As Bitcoin (BTC) probes for a break below $60,000 and Ether (ETH) pushes under $3,000, crypto investors are turning to the altcoin market as they hunt for the best crypto to buy today.
Crypto has been trading with a bearish bias today, with Bitcoin and Ether down 5-6% in the past 24 hours.
Altcoins, meanwhile, are a sea of red. Solana (SOL) was last down 7% and Dogecoin (DOGE) was last down 6%. Most other majors are down at least 3% in a 24-hour period.
A disappointed debut to spot Bitcoin and Ether ETF trade in Hong Kong was a major catalyst of the decline.
❖ CRYPTOS PLUNGE AFTER HONG KONG ETFS LAUNCH
The world’s leading cryptocurrencies continued their downward trend on Tuesday, with Bitcoin falling below the $62,000 mark after Hong Kong launched its first crypto exchange-traded funds (ETFs).
The six Hong Kong ETFs missed market…
— *Walter Bloomberg (@DeItaone) April 30, 2024
Hotter-than-expected US economic data relating to wage inflation then further contributed to the downbeat mode.
Sticky core inflation…
The US Employment Cost Index rose by 1.2% in the first quarter of 2024, accelerating from a 0.9% increase in the previous three-month period and beating the market consensus of a 1% growth.
Employment costs rose the most in one year, as wages and… pic.twitter.com/SId678qKuT
— Ayesha Tariq, CFA (@AyeshaTariq) April 30, 2024
That latest data reinforces the likelihood that the Fed will continue to delay rate cuts. That’s a message investors are expecting the Fed to signal at tomorrow’s policy meeting.
ISM PMI and jobs data out of the US this week will also inform the outlook for Fed rate cuts.
Risks seem tilted towards macro headwinds continuing. Bitcoin looks at risk of tumbling back towards support in the $53,000 area.
The prospect of 12% downside from current levels suggests that Bitcoin probably isn’t the best crypto to invest in right now. Source: TradingView
The prospect of 12% downside from current levels suggests that Bitcoin probably isn’t the best crypto to invest in right now.
Investors looking to turn quick gains will need to be much more selective, hunting altcoins with strong narratives/momentum.
Here are some altcoins that investors are likely monitoring on Tuesday that could deliver quick gains.
Best Crypto to Buy Today
Wormhole (W)
Newly launched and much-hyped multi-chain protocol Wormhole (W) has seen a big pullback on Tuesday.
It was last down over 13% in 24 hours and trading below $0.60, having touched $0.70 earlier in the session.
W has been stuck between $0.50 and $0.70 for over two weeks. That comes after the token’s major pullback following post-launch highs above $1.80.
Despite the bearish price action, W could be a great buy right now. At current levels, W has a market cap of only around $1 billion.
Altcoins are likely to recover at some point as the bull market resumes. W could see gains of at least 10x from here, ranking it as potentially the best crypto to buy today.
Wormhole’s W token is now natively multichain using the Wormhole Native Token Transfers (NTT) framework
Native W is now available in SPL format on @Solana and ERC20 format on @Ethereum, @arbitrum, @Optimism, and @buildonbase. pic.twitter.com/pwaJohYGXT
— Wormhole (@wormhole) April 25, 2024
Ethena (ENA)
The token of newly launched yield-bearing stablecoin protocol Ethena (ENA) is also pulling lower on Tuesday.
The tokens are transferable
We love you
— Ethena Labs (@ethena_labs) April 29, 2024
Last at $0.80, ENA has a market cap of just over $1.1 billion. That’s a near-50% drop from its April highs above $1.50.
For believers in the long-term adoption of Ethena’s USDe stablecoin within the web3 ecosystem, this could be a great time to buy the dip.
USDe was quickly able to establish itself as a leading stablecoin. As per DeFi Llama, it last had a market cap of $2.3 billion.
Its yield-bearing properties suggest USDe could continue to expand its share in time. This will directly boost demand for ENA, which could be the best crypto to buy today.
Cronos (CRO)
Cronos (CRO), the token of Crypto.com’s blockchain of the same name, is the only top 100 coin trading in the green on Tuesday.
CRO was last up 3% in the past 24 hours, as per CoinMarketCap.
The token continues to consolidate to the north of support in the $0.12 area.
If it can break out of its current descending triangle, CRO could quickly pump back to March highs around $0.18.
If CRO can break out of its current descending triangle, CRO could quickly pump back to March highs around $0.18. That potentially makes it the best crypto to buy today. Source: TradingView
That could mean quick 40% gains for CRO investors who jump in now. CRO could be one of the best crypto to buy today.
Crypto Alternatives to Consider – Presale Investing
Hunting for undervalued altcoin gems is one great way to turn a profit in crypto.
But another often overlooked, high-potential strategy is to invest in crypto ICOs, or presales.
Up-and-coming web3 projects/protocols often sell their native token at a steep discount to fund early development and drum up excitement.
Presale investing is risky, with a high risk that projects fail to deliver on their vision, or gain traction.
But presale investors are usually able to get into a token at very favorable market caps.
That means that, if a project does gain traction, presale investors can turn big profits of 10x or more.
With so many presales vying for investor funds, it can be tough knowing where to start.
For this reason, analysts at Cryptonews keep an eye on the market. Here are some of their top picks.
19 Best Crypto Presales to Invest in 2024
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