Investors looking for the best cryptocurrencies to buy today are focusing on the possibility of Bitcoin (BTC) breaking through the 21DMA of the low $67,000s due to rising U.S. stocks and a weaker U.S. dollar. Looking for opportunities in the market.
Bitcoin is looking to erase weekly losses as macro investors ponder the prospect of interest rate cuts this summer. It was down 5% this week.
So far this week, U.S. economic data has been mixed but largely supports the view that the labor market and economy remain strong.
That leaves traders worried that the Fed won't cut rates as soon as expected (i.e. in June). But comments from Fed Chairman Jerome Powell on Wednesday appeared to allay some of those concerns.
All eyes now turn firmly to Friday's US jobs report. The U.S. economy is expected to add a massive 200,000 jobs in March, according to the median forecast of economists compiled by Reuters.
If this data turns out to be unexpectedly negative, there is a good chance that Bitcoin could rise above $70,000 as expectations for a rate cut increase.
Indeed, the theme of rate cuts in the second half of 2024 will continue to be a long-term tailwind for the Bitcoin market. The upcoming halving and continued demand for spot Bitcoin ETFs are also likely to continue supporting prices.
Bitcoin is on track to test $100,000 in 2024, making it a strong contender for the best cryptocurrency to buy right now.
However, investors looking for 5-10x returns will need to target smaller, lesser-known altcoins.
Here are some altcoins that performed well on Thursday that could be the best crypto candidates to buy today.
Best cryptocurrencies to buy today
PENDLE
Tokenization protocol PENDLE’s tokens were soaring on Thursday, rising more than 12.5% in 24 hours, according to CoinMarketCap.
Pendle last changed trades in the $5.50 range and was nearing a retest of the all-time high in the $5.70 range.
The market capitalization of the leading decentralized tokenization protocol remains very modest at $1.4 billion.
This suggests that this bull market holds the potential to see at least a 10x return. Therefore, it is a candidate for the best cryptocurrency to buy today.
Mantle (MNT)
The popular Ethereum layer 2 protocol Mantle (MNT) rose 12% in 24 hours to $1.38.
Like Pendle, the company is eyeing a retest of last month's all-time high around $1.50.
Its market capitalization remains small at approximately $4.5 billion. VanEck predicts that Ethereum Layer 2's valuation will reach $1 trillion by 2030, so Mantle could be the best cryptocurrency to buy right now.
#VanEck predicts that the Ethereum Layer 2 network's valuation could reach $1 trillion by 2030.
Despite this optimistic assessment, #VanEck remains cautious about the long-term outlook for many layer 2 tokens, as we expect stiff competition. pic.twitter.com/DVoNaedFJa
— Satoshi Club (@esatoshiclub) April 4, 2024
Chili's (CHZ)
Fan NFT marketplace Chiliz (CHZ) is up 8.5% in 24 hours, making it the top gainer today, according to CoinMarketCap.
However, CHZ's last price was $0.142, still trading within its recent range. This means traders still have plenty of time to take positions ahead of a potential breakout.
In fact, CHZ formed a pennant structure in 2024. If there is an upward break, CHZ could quickly surge to highs near $0.30 in mid-2022.
With potential 2x rapid profit prospects, Chiliz could become one of the best crypto assets today.
Cryptocurrency 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