Top crypto picks for May 23rd include Pepe, Arbitrum, Bonk.

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1/24/2025, 11:51:06 AM

SEC Approval of Ethereum ETFs: Market Response

The Securities and Exchange Commission's approval of eight Ethereum (ETH) exchange-traded funds (ETFs) has led to a surge in market volatility, prompting investor scrutiny for promising cryptocurrencies. Despite the news, ETH has maintained relative stability, trading under $3,800, yet still achieving a 25% weekly gain. The potential for ETH to break above $4,000 positions it as a strong candidate for the top crypto investment.

Ethereum ETFs and Potential Impact

With Ethereum ETFs set to commence trading as early as next week, high demand could drive ETH to new all-time highs, mirroring Bitcoin's ETF reception earlier this year. However, some investors might prefer smaller altcoins for capturing the growth of the Ethereum ecosystem.

Pepe (PEPE): Meme Coin on the Rise

Pepe, the third-largest meme coin, has been gaining value throughout the week, expected to benefit from Ethereum's growing ecosystem. It reached new all-time highs and continues to surge, with a 11% increase in the past seven days. With a market capitalization of $6.26 billion, Pepe still holds significant growth potential.

Arbitrum (ARB): Layer-2 Blockchain's Upswing

Arbitrum, a layer-2 scaling blockchain for Ethereum, is expected to receive a liquidity boost from the newly approved ETFs. Its 5% daily gain and above-average price action suggest an optimistic trend, potentially leading to a 2x gain for investors.

Bonk (BONK): Meme Coin with Affordable Investment

While Bonk is not directly tied to Ethereum's ecosystem growth, its recent upward movement aligns with market sentiment favoring riskier assets. With a lower market capitalization compared to Pepe and Dogecoin, Bonk offers a relatively inexpensive investment option for those seeking the best crypto to buy now.