Following a quiet start to the week, Bitcoin (BTC) and Ether (ETH) are both range-bound within the $68,000 and $3,500/600 ranges during preliminary trading ahead of this week's FOMC meeting. As crypto investors look for the best cryptocurrencies to buy, the focus is on movers and shakers in the altcoin market.
The Fed is expected to keep interest rates on hold. Traders will likely make comments related to the possibility of rate cuts later this year.
Markets have recently retreated from expectations for a rate cut, with inflation higher than expected and the economy also stronger than expected.
This is a small headwind for major cryptocurrencies like Bitcoin. In fact, macro headwinds may have triggered profit-taking, with prices down 7.5% from last week's highs.
However, many stocks in the altcoin industry are not affected by profit taking.
Here are some of the best-performing coins on Monday that 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 Monday, rising 12% in 24 hours, according to CoinMarketCap.
The token hit a new high of over $1.5 and the market cap exceeded $2 billion. Its fully diluted market capitalization was most recently around $14 billion.
This is approximately $2 billion higher than the fully diluted market cap of Uniswap, the most established DEX.
For reference, Uniswap's market capitalization was most recently around $7.1 billion. The cryptocurrency reached a market cap of $22.6 billion in 2021, so Uniswap could easily triple from here.
Jupiter has the potential to reap even greater benefits as a leader in the Solana ecosystem. Especially following the recent surge in Solana meme coin trading activity.
That's why it ranks as potentially the best cryptocurrency to buy today.
Phantom (FTM)
Phantom (FTM), previously Ethereum’s main competitor and seen as popular among crypto investors, is making a comeback.
According to CoinMarketCap, FTM has risen about 10% in the past 24 hours.
Last seen at $0.93, FTM is up a healthy nearly 440% from its October 2023 lows.
And considering its market cap is still less than $3 billion, Fantom has significant upside potential.
Investors can easily expect 10x returns on FTM, making it one of the best cryptocurrencies to buy today.
XRP (XRP)
XRP has been on the rise on Monday, rising about 7% in the past 24 hours to around $0.66.
According to CoinMarketCap, its market capitalization was most recently just over $36 billion, ranking it No. 6.th The largest cryptocurrency.
Despite a strong performance on Monday, XRP continues to be a big laggard this year.
In fact, XRP has been trading almost flat since the beginning of the year.
By comparison, Bitcoin (BTC) and Ether (ETH) are up 60% and 54%, respectively.
Solana (SOL) is up an even more impressive 97.5% and BNB (BNB) is up 76%.
Both overtook XRP in market capitalization, reaching $89 billion and $82.5 billion, respectively. This is currently well over double XRP's market cap of $34 billion.
That means there is room for catch-up trades.
After all, since mid-2023, XRP issuer Ripple has had the upper hand in a lawsuit against the SEC.
XRP could easily quintuple as this crypto bull market matures.
Crypto Alternatives to Consider
All of the above-mentioned coins offer potential investors an excellent opportunity to make 10x returns.
However, for those looking for a higher probability of short-term profits, an alternative high-risk, high-reward investment strategy to consider is participating in cryptocurrency presales.
This is where investors buy tokens for emerging 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 innovative 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 14 that the project deemed the best crypto presales of 2023.
See 14 cryptocurrencies
