The best cryptocurrencies to buy now May 23 – Pepe, Arbitrum, Bonk

Last updated: May 23, 2024 8:02 pm EDT | 2 minute read

Following the news that the SEC has demoed eight Ethereum ETFs, cryptocurrency markets are experiencing volatility and investors are looking for the best cryptocurrency to buy right now to benefit from the growth of the Ethereum ecosystem.

Ethereum (ETH) did not rise further following the news and ultimately settled just below $3,800.

That said, it’s still up about 25% for the week. And since it will probably soon surpass $4,000, Ethereum it could easily be the best cryptocurrency to buy right now.

Ethereum ETF could start trading as early as next week. And if demand is stronger than expected, as happened with Bitcoin ETFs earlier this year, ETH could soon reach all-time highs.

While Ethereum’s prospects look good right now, smaller altcoins may be a better way to express bets on the growth of the Ethereum ecosystem.

Let’s take a look at some candidates for the best cryptocurrency to buy today.

The best cryptocurrencies to buy today

Pepper (PEPPER)

The third largest meme coin Pepper (PEPE) has been pumping all week, with traders betting it will benefit from the growth of the Ethereum ecosystem.

PEPE hit new all-time highs of nearly $0.000016 today and was last one up 11% at $0.00001485.

The meme coin’s market capitalization currently stands at $6.26 billion, leaving plenty of room for further growth.

After all, Dogecoin and Shiba Inu have market capitalizations of $14.4 billion and $23 billion, respectively.

Despite the recent rally, Pepe may still be the best cryptocurrency to buy now.

Referee (ARB)

Ethereum Arbitrum Layer-2 scaling blockchain could soon see a lot more liquidity following Ethereum ETF approvals.

Last rise of 5% on ThursdayArbitrum (ARB) is trying to lay the groundwork for a rebound.

It last traded near $1.20. Importantly, this leaves it above its 21 and 50 DMA, suggesting that bullish momentum may be seeping into the market.

Arbitrum may soon reach previous yearly highs. This could mean quick 2x gains for the cryptocurrency, potentially making it the best cryptocurrency to buy today.

Arbitrum could soon reach previous yearly highs, potentially making it the best cryptocurrency to buy now. Source: TradingView In the wake of the news that the SEC has demoed eight Ethereum ETFs, cryptocurrency markets are experiencing volatility and investors are looking for the best cryptocurrency to buy right now to benefit from the growth of the Ethereum ecosystem.

Bon (Bonk)

Good (BONK) is not a direct beneficiary of the Ethereum ecosystem’s growth bets, as it is based on Solana, but it is still pumping.

This is likely the result of a generalized recovery in risk appetite, which tends to lift meme coins.

With a market capitalization of approximately $2.36 billionBONK is cheap compared to some of its major meme coin competitors.

As mentioned, Pepe has a market capitalization of around $6.3 billion and Dogwifhat around $3 billion.

Bonk could be a value play right now. Here’s why it might be the best cryptocurrency to buy right now.

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