Best Crypto to Buy Today February 29 – Bitcoin, Bonk, Arweave
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 today.
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.
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.
Oh my goodness
Two days ago $BTC Bitcoin ETFs were buying 9000 Bitcoin a day
Yesterday they bought 11,000
Miners $CLSK $MARA only produced 900
More than 10x demand vs new supply created
Post halving, the miners will only produce 450 a day pic.twitter.com/lvEerHBE5g
— amit (@amitisinvesting) February 29, 2024
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
Read more on cryptonews.com
