Best cryptocurrencies to buy now on May 22: Dogwifhat, Bittensor, Dogecoin

Last updated: May 22, 2024 9:25 pm EDT | 4 minute read

Best cryptocurrencies to buy now on May 22 – Dogwifhat, Bittensor, Dogecoin / Source: Cryptonews

Despite plenty of positive news on the U.S. regulatory front on Wednesday, major cryptocurrencies spent much of the session unwinding recent gains, with investors looking for the best cryptocurrency to buy now having to be selective in seeking short-term gains.

Bitcoin (BTC) fell about 1.5% over the past 24 hours and traded just above $69,000.

Ethereum (ETH), meanwhile, last changed hands in the mid-$3,700s, while Solana (SOL) was just below $180.

Cryptocurrency markets, and in particular ETH and its major ecosystem tokens, remain substantially higher on the week.

The catalyst was a reversal by the SECv, who now appear to be on the verge of approving Ethereum spot ETFs.

19-4b applications could be approved as early as tomorrow, paving the way for the ETF’s launch in the coming weeks/months.

But a A major piece of global cryptocurrency legislation just won a bipartisan majority in the United States House.

There is no guarantee it will pass through the Senate and be approved by President Biden.

But this is an important advancement for the cryptocurrency industry in the United States.

It is a major step towards the reign of the SEC, which has adopted anti-cryptocurrency regulation with enforcement fury.

And it sends a message to the Biden administration that its thus far default anti-cryptocurrency stance is a losing battle.

Enthusiasm for advances in US crypto legislation and Ethereum ETF this meant that the release of the Fed minutes was virtually ignored.

For what it’s worth, the minutes highlight this Policymakers are concerned about the lack of progress on inflation in 2024.

But this has been evident for weeks, in the wake of recent Fed speeches.

The market’s near-term trajectory will likely remain bullish

Assuming upcoming US data does not reignite fears of sticky inflation and trigger a reassessment of Fed rate cut bets, the market’s near-term trajectory is likely to remain upward.

The market focus is likely to remain on bullish themes such as Ethereum ETF and U.S. political/regulatory/political obstacles.

Bitcoin could soon repeat yearly highs around $74,000. And Ether will likely trade north of $4,000 soon.

Both could be the best cryptocurrencies to buy right now. Bitcoin remains the undisputed king of cryptocurrencies. Ether, meanwhile, is also about to get a major regulatory green light and it is very unlikely that its pricing will be complete yet.

If it were, Ethereum would also be trading at or near record levels.

But at $3,750, it remains more than 20% lower than its 2021 highs.

That could change quickly. Active decentralized options market prices DeFi Derivatives market Lyra suggests a 20% chance of ETH hitting $5,000 by the end of June.

Both could be the best cryptocurrencies to buy now. But investors chasing even higher/faster gains will have to find smaller, lesser-known stocks altcoins it was higher on the risk curve.

Here are some strong performances from Wednesday that could be the best cryptocurrencies to buy now.

The best cryptocurrencies to buy now

Dogwifhat (WIF)

Up 7.6% in 24 hours and bucking the market decline, Dogwifhat (WIF) is establishing itself as the best cryptocurrency to buy today.

Dogwifhat was near $3.0, with a market cap of about $3 billion, according to CoinMarketCap.

If it can break through its 21 and 50 DMA, the WIF could quickly rise.

Bullish targets would be May highs at $3.70, and then the top of its short-term uptrend channel.

If it can break out of its 21 and 50 DMA, WIF could quickly rise, potentially making it the best cryptocurrency to buy now / Source: Cryptonews

Bitensor (TAO)

Exciting AI coin Bite (TAO) has decent short-term momentum as it attempts to get back above the major DMAs.

Last at $444, TAO has a market capitalization of $3 billion according to CoinMarketCap.

TAO is currently trying to break out of its 50DMA. If it can achieve this, this could open the door for a rally to yearly highs above $750.

Dogecoin (DOGE)

Dogemoneta (DOGE) did not have particularly strong performances on Wednesday.

But in recent weeks it has formed an ascending triangle and threatens a bullish breakout.

If it manages to break above the $0.17 resistance, a quick retest of yearly highs near $0.23 is likely.

Dogecoin may be the best cryptocurrency to buy now, assuming it can clear the $0.17 resistance. Source: TradingView

The prospect of rapid 40% gains means that Dogecoin could easily be the best cryptocurrency to buy now.

Cryptographic alternatives to consider

Altcoins they are a great way to make quick cryptocurrency gains.

However, most of the coins mentioned above are already too established to provide traders with gains of up to 10x.

To make bigger gains, traders will have to get into newer coins with smaller market caps very early.

Of course, this is not for the faint of heart.

That said, for risk-on investors looking to add upside exposure to their portfolios, pre-sale investments it is potentially a good strategy.

Web3 Startups often sell their tokens at an upfront discount in pre-sales to fund development and create hype.

However, with so many pre-sales vying for investor funds, it can be difficult to know where to start.

That’s why Cryptonews analysts have compiled this list of their top picks.

22 Best Cryptocurrency Presales to Invest in Now

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

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