With cryptocurrency markets a sea of red on Tuesday, the market continues to trade heavily due to concerns about Middle Eastern geopolitical tensions and the diminishing likelihood of near-term Fed interest rate cuts; investors are turning to smaller and lesser-known altcoins as they hunt for the best crypto to buy today.
Bitcoin (BTC) was around $63,000, probing its multi-month range lows. Ether (ETH), meanwhile, was holding just to the north of $3,000.
Both are down sharply from March highs, though losses are modest compared to the retracements seen by many altcoins.
While Bitcoin is down 11% in 30 days, Solana (SOL), XRP (XRP) and Dogecoin (DOGE) are each down 20%. And many smaller altcoins are down an even sharper 40-50%.
Risks remain tilted to the downside for major cryptos in the coming weeks. The halving could well be a “sell-the-news” event for Bitcoin. And an overperforming US economy means that Fed rate cuts might keep getting pushed back.
Massively unpopular opinion: The next #Bitcoin halving has the potential to be a sell-the-news event.
Maybe not directly, but I doubt it has the bullish impact traders have come to know.
It’s a widely-known event that you can literally mark on your calendar. There are countdown… pic.twitter.com/Zbk6GY0WWx
— Justin Bennett (@JustinBennettFX) April 16, 2024
On Tuesday, Fed Chair Jerome Powell remarked that recent data shows little further progress on inflation. Of course, progress on inflation is a key requirement the Fed wants to see before cutting interest rates.
POWELL: IF HIGHER INFLATION PERSISTS FED CAN MAINTAIN CURRENT RATE AS LONG AS NEEDED
— *Walter Bloomberg (@DeItaone) April 16, 2024
Crypto investors will need to be selective when picking the best crypto to buy now.
Here are some strong performers on Tuesday that could be the best crypto to buy now.
Best Crypto to Buy Now
Celestia (TIA)
Celestia (TIA) is attempting to break out of a downtrend that has been ongoing since February.
Last trading just under $11 per token, TIA is up 15% in the past 24 hours as per CoinMarketCap. TIA is up an even more impressive 44% from last week’s lows near $7.50.
If the crypto can break back to the north of $11.50 resistance, its narrative could turn bullish.
Celestia could be the best crypto to buy now if it can pump back to yearly highs. Source: TradingView
If TIA can recover to its yearly highs of around $21, that could mean a nearly 2x upside from current levels.
TIA could be the best crypto to buy now for those looking to benefit from the market’s recent dip.
Pepe (Pepe)
Another coin attempting to make a comeback on Tuesday is Pepe (PEPE). The legendary meme coin was last up 7% in 24 hours, as per CoinMarketCap.
Pepe’s technical outlook recently took a turn for the worse. The meme coin recently broke to the south of a pennant structure.
Pepe could be the best crypto to buy now if it can 2x back to yearly highs. Source: TradingView
After bouncing strongly at its 2023 record highs of around $0.0000045, however, the Pepe sell-off may be over.
A break above downtrend from the 2024 highs and the 21/50DMAs would then open the door to more upside.
Pepe could also post fairly quick 2x gains from here. Hence, it could easily be the best crypto to buy now.
Fantom (FTM)
Fantom (FTM) bulls are trying to regain control on Tuesday as the broader market struggles.
According to CoinMarketCap, FTM was last up around 6.5% in 24 hours and has recovered to around $0.67.
The token is eyeing a rebound to $1.0, but it must first overcome resistance around $0.77.
A break above could open the door to a continued recovery to 2024 highs in the $1.20s.
With FTM’s potential to net investors near-term gains of 2x, it ranks amongst the best cryptos to buy now.
Alternative Crypto Investment Strategy to Consider – Presales
Investing in smaller, lesser-known altcoins is a great way to make a quick crypto profit.
However, investors looking to increase their risk profile shouldn’t neglect another highly profitable strategy: investing in new crypto ICOs.
Up-and-coming web3 start-ups often look to raise funds in their infancy by selling their native protocol token.
These sales are almost always conducted at a steep discount to the project’s potential. For example, most presales will sell their token at a price that gives them a market cap of $10-30 million.
If a good project gains traction, it can easily reach a market cap in the hundreds of millions. So, presale investors can often make as much as 10x or more gains.
Of course, investing in new crypto ICOs comes with many of the same risks as traditional start-up investing. The success of a project relies heavily upon the competency of management and execution.
With so many new crypto ICOs to choose from, getting started can be a daunting task.
Luckily, the experienced team at Cryptonews has already done a lot of digging. Here are 18 of their favorite projects:
See the 18 Cryptocurrencies
Alternatively, check out this video by Cryptonews’ Crypto Arjay, who goes through his top three presales.
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