Here’s Why Crypto Prices Are Rising – 5 Best Crypto to Buy Now on The Rebound

Crypto markets recovered yesterday, with the top cryptos like Bitcoin, Ethereum and BNB gaining 5% in the last 24 hours.

The market reached its lowest levels in three months recently, with Bitcoin closing in on $25,000 for the first time since March. However, interest from Blackrock, the world’s largest asset manager, caused many cryptos to pump after a week of FUD.

On Thursday, Blackrock filed for a Bitcoin ETF, which would enable a Bitcoin index to be traded on the NASDAQ stock exchange. While this is not the first Bitcoin ETF proposed, this one includes a “surveillance-share agreement”, which is supposed to prevent market manipulation by institutional investors.

In recent months, Blackrock and other top banks have indicated their bullishness on crypto by scooping up record amounts of MicroStrstegy’s MSTR stock.

This was recently brought to light in a Twitter thread created by @BTC_Culture.

Coinciding with institutional interest, the macroeconomics in the US are looking up. Despite the Fed stating they expect to raise rates two more times this year, interest rate hikes were halted in the recent FOMC meeting. Moreover, the latest consumer price index (CPI) results for May come in below expected at 4%.

Despite SEC FUD and threats of future interest rate hikes, it seems investors are following what the “smart money” is doing rather than what it is saying, causing prices to rise.

With this in mind, let’s consider the best cryptos to buy as the market begins to pump.

Wall Street Memes

Wall Street Memes is a new presale meme coin launched by a brand with over one million social media followers and has been making huge gains recently despite the bear market.

Before the meme coin presale, the Wall Street Memes team also launched the Wall St Bulls NFT project in 2021, which sold out in 32 minutes. The group is also well known for the Gamestop stock short squeeze event earlier the same year as Redditors took a stand against Wall Street traders.

So far, the Wall Street Memes presale has raised a staggering $8.1 million despite only launching on 25 May, indicating the huge potential of the project. The project has been interacted with by Elon Musk on Twitter, and numerous traders are backing the project to make big gains in the future.

The current $WSM price is $0.0292, which will incrementally increase in each stage. The Wall Street Memes presale price is set to increase to $0.0337 in its final round before its initial exchange offering (IEO).

Quant

Quant has exploded recently, climbing 9.6% in the past day. Despite plummeting over 20% following the SEC’s lawsuits against Binance and Coinbase, QNT recovered most of its losses in a single candle yesterday.

As we can see on the QNT chart below, the coin is currently trading at a key support level on the weekly timeframe.

A bullish continuation over the weekend could result in an engulfing candle on the weekly close, indicating strong upside momentum is to come.

With that in mind, the next 48 hours are crucial for QNT since more bullish price action could signify a move towards $195 shortly.

The fundamental cause of QNT’s recent price action is that Quant has announced it is part of the Project Rosalind team for the Bank of England’s CBDC development. Project Rosalind tested the CBDC on Quant’s blockchain infrastructure.

AiDoge

AiDoge is another crypto worth buying on the recent rebound. Similarly to Wall Street Memes, AiDoge is a presale meme coin. The difference is that AiDoge has now finished its presale after selling out a couple of weeks ago having raised a huge $14.9m.

However, investors are currently poised with one final opportunity to purchase $AI at a fixed price before it goes live on exchanges in two days. Speculators are predicting AiDoge could follow in the footsteps of previous presales like Tamadoge after its IEO and 10X.

While categorically a meme coin, the exciting thing about AiDoge is that it presents real value to holders. This is because AiDoge is an AI-powered platform that enables $AI holders to generate memes using AI tech.

The process is simple, with users being able to create memes based on recent crypto events with simple text-based prompts.

Currently, $AI is only available to purchase from the AiDoge website for $0.0000336. However, following its IEO, the price will be a product of supply and demand, giving it the potential to explode.

Injective Protocol

The interoperable blockchain project, Injective Protocol, has surged 10% in the past 24 hours following a sustained sell-off since its local high in April.

Currently, Injective Protocol is trading at a long-term key level which it has touched several times since the last bull run.

Zooming into the daily chart, we can see that the coin has recently shown a bullish engulfing candle, rebounding off the $5.569 level.

Over the next few weeks, broader market fundamentals will play a key role in whether INJ can continue its run.

INJ has proven one of the best coins to buy during the crypto winter, up 493% since 1 January 2023.

Injective Protocol is designed to accommodate financial applications and boasts many unique advantages compared to other networks, such as an MEV-resistant on-chain order book.

However, its recent price pump follows the network’s Zen NFT mint, which saw 147,000 NFTs minted in less than 24 hours.

GMX

The final crypto to buy this week is GMX, a decentralised perpetual exchange built on the Ethereum layer two blockchain, Arbitrum. It has also outpaced the broader market recently, climbing 7.89% in the last 24 hours.

Although GMX has plunged 44% since its local top in April, the recent bullish momentum is a sign things are looking up for the crypto. The GMX chart below shows that the token was heading towards its long-term support level of $38.

However, this will have led to many late shorts, providing ample liquidity for market makers to accumulate, potentially meaning the coin may bounce without touching the $38 level.

The coin has displayed significant bullish momentum across the last three daily candles. This means a trend continuation today could lead to a “three soldiers” candle stick pattern.

GMX’s unique design means users enjoy low fees and zero price impact, and it is the first exchange to facilitate non-custodial, leveraged trading on cryptocurrencies.