With the Fed having offered clarity that there are no more rate hikes this year, the markets are showing signs of a bounce back. That’s because expectations are now high, and rates will start going down at some point this year. This makes the current low prices a perfect time to buy undervalued cryptocurrencies with parabolic growth potential. In the section below, we take a look at some of the best cryptocurrencies to buy as the market bounces back.
Best Cryptos to Invest in May 2
The best cryptocurrencies to invest in today are those with a strong market presence and big news around them. Five cryptocurrencies that meet this criterion today are Polkadot, Chainlink, Cardano, Bitcoin, and Shiba Inu. Each of these has a set of positive factors supporting a potential parabolic price move.
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Let’s now take a closer look at each of them.
Polkadot (DOT)
Thanks to its emerging AI use case, Polkadot (DOT) makes it to the list of the best cryptocurrencies to buy now. With the increasing demand for scalable, interoperable, and secure platforms that support AI, Polkadot emerges as a pivotal infrastructure providing quality block space. Several projects are already leveraging Polkadot to facilitate decentralized AI through peer-to-peer learning.
However, addressing the AI execution layer problem has been a challenge. Polkadot is dealing with the execution layer problem through the Phara Network, which enables AI to interact with blockchain easily. This has positioned Phala, and by extension Polkadot, as the execution layer for dApps, enhancing user experiences through a smooth and flawless execution of instructions.
🔦✨ Spotlight on: Phala Network
As AI and blockchain technology converge, the need for scalable, interoperable and secure platforms capable of supporting AI’s computational needs becomes more apparent.
🌐 In this context, Polkadot emerges as a key infrastructure, providing the… pic.twitter.com/WV7KTjroGC
— Polkadot (@Polkadot) May 1, 2024
The introduction of #AgentWars, integrating tokenomics with AI agent contracts, further shows Polkadot’s commitment to democratizing AI within Web3. With over 1300 AI Agent Contracts deployed already, Polkadot’s ascent to the forefront of AI is complete. Given how big of a deal AI is at the moment, there is no doubt that it could give Polkadot a significant push in the days to come. The odds of Polkadot doing a 10x rally are pretty high.
Cardano (ADA)
Cardano (ADA) is another large cap cryptocurrency that makes for a worthy buy at current prices. Cardano has emerged as a top pick among undervalued cryptocurrencies to buy, thanks to a surge in whale activity and groundbreaking developments within its ecosystem. Data reveals that whales have driven a staggering $13 billion of Cardano trading volumes in the past week alone, signaling growing investor interest in ADA.
This surge in whale buying coincides with the announcement of Ouroboros Leios, a protocol pushing the boundaries of scalability while upholding decentralization. Cardano’s team member, Cardano Yoda, has also unveiled Input Endorsers to enhance scalability further. Input Endorsers act as a voting mechanism before appending a block to the blockchain, separating transaction selection from block production.
A paper on Ouroboros Leios will be published soon.
Let’s explain how Input Endorsers can improve the scalability of #Cardano.
Input Endorsers can be seen as a form of voting before a block (ranking block) is appended to the blockchain.
Input Endorsers keep track of all… pic.twitter.com/eb88zuwA8A
— Cardano YOD₳ (@JaromirTesar) May 1, 2024
Input Endorsers pave the way for improved scalability without compromising decentralization. By addressing the significant challenge of scaling while preserving decentralization, these developments position Cardano for substantial short and long-term growth. As investors seek promising opportunities, Cardano’s innovative approach and strong fundamentals make it a compelling choice in the cryptocurrency market. The odds of Cardano hitting $10 or more as these developments come to fruition are high.
Shiba Inu (SHIB)
Shiba Inu (INU), one of the top meme coins, is another worthy cryptocurrency to consider buying today. Shiba Inu (INU) is gaining traction as a promising cryptocurrency investment option, driven by recent positive developments within its ecosystem.
One notable advancement is upgrading the Shiba Eternity collectible card game (CCG) to version 1.2.7, enhancing player interaction and strategic depth. The revamped social menu facilitates more accessible player connections, while adjustments to fighter mechanics promise an improved gaming experience.
In another significant development, ShibaSwap, Shiba Inu’s decentralized exchange, is expanding to support Shibarium, Shiba Inu’s Ethereum Layer 2 blockchain. This expansion enhances security and interoperability, marking a significant milestone for the Shiba Inu ecosystem.
🧵 1/ SHIBARMY, we are on the brink of a transformative upgrade for Shibarium.
Through an upcoming hard fork expected to go live on May 2nd, we’re introducing a suite of new features designed to enhance user experience and empower our community of innovators and developers.
— Shib (@Shibtoken) April 25, 2024
Coupled with increasing whale activity in Shiba Inu trading, these developments underscore its status as an undervalued cryptocurrency worthy of consideration for investment. Shiba Inu’s potential for growth and value appreciation remains compelling as the ecosystem continues to evolve and expand. Even a 10X price increase could be attainable in the short term if the cryptocurrency market turns around.
Chainlink (LINK)
Chainlink (LINK) has one of the most robust use cases in cryptocurrency and cannot miss among the best cryptocurrencies to buy today. Chainlink’s potential as an investment is fortified by its market position as the leading decentralized oracle network. Its dominance in this niche sector endows it with intrinsic value that differentiates it from many other cryptocurrencies. Leveraging this strength, Chainlink continues to expand its market presence, laying the groundwork for potential long-term token value appreciation.
A recent collaboration announcement further underscores Chainlink’s growth trajectory. Partnering with the Aave protocol signifies Chainlink’s pivotal role in enhancing the Aave ecosystem. The tweet from Chainlink emphasized the collaboration’s scope, including expanding Chainlink services for cross-chain liquidity via CCIP and developing custom data oracle solutions.
We’re excited to be working closely with the @aave community on a wide range of upgrades to the Aave protocol.
This includes an expansion in the utilization of #Chainlink services, including CCIP for cross-chain liquidity, the development of custom data oracle solutions, & more. https://t.co/9k47Tkn0EZ
— Chainlink (@chainlink) May 1, 2024
Despite these significant advancements, Chainlink’s token value has remained relatively stable, allowing investors to capitalize on its undervalued status. As Chainlink continues to solidify its position as a cornerstone of decentralized finance infrastructure, its potential for sustained growth and value appreciation remains compelling.
Bitcoin (BTC)
Bitcoin (BTC) wraps up the list of the best cryptocurrencies today. Bitcoin makes it to this list because it is the market leader and is now a favorite for institutional money. While there were money outflows from Bitcoin ETFs ahead of yesterday’s FOMC meeting, the odds are high that net inflows will turn positive again.
Hong Kong Launches Trading of Spot Bitcoin Exchange Traded Funds with these ETFs. Investors will be able to trade bitcoin at their current price without having to actually buy them through their crypto wallet.@Bitcoin
#BusinessNews pic.twitter.com/Tt73FpIyvC
— Outlook Business & Money (@outlookbusiness) May 2, 2024
That’s because the FED has made it clear that there are no more rate hikes, which means the only way rates can go from now is down. This makes assets like Bitcoin highly attractive, especially to institutional money. To add to that is the fact that the recent block halving has significantly reduced Bitcoin supply entering circulation. This and the rising demand from institutions make Bitcoin an asset worth buying with a target of $200k or more.
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