bitcoin (BTC) looking to push above a key short-term resistance zone, traders are parsing through their options in the altcoin market that might be the best crypto to buy now.
Bitcoin nudged up 1.5% on Friday and was last trading close to weekly highs just above $66,000.
CPI data released earlier this week gave the cryptocurrency market a major boost as Fed rate cut hopes rose.
US core #inflation cools for 1st time in 6 mths in relief for Fed and financial markets. April core CPI, which excl food and energy costs, increased 0.3% from March MoM after +0.4% MoM prev month. From a year ago, it advanced 3.6% in Apr after +3.8% YoY in March. Overall… pic.twitter.com/0MzgiswrxF
— Holger Zschaepitz (@Schuldensuehner) May 15, 2024
Bitcoin is also experiencing headwinds due to spot Bitcoin ETF demand and the Bitcoin adoption narrative.
US spot Bitcoin ETFs have enjoyed net inflows every day this week, totaling over $750 million so far.
$550 million of these flows came in the past two days, as per Farside Investors.
Bitcoin ETF Flow (US$ million) – 2024-05-16
TOTAL NET FLOW: 257.3
(Provisional data)
IBIT: 93.7
FBTC: 67.1
BITB: 1.4
ARKB: 62
BTCO: 6.2
EZBC: 3.8
BRRR: 18.5
HODL: 0
BTCW: 0
GBTC: 4.6
DEFI: 0
For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) May 17, 2024
Meanwhile, 13F filings this week by US asset managers have shown that over 500 institutions acquired Bitcoin ETFs last quarter.
These include a range of multi-national banks, like Morgan Stanley, and even a state pension fund.
Bitcoin is lagging behind a surge in the US stock market, with the S&P 500 hitting fresh record highs above 5,300 this week.
Bitcoin, by contrast, is 10%
Read more on cryptonews.com
