Best Crypto to Buy Today February 29 – Bitcoin, Bonk, Arweave
@sanor016
With Bitcoin (BTC) and Ether (ETH) consolidating close to recent highs in the $64,000 and $3,500 region on Thursday, investors are looking for alternative coins that could deliver quick gains and become the best crypto to buy today.
Solana (SOL) and Cardano (ADA) could both be candidates for the best crypto to buy currently.
Both broke out to fresh highs for the year on Thursday above $130 and $0.70 respectively, before pulling back to current levels.
Despite its consolidation, Bitcoin fundamentals suggest that it too could also be the best crypto to buy today.
Last trading in the mid-$61,000s, BTC has rallied nearly 20% this week on surging ETF demand.
Surging ETF Demand & BTC Halving – Is Bitcoin the Best Crypto to Buy Today?
The demand surge from spot Bitcoin ETFs combined with an upcoming supply shock when the BTC issuance rate halves in April could make Bitcoin the best crypto to buy today.
Spot Bitcoin ETF trading volumes jumped to more than $7.5 billion on Wednesday, as per The Block.
Wednesday, meanwhile, saw net inflows into spot Bitcoin ETFs of more than 11,000 BTC.
That’s more than 10x the increase in BTC supply via token issuance to miners.
Huge demand for BTC from spot ETF investors comes ahead of the Bitcoin halving in April.
This is when the rate at which BTC is issued to miners will drop in half, reducing long-term sell pressure.
Amid a demand surge and ahead of a supply shock, it’s no wonder that Bitcoin’s market value is surging.
And the demand surge from ETFs could be about to accelerate further.
In a CNBC interview on Thursday, Bitwise CIO Matt Hougan explained that spot Bitcoin ETF demand has so far come mainly from retail investors, hedge funds, and independent financial advisors.
“I think there’s an even bigger wave coming in a few months as the major wirehouses come on,” he predicted.
