Highlights:
- Ethereum’s bullish trend is driven by reduced supply and increased staking activity.
- The upcoming SUI token unlock could boost market interest and liquidity.
- XRP’s whale activity signals strong long-term optimism amid the recent price surge.
The crypto market today is mixed sentiment, surging by 2% in the past 24 hours, elevating the total market cap to $3.34 trillion. The trade volume has gone up and recorded an increase of 4% to stand at $200 billion, which implies more trading activities in the market. The Fear & Greed Index recorded an ‘Extreme Greed’ sentiment among the traders at 87.
Advertisement
Despite the volatility, let’s examine the best cryptocurrencies to invest in today like Ethereum (ETH), Sui (SUI), and XRP.
Best Cryptocurrencies to Invest in Today
1. Ethereum (ETH)
Ethereum is trading on a bullish note today after steadily holding above the $3k region over the past week. As of press time, ETH is exchanging hands at $3,491, up by more than 3% on the daily chart. ETH has surged by 13% and 42% on the weekly and monthly charts, respectively. The bullish momentum has pushed the market cap and trading volume to $420B and $32B, respectively.
On X, market analyst Maartunn noted that Ethereum staking for the last week reached a weekly netflow of +10k ETH based on IntoTheBlock data. Deposits amounted to over 115k ETH, while 105k ETH was withdrawn, reversing a trend of several months of outflows. The shift shows that better-staking infrastructure and increased ETH prices as key factors.
📊 Ethereum Staking Sees Strong Weekly Net Inflows After Months of Outflows
Over the past week, Ethereum staking recorded a net inflow of +10k ETH, with 115k ETH deposited and 105k ETH withdrawn. This marks a notable shift, as deposits have outpaced withdrawals after months of… pic.twitter.com/4SEX60vQUx
— Maartunn (@JA_Maartun) November 24, 2024
A reduction in ETH supply could minimize inflation and possibly increase the value of ETH. In addition, this trend strengthens the eco-system of Ethereum thus making it one of the best cryptocurrencies worth investing in today. The combination of the reduction of supply and the increasing demand may strengthen the Ethereum market further.
2. Sui (SUI)
Since the broad market rally, SUI has recently gained traction, setting new highs. Despite trading on a bearish trend over the past week, SUI remains a top choice for investment. As of press time, SUI is trading at $3.44, with a gain of 2% over the past 24 hours. In addition, the market cap and trading volume have surged to $9.71B and $1.69B.
On December 1, SUI is set to unlock 64.19 million tokens, accounting for 2.26% of its circulating supply. The tokens are worth approximately $216 million. This significant event could influence market dynamics. Increased liquidity from the unlock may potentially drive SUI’s value higher due to heightened investor interest.
Token unlock schedule for this week: $217M in SUI to be unlocked
According to Tokenomist (formerly Token Unlocks) data, the major tokens to be unlocked during the week of Nov. 25 – Dec. 1 are as follows (all times listed are in UTC):
– ADA: 18.53 million tokens ($18.81…
— CoinNess Global (@CoinnessGL) November 25, 2024
3. XRP
Ripple’s XRP has been riding a bullish wave recently and has surged 7% today. Currently, XRP is exchanging hands at $1.44, looking to challenge the key resistance at $1.67. Over the past week, XRP has surged by 30%, pushing the monthly gain to 185%. Moreover, the market cap has climbed to $83B, while the trading volume stands at $11B.
The price of XRP dropped over the weekend, but large investors swiftly bought the token. The whales purchased around 250 million XRP, signaling confidence in its potential. Notably, a transaction worth $227 million moved 149 million XRP from Bybit to a private wallet.
Another 20 million XRP was purchased via South Korea’s Upbit. The surge in whale activity highlights XRP’s appeal among the best cryptos to buy during a dip, showing strong long-term optimism.
Advertisement
