As the crypto market succumbs to profit-taking, investors are looking for the best cryptocurrencies to buy to profit from the recent market decline.
Bitcoin (BTC) was most recently traded in the $68,000 range, down about 3.5% over the past 24 hours. Ether (ETH), on the other hand, last traded around $3,700, down about 4.2% over the same period.
Both cryptocurrencies continue to trade with gains of more than 30% in 30 days, largely due to huge demand for the Spot Bitcoin ETF.
But ETF buyers had enough power to sustain the market on Friday. More traders started taking profits in the second half of the week as the macro environment turned into a headwind.
DXY and US yields rose this week as macro traders scaled back bets on Fed rate cuts following the latest CPI and PPI inflation numbers.
Some believe that $74,000 may have been Bitcoin's pre-halving peak. This suggests that it is probably not one of the best cryptocurrencies to buy today.
However, other altcoins continue to rise. Here are some top performers that traders are watching and could be the best cryptocurrencies to buy today.
Best cryptocurrencies to buy today
Jupiter (JUP)
Jupiter (JUP), Solana's largest decentralized exchange, was soaring on Friday, rising 23.5% in 24 hours, according to CoinMarketCap.
The token hit a new high above $1.2, giving it a market cap of $1.6 billion. Fully diluted market capitalization is $12.17 billion.
This is about $1 billion lower than the fully diluted market cap of Uniswap, the most established DEX.
For reference, Uniswap's market capitalization was most recently around $7.8 billion. This cryptocurrency reached a market cap of $22.6 billion in 2021, so it could easily triple from here.
Jupiter has the potential to reap even greater benefits as a leader in the Solana ecosystem.
That's why it ranks as potentially the best cryptocurrency to buy today.
Conflux (CFX)
Conflux (CFX) was one of the top performers today, up 18.5% in 24 hours according to CoinMarketCap.
CFX aims to challenge highs around $0.49 in early 2023.
If the price can break above this point, there is a possibility of a rapid rise toward the high of $0.84 in the second half of 2021.
A potential 2x increase in the short term means CFX could be the best cryptocurrency to buy today.
Solana (SOL)
In line with the biggest DEX token pump, Solana (SOL) also rose significantly on Friday.
According to CoinMarketCap, SOL has gained about 7% in the past 24 hours.
The last move above $180 puts SOL below the 2021 high $260 region.
This token could rise another 50% from its current levels, potentially ranking it as the best cryptocurrency to buy today.
Crypto Alternatives to Consider
All the above-mentioned coins offer potential investors a great chance of making solid profits.
While the future of cryptocurrencies is always uncertain, these stocks could be some of the best cryptocurrencies to buy right now.
However, those who want to increase their chances of short-term profits should consider another high-risk, high-return investment strategy: participating in cryptocurrency presales.
Presales provide investors with a routine to participate from the very early stages of a project, potentially yielding returns as high as 100x.
If investors can identify projects with solid foundations, the risk and return of the investment is very good.
Cryptonews analysts spend a lot of time researching new presale projects.
Here are the 14 best presales of 2024, according to the team at CryptoNews.
See 14 cryptocurrencies
Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all your capital.
