1 Top Cryptocurrency to Buy Now -- It Could Soar 614%, According to a Wall Street Analyst
The cryptocurrency market rebounded sharply over the past year amid signs of economic resilience. Inflation has cooled, recession fears have diminished, and the Federal Reserve anticipates a few interest rate cuts this year. Low-rate environments have historically been a good thing for cryptocurrencies, so investors have moved back into the market.
Another reason for the upward momentum is excitement surrounding spot exchange-traded funds (ETFs) for Bitcoin (CRYPTO: BTC) and Ethereum. Those vehicles track (or would track) the price of the underlying cryptocurrency. Spot Bitcoin ETFs were approved in January and, while many analysts think spot Ethereum ETFs will initially be rejected, they anticipate approval eventually.
Finally, investors are amped up about the halving of Bitcoin mining rewards slated to occur this month. It will be the fourth halving event since Bitcoin was created in 2009, and the last three halving events led to significant price appreciation. Investors are undoubtedly hoping for the same outcome this time around.
Source Fool.com
