Since Bitcoin’s rapid rise to and subsequent tumble from just shy of $20,000 in December of 2017, many investors have been asking if crypto is dead. After all, the price of Bitcoin as of Thursday at 11:00 PM EST is just $3914. This represents an over 80% reduction in value from its peak just over a year ago. But recently, the gears of the crypto market have been whirring to life again, with some coins showing immense promise.
Bitcoin Shows Growth
With well over 1,000 coins on the market, many serving distinct purposes, coming up with the best crypto is admittedly a difficult task. Certain cryptocurrencies may serve certain people particularly well due to variation in liquidity, popularity, or many other factors. It is also worth noting that short-term and long-term trading coins are often quite different. However, several coins have performed particularly well in recent weeks. Trends suggest that this pattern may continue.
As I previously mentioned, Bitcoin is a long way from its all-time high. Yet, recent spikes may point to an end to the bear market that has gripped most cryptocurrencies for over a year now. In the past two weeks alone, the cryptocurrency shot up 17% in two spikes. This took it from a low of $3,356 to a high of just over $4,000, which it has maintained for the better part of a week. Bitcoin’s market cap has also risen by an impressive $10 billion in the mini bull run.
An interesting element that may in part explain the growth is the increased accessibility of the coin. Throughout the crypto winter, the number of Bitcoin ATMs has nonetheless steadily risen. In November, 70 more were installed in the United States, pushing the total over 2,200. Six countries now have Bitcoin ATMs, with Peru, Albania and South Korea joining Austria and Canada this fall to round out the list.
Ethereum: The Best Crypto To Buy?
Despite Bitcoin’s advances, it appears that Ethereum, at least in the short term, may show better returns. In the same two-week period, the coin rose a whopping 50%, accelerating from around $100 to just shy of $150. However, cryptocurrency prices are notoriously volatile. In order to suggest it may be the best crypto for short-term investment, it is critical to look at some other features.
Notably, the daily trading volume of Ethereum has massively increased of late. Its $5.4 billion 24-hour volume is the best the coin has performed in over a year. The last time that its volume was higher than this was in the first week of February 2018. Moreover, there has been a steady increase in the number of platforms that use Ethereum to trade. Though the market is always volatile, due to its prevalence and recent bullish jumps, it appears Ethereum may be the best crypto to buy in the short-term. It has greater usability than Bitcoin and more recognition than smaller altcoins such as Tron and Stellar. Thus, it shows strong promise in the coming days and months.
The bull run may be around the corner, or it may still be a year or so off. But most analysts agree that crypto has not seen its bitter end, and these two coins are showing strongly positive signs of late.
71 Republic is the Third Voice in media. We pride ourselves on distinctively independent journalism and editorials. Every dollar you give helps us grow our mission of providing reliable coverage. Please consider donating to our Patreon.