As major cryptos succumbed to technical selling on Wednesday, with Bitcoin (BTC) having slipped around 3.5% in the past 24 hours to below $65,000, investors hunting for fast gains are scouring altcoins markets for the best crypto to buy now.
Bitcoin’s drop was probably triggered by technical selling, with the cryptocurrency dropping below a short-term uptrend.
Bitcoin’s latest dip comes amid technical selling, but its long-term fundamentals suggest it remains amongst the best crypto to buy now. Source: TradingView
The latest dip doesn’t impact the broader picture for Bitcoin. BTC still trades within multi-week $60,000-$74,000ish ranges as traders monitor various competing themes.
Bitcoin – The Best Crypto to Buy Now?
The Bitcoin halving just took place on April 20 – historically a bullish catalyst for the market. However, this has typically taken a few months to really kick in as a tailwind.
#Bitcoin halving expectation vs reality
pic.twitter.com/ymLoEVgPFx
— MarketMaestro (@MarketMaestro1) April 23, 2024
Meanwhile, recent stronger-than-expected data out of the US has seen Fed rate cut bets pushed back. This has recently been a headwind to the market, with US yields and the USD rising.
The market will closely watch Friday’s US Core PCE inflation data. The data could greatly impact Fed rate cut expectations, which are currently for rate cuts to begin in September.
Another key driver of the BTC market has been the continuous demand for spot Bitcoin ETFs. These flows have slowed recently.
Most expect that demand from institutional investors will greatly outweigh the current lower supply of new BTC tokens.
❖ BITCOIN’S POST-HALVING DEMAND TO BE 5X GREATER THAN SUPPLY, BITFINEX ESTIMATES
Bitcoin’s recent mining reward halving has altered the market in such a way that it could potentially lead to cryptocurrency’s demand being five times greater than that of supply, according to the…
— *Walter Bloomberg (@DeItaone) April 23, 2024
That should also be a long-term tailwind for the market.
Bitcoin is on course to hit $100,000 later in 2024. For investors new to the crypto space, BTC is certainly a candidate for the best crypto to buy now.
For investors looking to secure greater than 2x gains during the present bull market, altcoins might be a better option.
Smaller and lesser-known altcoins are much riskier than the now very well-established Bitcoin. But that risk premium means that should these altcoins gain traction, there is a lot of potential for upside.
Here are a few strong-performing altcoins on Wednesday that could be the best crypto to buy now.
Altcoins – Which Are The Best Crypto to Buy Now?
Bonk (BONK)
One of Solana’s top meme coins, Bonk (BONK), has been pushing higher in recent days.
Last at $0.000025, Bonk is up 12% in 24 hours, as per CoinMarketCap, and up 2x versus earlier monthly lows.
The strong momentum comes after BONK broke a short-term downtrend.
BONK could be the best crypto to buy now after rising above a recent downtrend. Source: TradingView
While Bonk is down 12% from earlier session highs, it’s still on course to move back above $0.000030.
If it can quickly recover to March highs, that could mean near 2x gains.
The prospect of quick gains means Bonk is a candidate for the best crypto to buy now.
Algorand (ALGO)
Another altcoin that recently broke a downtrend is Algorand (ALGO).
ALGO could be the best crypto to buy now after breaking above a recent downtrend. Source: TradingView
ALGO is up around 13% in the past 24 hours, as per CoinMarketCap.
Last just under $0.22, it’s down 18% from earlier session highs. But ALGO could soon pump towards recent highs around $0.33.
The prospect of quick 50% gains means it could be the best crypto to buy today.
Hedera (HBAR)
Hedera (HBAR) is retracing one day after big news that BlackRock is setting up a tokenized fund on its blockchain.
Archax Co Founder / CEO has CONFIRMED that Blackrock was aware of their tokenization of the money market fund on $HBAR.
Yes, they did not “partner” with Hedera here.
This is a project built on Hedera, that has chosen to tokenize a Blackrock fund, and it’s confirmed Blackrock…
— MASON VERSLUIS (@MasonVersluis) April 24, 2024
HBAR was last trading just above $0.122, over 30% down from earlier session highs.
But that still leaves it up 6% in the past 24 hours, as per CoinMarketCap.
HBAR’s market cap of under $5 billion suggests that the crypto could still be a bargain. If BlackRock is already using it, the sky could be the limit.
HBAR is, therefore, a candidate for the best crypto to buy now.
Crypto Alternatives to Consider
All of the above coins offer potential investors a great chance to make 10x gains.
But, for those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a one-of-a-kind crypto application/platform.
The team at Cryptonews.com spends a lot of time combing through presale projects to help out investors.
Here is a list of what the team deems to be the best crypto presales of 2024.
See the 21 Cryptocurrencies
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