While the major cryptocurrencies traded mostly positive on Monday, Bitcoin (BTC) remained within its recent range, so investors looking for the best cryptocurrencies to buy today should I continue to search the altcoin market for better trading opportunities.
Bitcoin recently rallied towards $53,000, up about 5% from recent range lows below $51,000.
However, the bulls will not officially regain control until BTC can break above the $53,000 resistance.
Traders will be monitoring buying pressure in the spot market due to ETF inflows that slowed last week, according to CoinShares.
Meanwhile, Ether (ETH) continues to benefit from optimism that it could next receive US spot ETF approval.
According to CoinMarketCap, ETH was up 2% in the past 24 hours and was trading just above $3,100.
Traders are eyeing Thursday's release of U.S. core PCE inflation data as the major macro event this week.
Inflation statistics could affect expectations for a Fed interest rate cut this year and cryptocurrency prices.
Broadly speaking, as long as the narrative of a Fed rate cut later this year remains intact, this week's macro events do not pose much risk to crypto prices and could likely trigger short selling. A decline in the price of a term that will probably be actively bought.
With Bitcoin's halving looming and Ethereum's Dencun upgrade imminent, the outlook for BTC and ETH remains strong.
However, traders can secure faster profits by investing in lesser-known altcoin names that are performing well.
Here are some altcoins with strong bullish momentum that could be the best cryptocurrencies to buy today.
Best cryptocurrencies to buy today
Flare (FLR)
The data-focused Layer 1 blockchain Flare (FLR) has been featured several times recently on CryptoNews' list of the best cryptocurrencies to buy today.
There's a good reason for that.
According to CoinMarketCap, FLR has risen another 37% in the past 24 hours.
The cryptocurrency hit a new all-time high above $0.056 on Monday.
It is now up more than 550% from its October 2023 low.
However, the market cap is still less than $2 billion, and the fully diluted market cap is less than $5.5 billion, so Flair has plenty of room to rise.
Traders could still easily see 3-5x returns in the medium term.
Therefore, Flair remains one of the best cryptocurrencies to buy today.
Theta Network (THETA)
Theta Network, which innovates “dual networks,” was one of the best-performing cryptocurrencies on Monday, rising 25% in 24 hours.
After breaking through the $1.45 resistance, THETA is now testing the key long-term resistance near $1.70.
Theta Network combines a smart contract-enabled layer 1 blockchain with a data and storage network.
THETA's market cap is only around $1.7 billion, so it has plenty of upside from this bull market.
You are guaranteed a 3-5x return.
That's why THETA could be the best cryptocurrency to buy today.
NEAR Protocol (NEAR)
According to CoinMarketCap, Layer 1 protocol NEAR Protocol (NEAR) has risen about 11% in the past 24 hours.
Having recently traded just above $4.10, NEAR is eyeing an impending retest of the 2024 high in the $4.60 area.
A break above this could open the door for a return to all-time highs above $20.
The 5x return is definitely there, making NEAR one of the best cryptocurrencies to buy today.
Cryptocurrency Alternatives to Consider
All of the above-mentioned coins offer potential investors a chance to make a 5x profit.
However, for those looking for a higher probability of short-term profits, an alternative high-risk, high-return investment strategy to consider is participating in cryptocurrency presales.
Here, investors buy tokens for startup crypto projects to fund their development.
These tokens are almost always sold cheaply and have a long history of pre-sales that yield huge exponential returns for early investors.
Many of these projects have great teams and great visions to deliver their own crypto applications/platforms.
If investors can identify such projects, the risk and return of pre-sale investing is very good.
The team at Cryptonews spends a lot of time vetting pre-sale projects to help investors.
Below is a list of 15 that the project considers the best crypto presales of 2023.
See 15 cryptocurrencies
