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2 cryptocurrencies to buy in May 2024
Bitcoin and Fetch.ai stand out as two cryptocurrencies that could skyrocket in value in the second half of 2024.
With new signs that a crypto market has arrived, it may be time to look for new coins to add to your portfolio. Of course, the most promising crypto investments are those with new catalysts in place that could help them increase in value throughout 2024.
With that in mind, there are two cryptocurrencies on my radar at the moment: Bitcoin (Bitcoin -1.58%) and Search.ai (FET -0.21%). Both have new catalysts in place and the potential to skyrocket in value in both the short and long term. Let’s take a closer look.
Bitcoin
The obvious investment in crypto is Bitcoin, which is already up almost 60% year to date. With the strength of investor flows into the new spot Bitcoin ETFs, this crypto continues to lead the bull market. Nearly five full months into the year, new spot Bitcoin ETFs now have more than $30 billion in assets under management.
Although investor flows slowed in late April and early May, they now appear to be increasing again, and that is good news for Bitcoin investors. As large institutional investors continue to disclose their Bitcoin ETF holdings since the first quarter of the year, this will only lead to further momentum. Risk-averse institutional investors – think pension funds, endowments and sovereign wealth funds – could be ready to enter the mix. This constant buying will continue to increase the price of Bitcoin.
The added bonus for crypto investors is the recent Bitcoin halved event, which took place on April 19th. Historically, each halving has started a Bitcoin market rally. There have been three previous Bitcoin halving cycles (in 2012, 2016, and 2020), and each of them led to a spectacular recovery. In the previous halving cycle, for example, Bitcoin went from just under $10,000 in May 2020 to $69,000 just 18 months later.
Of course, past performance is no guarantee of future performance. And so far, the halving has been kind of nothing. Since April 19, Bitcoin has risen just 4%. But many investors think Bitcoin’s long-awaited halving-driven rally is still coming; It’s just taking a while to arrive. Therefore, May could be an opportune time to invest in order to capture as much of this early advantage as possible.
Search.ai
Artificial Intelligence (AI) crypto tokens have been some of the best-performing crypto assets of the year. The top AI crypto token on my watch list is Fetch.ai, which has soared an impressive 237% in 2024 and is now ranked as one of the top 50 cryptocurrencies in the world based on market cap. For that, you can thank the tremendous enthusiasm behind the AI investment thesis.
Several factors make Fetch.ai an attractive investment option right now. Firstly, Fetch.ai is constantly adding new AI partners in the corporate world, including both Bosch It is Deutsche Telekom. In February, Fetch.ai partnered with these two German giants on an innovative AI platform. As Bosch and Deutsche Telekom advance their own corporate AI initiatives, this could help make the Fetch.ai token even more valuable.
Image source: Getty Images.
And secondly, there is talk of an upcoming “Artificial Superintelligence Alliance” with Fetch.ai that could be finalized by the end of May. This AI alliance will also include SingularityNET It is Ocean Protocol, both of which are also leading cryptographic AI tokens. The three tokens plan to combine forces to form a new AI super token called ASI (for “Artificial Super Intelligence”).
Fetch.ai holders will be able to exchange their tokens at a 1:1 ratio for the new AI super token. What this means is that you will get improved value for your Fetch.ai token. Instead of having access to the potential advantage of just one AI crypto token, you will soon have access to the potential advantage of three!
Of course, things happen quickly in the AI space and it’s unclear who the ultimate winners will be. Therefore, there is always a chance that this new AI alliance will fail or that Fetch.ai will be overtaken by other competitors. But I like Fetch.ai’s chances of making a big impact.
Long-term perspectives
For both Bitcoin and Fetch.ai, the long-term prospects are as attractive as the short- and medium-term prospects. In fact, I would say the long-term prospects for both are more attractive. Many investors – including Cathie Wood of Ark Invest – I think Bitcoin is still on its way to $1 million or more. And many investors think that AI is the most important new investment thesis of the current era.
So, if you are thinking about investing in Bitcoin or Fetch.ai, keep your focus on both the future and the immediate present. If everything goes as planned, investments in these two cryptocurrencies could pay off big.