Markets are embracing full risk-on behavior. TradFi has an insatiable appetite for Bitcoin ($BTC) and mining stocks, and later this year, the SEC will no doubt approve an Ethereum ($ETH) Spot ETF. What are the top cryptos to buy right now? According to some analysts the answer might be ERC-20s, especially new small caps like Galaxy Fox ($GFOX).
Bitcoin went from $25,000 to nearly $55,000 from approval to post-launch. Ethereum has a smaller market cap and is deflationary. Most people are not ready for what is to come. $ETH shows strength as price stays above $3K. But the real question is how high will this ERC-20 memecoin go in 2024?
Ethereum ($ETH): Holding Ground Above $3,000
Ethereum has finally flipped resistance at $3,000 after nudging against it for several days, and this critical psychological level has quickly been turned into support. Inflows to $ETH are up big, and the enormous success of the Bitcoin Spot ETFs is driving this price action. Imagine if $ETH sees similar inflows. It could potentially outperform $BTC by nature of being a smaller asset.
In possession of a better monetary policy and shaping up to be the institutional adoption technology bet for this cycle, $ETH still looks undervalued despite trading above $3,000. $BTC and $ETH are the perfect crypto for beginners dipping their toes in the space and promise more exciting returns than TradFi.
The Dencun upgrade coming in March is another significant tailwind for Ethereum, and some price estimates put $ETH trading well above $5,000 by the time of the final ETF deadline in May this year. Ethereum showing staggering strength naturally means that the best cryptocurrencies to buy are those housed under its broad umbrella. An ETH-native altcoin season could break out any day now.
Galaxy Fox ($GFOX): How High Can It Climb In Current Conditions?
Galaxy Fox is a new presale gem that has skyrocketed past $3.6 million in funding and is already labeled as one of the top cryptos to buy right now by some analysts.
Ethereum’s strength creates a vast amount of wealth, and crypto-natives start exploring the risk curve. Those who arrive first profit most, and learning how to buy new crypto before listing is an indispensable skill in bull markets for anybody who wants to 10X their portfolio. Getting in early to $GFOX could see participants enjoy the standard price discovery phase at launch and a powerful second wind if the $ETH ETF gets approved.
Galaxy Fox leverages a hybrid build combining the best of the memecoin and play-to-earn genres. Players can earn by playing its Web3 runner while enjoying the typical explosive upside of a memecoin. Additionally, the ecosystem features a token burn to ensure a deflationary supply and staking rewards are paid out to loyal $GFOX stakers.
The novel implementation of taxes allows $GFOX stakers to earn yield on a deflationary asset, and this entire ecosystem has been built to encourage market activity. Payouts correlated to growth and activity is great news for stakers, and this whole ecosystem could be ready to explode in value.
Closing Thoughts: Ethereum Ecosystem Strong, ERC-20s Look Poised to Print
Ethereum staying steady above $3,000 gives ERC-20 tokens massive room to run. They could be the obvious top cryptos to buy right now, and the gains could be twofold. An initial leap due to $ETH’s current strong performance and a second leap when the ETF gets approved and institutions start bidding.
Galaxy Fox could be one of the best value buys currently available on the market. Supported by a growing appetite to speculate on memecoins, the rise of the GameFi narrative, and $ETH’s solid performance. With some analysts suggesting $GFOX could 100X in the coming months, this memecoin could be one to watch.
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The post $ETH Shows Strength as Price Stays Above $3K; How High Will This ERC-20 Memecoin Go in 2024? appeared first on CoinJournal.
