Best Cryptocurrencies to Invest in Right Now July 23 – Ethereum Name Service, Sui, Optimism
Explore the top cryptocurrencies to invest in, featuring market trends and insights for informed decision-making. Discover why these digital assets are the best buys today.
Regulators recently approved the first US ETFs to invest directly in Ether. This development sets the stage for the imminent trading of these ETFs and signals a more favorable regulatory environment for the digital asset sector in the US.
These developments have sparked renewed optimism in the market, with Ethereum printing an impressive price increase. Meanwhile, other altcoins, particularly Ethereum Name Service, Sui, and Optimism, are seeing increasing. In light of these, investors are looking for the top cryptocurrencies to buy now.
Best Cryptocurrencies to Invest in Right Now
Ethereum Name Service recently collaborated with Bitwise Invest to boost transparency for their new Ethereum ETF. Furthermore, the price of ARB has surged ahead of the anticipated launch of five spot market Ethereum (ETH) exchange-traded funds (ETFs). Meanwhile, the Sui Foundation recently announced a new integration with Amazon Web Services (AWS) Blockchain Node Runners, providing developers with a self-managed node deployment solution.
1. Ethereum Name Service (ENS)
Ethereum Name Service recently collaborated with Bitwise Invest to boost transparency for their new Ethereum ETF. By assigning subnames of ethw.bitwise.eth to all addresses holding on-chain assets backing their ETF, Bitwise has made the Bitwise Ethereum ETF (ETHW) the first U.S. ETP to publish its Ethereum addresses and set ENS subnames for each address.
This initiative makes ETHW the most crypto-native ETF. It allows users to verify ETHW’s holdings and flows directly on the blockchain, facilitating the creation of public dashboards or smart contracts that use ENS records.
Following this announcement, Ethereum Name Service saw a 10% increase, making it one of the best-performing tokens in the last 24 hours. Its trading volume surged by 239.94% to $476 million, indicating substantial buying activity. Furthermore, ENS is a token linked to the Ethereum Name Service, a decentralized system that simplifies complex, machine-readable names into human-readable ones.
We’re thrilled to have collaborated with @BitwiseInvest to enhance transparency for their new Ethereum ETF using subnames of ethw.bitwise.eth!
Bitwise is assigning subnames to all addresses holding onchain assets backing their ETF.
ETHW is now the most crypto-native ETF 🫡 https://t.co/lsPYAjRQk3
— ens.eth (@ensdomains) July 23, 2024
Over the past months, the token has gained significant attention from market participants, with its price increasing by over 200% this year. The current market sentiment surrounding the ENS token is bullish, with the token trading above the 200-day simple moving average. Based on its market cap, the token further demonstrates high liquidity.
2. Arbitrum (ARB)
Arbitrum is an Ethereum layer-two (L2) scaling solution that aims to improve the Ethereum network’s speed, scalability, and cost-efficiency. It utilizes optimistic rollups, which process transactions off-chain while benefiting from Ethereum’s security and compatibility. By moving most of the computation and storage load off-chain, Arbitrum offers higher throughput and lower fees than Ethereum.
Recently, the price of Arbitrum’s native token, ARB, has surged ahead of the anticipated launch of five spot market Ethereum (ETH) exchange-traded funds (ETFs). At the time of writing, ARB is trading at $0.7871, reflecting a 1% increase in the past 24 hours.
In addition to the rise in ARB’s value, the Arbitrum ecosystem has seen significant network-wide growth over the past week. This includes an increase in the total value of assets locked (TVL) in its decentralized finance (DeFi) ecosystem and a notable surge in sales volume within its non-fungible tokens (NFTs) sector.
Specifically, the sales volume of Arbitrum-based NFTs has jumped by about 66%, totaling $1.16 million in the past week. A growing number of NFT traders on the network drives this increase.
Arbitrum’s token has experienced 16 green trading days in the last 30 days and is currently trading near its cycle high. It also demonstrates high liquidity, a positive indicator of market activity based on its market cap.
The recent developments in the Arbitrum network highlight its potential for future growth. With increased user activity, rising asset values in its DeFi ecosystem, and a surge in NFT sales, Arbitrum is a significant player in the crypto space. The project’s ability to enhance Ethereum’s speed, scalability, and cost-efficiency positions it as a noteworthy option for investors considering investments in cryptocurrency.
3. Optimism (OP)
Optimism is a layer 2 scaling solution designed to enhance the efficiency and scalability of Ethereum transactions. Built on the Ethereum blockchain, it employs optimistic rollups—a technology that allows transactions to be processed off-chain before being validated and submitted to Ethereum.
This approach enables processing thousands of transactions per second, making Optimism one of the most scalable solutions for Ethereum. Recently, Optimism has gained attention for leading total bridge net inflows over the past week. This indicates its growing influence in the crypto market and its effectiveness in facilitating cross-chain transactions.
The platform also supports Layer-3 solutions, allowing the development of decentralized applications on top of Layer-2 chains, contributing to the expansive Optimism Superchain. At press time, the OP token trades at $1.90, showing a 4.60% increase in the past week.
Moreover, it currently trades above the 200-day simple moving average and has had 16 green days in the last 30 days. The token is trading near its cycle high and has high liquidity based on its market cap.
4. The Meme Games (MGMES)
The Meme Games is inspired by the 2024 Paris Olympics. It has gained attention for its unique concept and rapid fundraising, raising over $229,000 in just a few days of its presale. The current price of MGMES tokens is $0.00905 each.
The total supply of MGMES tokens is 2.024 billion. The allocation supports project growth and encourages long-term holding. Of the total supply, 38% is designated for the presale, 9.3% for game winnings, 10% for staking, 15% for marketing, and 20% is shared equally between liquidity and project funds.
In The Meme Games, all characters have an equal chance of winning, adding an element of unpredictability. If a chosen meme athlete wins, participants receive a 25% bonus on their MGMES tokens, boosting their investment. Users can purchase tokens multiple times and select different characters to increase their chances of winning.
During the presale, investors can earn an annual percentage yield (APY) of 1097% by staking their MGMES tokens. This high return can help investors accumulate significant amounts before MGMES launches on exchanges.
Visit The Meme Games Presale
5. Sui (SUI)
Sui is a smart contract platform supported by a decentralized set of validators similar to those found in other blockchain systems. Its native token, SUI, is used to pay transaction fees and can be staked with validators in a Delegated Proof-of-Stake model during specific periods called epochs.
Furthermore, Sui is known for its scalability, allowing simultaneous processing of independent transactions. The platform benefits from strong community and developer support, attracting more users. Backing from major industry players adds credibility and recent partnerships with financial institutions have enhanced SUI’s reputation, potentially boosting its price.
The Sui Foundation recently announced a new integration with Amazon Web Services (AWS) Blockchain Node Runners. This integration provides developers with a self-managed node deployment solution.
With this integration, developers can easily set up and deploy Sui full nodes within the AWS environment. They benefit from AWS’s robust cloud infrastructure’s high availability, scalability, and reliability. Moreover, the AWS Blockchain Node Runners streamline the process of running blockchain nodes.
Users can easily deploy, scale, manage, and monitor secure blockchain nodes. As part of this initiative, Navi, a leading liquidity protocol, will use AWS Blockchain Node Runners to deploy full nodes on Sui. This integration aims to enhance the efficiency and reliability of node deployment on the Sui blockchain.
Sui 🤝 @awsstartups
We’re excited to announce the integration of @awscloud’s Blockchain Node Runners on Sui, with @NAVI_protocol as the first customer!Builders can now easily set up and deploy Sui full nodes within the AWS environment and benefit from high availability,… pic.twitter.com/dAXmcX7FCU
— Sui (@SuiNetwork) July 23, 2024
Currently, SUI is priced at $0.0.8283, down by 1.48% in the past day. Nonetheless, the fear and greed index is showing 71, suggesting that investors are becoming increasingly optimistic and confident. This could lead to a significant price increase.
It trades 45.86% above its 200-day Simple Moving Average (SMA) of $0.583722. The 14-day Relative Strength Index (RSI) is at 48.87, indicating neutral momentum with potential for sideways trading. Additionally, SUI shows high liquidity, reflecting its robust market cap.
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- Best Crypto to Buy Now
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