Analysts from consulting giant The Motley Fool are discussing which cryptocurrencies should be bought in May. Analysts evaluating BTC, ETH, and Solana highlighted the different areas where each came first.
Which cryptocurrency to buy in May: BTC, ETH or SOL?
Bitcoin (BTC)
Bitcoin in the first place continues to maintain its position as a long-term investment. The correlation between bitcoin and gold has been increasing in recent months. The consensus of experts is that Bitcoin is probably the safest crypto to invest in right now. Of course, “safest” is a relative term. For example, last year, Bitcoin’s value dropped by about 65%.
But one factor in Bitcoin’s favor is its long history, which has made it a favorite of both individual and institutional investors. Founded in 2013, Bitcoin has emerged stronger each time from several different market crashes over the past decade. Bitcoin continues to offer enormous upside potential, both as a form of payment and as a store of value, based on its pace of international adoption.
Meanwhile, Ark Invest’s Cathie Wood predicts that Bitcoin will cross the $1.48 million price mark by 2030. Less aggressive forecasts suggest that Bitcoin will hit the $100,000 mark by the end of 2024. Therefore, according to analysts, Bitcoin offers the optimal mix of risk and reward among the top cryptocurrencies.
Ethereum (ETH)
Next up is Ethereum (ETH), the second largest cryptocurrency by market cap. Ethereum offers investors a well-diversified ecosystem with exposure to every important segment of the Blockchain and crypto world. This includes NFTs, DeFi and Blockchain games. Thus, by holding Ethereum, you can diversify some of the risk of having crypto in your portfolio.
Most impressive are the recent upgrades that Ethereum has completed to become the leading Blockchain. For example, last year Ethereum completed The Merge. This technological upgrade has helped make Ethereum faster, more efficient, and more scaled. It also prepared Ethereum for the next wave of growth in the Blockchain world. Then, in March of this year, Shapella (“Shanghai”) took the stage again with her upgrade.
As a result, Ethereum shows no signs of stopping with future updates. Its founder, Vitalik Buterin, gave investors a detailed roadmap for what’s to come in 2023 and 2024. The goal is to make Ethereum the most efficient, fastest and most scalable Blockchain in the world.
Left (LEFT)
In third place, it has a market capitalization of $8.15 billion. Solana (LEFT) is located. The altcoin has the potential to outperform both Bitcoin and Ethereum this year. Year-to-date, the Solana price has already increased by 107%. This was more than Bitcoin (65%) and Ethereum (53%).
Some argue that this remarkable recovery in Solana is nothing more than a dead cat bounce after the FTX crash last year. According to analysts, there are several key steps Solana has taken in 2023 that make investors optimistic about its future. One of them is the recent launch of Saga, the first mobile phone of a major Blockchain network.
Android-powered Saga is described as a “crypto phone” due to its integration of crypto-friendly features. This mobile is key to Solana’s strong presence in the Web3 market, where other initiatives are being prepared. As you follow on Kriptokoin.com, the sale started a short time ago.
Which cryptocurrency to buy first?
According to analysts, Bitcoin (BTC) will be the featured cryptocurrency this month. BTC is currently the only crypto that offers the optimal mix of risk and reward. So far, at least, Bitcoin has proven to be a safe-haven asset worth holding at a time when America’s regional banks often seem to fail. Motley Fool analysts’ comments on ETH and SOL are as follows:
But if you really want to outperform the market, now is the time to explore altcoins that are much smaller (and therefore much riskier) than Bitcoin or Ethereum. My personal pick is Solana, which has already skyrocketed to triple-digit earnings in 2023. Solana comes with its downsides like ongoing concerns about network stability, but it’s a blockchain that I think is building a long-term future in the crypto world.
56492
