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2 cryptocurrencies to buy in May 2024
Bitcoin and Fetch.ai stand out as two cryptocurrencies whose value could skyrocket in the second half of 2024.
With new signs indicating the arrival of a cryptocurrency bull market, it may be time to look for new coins to add to your portfolio. Of course, the most promising cryptocurrency investments are those that come with new catalysts that can help them increase their value throughout 2024.
With that in mind, there are two cryptocurrency coins on my radar right now: Bitcoin (Bitcoin -0.67%) e Recover.ai (FET -2.69%). 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 cryptocurrency investment is Bitcoin, which is already up nearly 60% this year. On the strength of investor inflows into the new Spot Bitcoin ETF, this cryptocurrency continues to lead the market higher. Nearly five full months into the year, new Bitcoin spot ETFs now have more than $30 billion in assets under management.
Although investor inflows slowed in late April and early May, they now appear to be picking up again, and that’s good news for Bitcoin investors. As large institutional investors continue to disclose their holdings in Bitcoin ETFs starting in the first quarter of the year, this will only lead to new momentum. Risk-averse institutional investors – think pension funds, endowments and sovereign wealth funds – may be ready to enter the mix. This constant buying will continue to drive the price of Bitcoin higher.
The additional advantage for cryptocurrency investors is the recentness Bitcoin halving event, which took place on April 19. Historically, each halving has kicked off a Bitcoin bull market rally. There have been three previous Bitcoin halving cycles (in 2012, 2016 and 2020) and each of them led to a spectacular rally. 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 a bit of a stalemate. Since April 19, Bitcoin is up just 4%. But many investors think the long-awaited Bitcoin halving-fueled rally is still on the way; It just takes a while to get there. So May could be the right time to invest, in order to capture this expected rise as much as possible.
Recover.ai
Artificial intelligence (AI) crypto tokens have been some of the best performing cryptocurrencies of the year. The top AI crypto token on my watchlist is Fetch.ai, which is up a staggering 237% in 2024 and now ranks as one of the top 50 cryptocurrencies in the world based on market capitalization. For that, you can thank the enormous enthusiasm behind the Investment thesis on artificial intelligence.
Several factors make Fetch.ai an attractive investment option right now. First of all, Fetch.ai is constantly adding new AI partners in the enterprise world, including both Bosch AND Deutsche Telekom. In February, Fetch.ai collaborated with these two German giants on an innovative new AI platform. As both Bosch and Deutsche Telekom move to further their corporate AI initiatives, this could help make the Fetch.ai token even more valuable.
Image source: Getty Images.
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 AND Ocean Protocol, both are also the best AI crypto tokens. The three tokens plan to join forces to form a new AI super-token called ASI (for “Artificial Superintelligence”).
Fetch.ai holders will be able to exchange their tokens on a 1:1 basis for the new AI super token. This means you will get a higher value for your Fetch.ai token. Instead of having access to the potential benefit of just one AI crypto token, you will soon have access to the potential benefit of three!
Of course, things move fast in the AI space, and it’s unclear who the ultimate winners will be. So there’s always the possibility that this new AI alliance will fizzle out or that Fetch.ai will be overtaken by other competitors. But I like Fetch.ai’s chances of making a real splash.
Long-term prospects
For both Bitcoin and Fetch.ai, the long-term prospects are just as attractive as the short- and medium-term ones. In fact, I would argue that the long-term prospects for both are more attractive. Many investors, including Cathie Wood of Ark Invest – I think Bitcoin is still on track to reach $1 million or more. And many investors believe that artificial intelligence is the most important new investment thesis of the current era.
So if you’re thinking about investing in Bitcoin or Fetch.ai, focus on the future as much as the immediate present. If things go as expected, investments in these two cryptocurrencies could pay off big.