As blue-chip cryptocurrencies trade with a bearish bias on Wednesday, Bitcoin (BTC) is sliding back to $ 62,000 after it found resistance at its 50DMA earlier this week. With a stagnant market outlook for larger cap coins, traders are parsing through the altcoins markets to look for the best crypto to buy today that might deliver a quick upside.
At current levels around $62,500, Bitcoin is down close to 5% from its Monday high of $65,500.
The cryptocurrency is still up over 10% compared to last week’s lows, however.
Short-term macro headwinds eased last week following weaker-than-expected US jobs data, easing fears about an overly hawkish Fed.
Spot Bitcoin ETF inflows also returned, though they have since petered out once again.
The near-term Bitcoin price outlook looks very much tilted to consolidation within recent ranges.
With Fed rate cuts still some way off and ETF flows not providing much momentum, Bitcoin lacks short-term price narratives.
Consolidation in the coming months would fit Bitcoin’s typical 4-6 months post-halving and summer seasonality.
Sell in May and go away in Bitcoin? @MadsEberhardt with all the data here -> https://t.co/OQyGuqYCFr pic.twitter.com/qxyr0yZ2nN
— Andreas Steno Larsen (@AndreasSteno) May 2, 2024
That said, Bitcoin’s long-term outlook is as strong as ever.
The blockchain’s hash rate, or computing power, has strengthened four-fold since Bitcoin was at its current price level in 2021.
#Bitcoin hash rate has been improved 4X since the last ATH. Still, the price is at $62K.
It should be at $250K instead
pic.twitter.com/a2TrlqChKG
— Vivek
(@Vivek4real_) May 8, 2024
If Bitcoin can nudge back above its 50DMA in the coming weeks, that could be a buy signal, according to an analysis by Bitcoin Archive, which calls it a “mega-bullish” occasion.
Bitcoin sitting just under the 50 Day moving average.
Mega-bullish when it breaks above 50DMA in a bull market.
Consolidation in a bull market is…
pic.twitter.com/ATL2jlXC7f
— Bitcoin Archive (@BTC_Archive) May 8, 2024
With Bitcoin on course to challenge $100,000 this year or next, it’s potentially the best crypto to buy today.
But for investors looking for a bigger upside than Bitcoin’s potential 2x, altcoins might be more attractive.
Here are some of Wednesday’s top-performing altcoins that might be the best crypto to buy today.
Best Crypto to Buy Today
Ethereum Classic (ETC)
Ethereum Classic (ETC), the token of the original, non-forked Ethereum blockchain, is outperforming its sister on Wednesday.
It was last up 5% in 24 hours, as per CoinMarketCap, and trading near $28.
ETC broke below its 2024 uptrend last month. But after briefly reaching as lows as $23, it is mounting a comeback.
If it can break to the north of the $28-29 resistance area, where its 50DMA also resides, that could signal that the bulls have regained control.
Ethereum Classic is a highly speculative play. It doesn’t have a fraction of the adoption of Ethereum. As per DefiLlama, Ethereum has a TVL of $133 billion, while Ethereum Classic has barely $600,000.
But ETC did pump as high as $175 in 2021 – up 6.5x compared to current levels.
As hype and FOMO in the market build and investors become more irrational, ETC could reclaim these peaks, making it a good candidate for the best crypto to buy now.
Tron (TRX)
The price of Tron (TRX) rose rapidly on Wednesday, increasing close to 3% despite the falling market.
Having broken to the north of its 21 and 50DMAs, TRX is eyeing a break above key resistance at $0.1250.
If it can surpass here, a swift move higher towards yearly highs around $0.1450 is possible.
The prospect of quick 20% potential gains makes TRX one of the best crypto to buy today.
Kaspa (KAS)
The outlook for Kaspa (KAS) just took a major turn for the better, with KAS pumping as a result.
As per CoinMarketCap, KAS price has increased by 9% in the past 24 hours and is trading around $0.123.
The door could now be open to a quick return to its yearly highs at $0.19.
The prospect of a near-term 50% upside makes KAS potentially one of the best cryptos to buy today.
Crypto Alternatives to Consider
While the above coins offer the potential to return up to 5x this bull market, many investors will be hunting even stronger near-term gains.
These investors can consider an alternative high-risk, high-reward investment strategy – getting involved in crypto presales.
A presale is when an upcoming web3 protocol sells its native token at an early-bird discount to fund development.
Presales are risky, as projects can fail to deliver. But if they deliver, the upside can be huge – 100x or more.
If investors can reliably identify high-potential presales, they can make a great return.
With so many presales vying for investor funds, knowing where to start can be daunting.
That’s why the team at Cryptonews.com has compiled a list of what they deem to be the best crypto presales.
See the 20 Crypto Presales
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here
