As major cryptos consolidate above earlier session lows, with Bitcoin (BTC) close to $64,000 and Ether (ETH) close to $3,150, traders looking for the best crypto to buy now are scouring altcoin markets for top gainers.
Blue-chip cryptocurrency markets are trading down on the week. Spot Bitcoin ETF demand has continued to decelerate, with BlackRock’s IBIT experiencing zero inflows for the first time on Wednesday.
❖ BITCOIN ETFS SEE $120 MILLION OUTFLOWS, BLACKROCK’S IBIT ENDS 71-DAY INFLOW STREAK
Per data from Farside Investors, most Bitcoin ETFs saw zero daily inflows, with just the Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB) seeing inflows of $5.6…
— *Walter Bloomberg (@DeItaone) April 25, 2024
And the latest US GDP report has just pushed US yields back to multi-month highs. That’s because the inflation component of the report was hotter than expected, weighing on Fed rate cut bets.
As per the CME, the odds of no interest rate cuts before September jumped 10% to over 40%.
While major cryptos like Bitcoin and Ether are trading flat over 24 hours, according to CoinMarketCap, this is potentially bearish.
Should Friday’s US Core PCE inflation report get hotter than expected, major cryptos could soon retest recent lows.
Additionally, fading ETF demand and continued post-halving selling from miners could see Bitcoin drop to $50,000.
Bitcoin could soon fall to the $50,000s, suggesting it potentially isn’t the best crypto to buy now. Source: TradingView
That suggests that, for short-term investors, it probably isn’t the best crypto to buy now.
Investors hunting for fast returns will instead need to turn to the altcoin market.
Smaller and lesser-known altcoins can pump regardless of broader market conditions if they have a strong bullish narrative.
Here are some strong performers on Thursday that could be the best crypto to buy today.
Best Crypto to Buy Today
Wormhole (W)
Multi-chain protocol Wormhole (W), which facilitates the movement of assets and data between blockchains, is pumping on Thursday.
As per CoinMarketCap, Wormhole went up over 20% in 24 hours, reaching $0.66. Its market cap, meanwhile, was last around $1.2 billion.
First launched at the start of the month, W is still down sharply from its post-ICO highs.
W is now live, completing step one of the token’s launch roadmap
Through a strategic rollout, W will become a natively multichain token, leveraging the strengths of both Solana and EVMs, while introducing the industry’s first multichain governance system.
Learn more below pic.twitter.com/S12T7ig9WR
— Wormhole (@wormhole) April 5, 2024
W reached nearly $2 on Binance. The token has since seemingly found a floor around $0.50.
And its latest rebound may see it break out of its two-week range. This could open the door to a fast run higher towards $2.0 once again.
The prospect of 4x gains suggests W could be the best crypto to buy now.
Bonk (BONK)
Since snapping its recent downtrend, leading Solana meme coin Bonk (BONK) continues to march higher.
BONK was last up 15% in the past 24 hours and trading close to $0.000029, as per CoinMarketCap.
Bonk is now challenging its late-March highs and the $0.000030 level. A sustained move above here would open the door to a return to $0.000048.
The prospect of quick 65% gains makes Bonk potentially the best crypto to buy now. Source: TradingView
The prospect of quick 65% gains makes Bonk potentially the best crypto to buy now.
Pepe (PEPE)
Another leading meme coin Pepe (PEPE) is also enjoying bullish following a downtrend breakout.
Last just under $0.000008, PEPE is up 7% in the past 24 hours, as per CoinMarketCap.
Like Bonk, it is eyeing a potential return to its recent record highs, which are near $0.000011 for Pepe.
Pepe is eyeing a potential return to its recent record highs. Source: TradingView
Pepe has a lot of upside potential as the leading non-Shiba Inu-dog-themed meme coin in the market.
Its market cap of around $3.3 billion suggests the scope for 5x gains in this bull market.
That makes Pepe potentially 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 22 Cryptocurrencies
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