Major cryptocurrencies were trading with a bearish bias on Monday as traders considered the possibility that the U.S. economy was heading into “stagflation,” which is generally bearish for risk assets. Traders looking for the best cryptocurrencies to buy today are turning to the altcoin market for opportunities.
Bitcoin (BTC) fell to a 10-day low below $62,000 on Monday and is now down nearly 7% from last week's high.
It has since recovered to $63,000, but the short-term downward trend remains.
The first quarter US GDP report released last week showed growth slowing to an annualized rate of 1.6% from 3.4% in the fourth quarter of 2023.
At the same time, however, inflation accelerated in the first quarter, as shown in the latest U.S. Core PCE report.
We are slowly moving towards stagflation. This is a difficult area for policy. pic.twitter.com/N4VHFp0toa
— Joseph Wang (@FedGuy12) April 25, 2024
That could force the Fed to keep interest rates high despite the economic slowdown.
Bitcoin traders will be closely monitoring U.S. economic events this week, including the Fed's policy announcement, the ISM Manufacturing and Services PMI report, and the April jobs report.
The Fed is likely to stick to its hawkish message of waiting for further developments in inflation before cutting rates.
Meanwhile, economic indicators will further inform the stagflation debate.
The risks seem to be tilted toward Bitcoin testing the lower end of its recent range of around $60,000 to $70,000.
Therefore, Bitcoin may not be the best cryptocurrency to buy today for investors looking for quick profits. So if not Bitcoin, which coin is the best one to buy right now?
Investors will need to be more cautious in choosing altcoins with strong narratives.
Here are some strong results from Monday that could make them the best cryptos to buy today.
Best cryptocurrencies to buy today
Wormhole (W)
Investors considering which cryptocurrencies to invest in on Monday should check out Wormhole (W).
According to CoinMarketCap, Wormhole was the best performing coin among the top 100 market caps on Monday.
W rose 14% in less than 24 hours and had just hit a two-week high of over $0.69.
Wormhole is a multi-chain protocol that facilitates the movement of assets and data between blockchains.
Wormhole’s W token is now natively multichain using the Wormhole Native Token Transfer (NTT) framework 💥
Native W is now available in SPL format. @Solana and ERC20 format @Ethereum, @arbitrum, @optimisticand @buildonbase. pic.twitter.com/pwaJohYGXT
— Wormhole (@wormhole) April 25, 2024
The token was launched in early April and reached a peak price of $1.85.
W could record a 3x profit if it returns to its previous highs. That means it could be the best cryptocurrency to buy today.
Sei (SEI)
Finance-focused blockchain Sei (SEI) continued to perform well on Monday, rising 6% in 24 hours.
Parallelizing EVM doesn't end with just starting sei v2. It's time to think bigger.
As part of Sei Labs' mission to extend EVM, we are creating an open-source framework for parallelized L2 chains for maximum performance.
Introducing: Parallel Stacks.
— Sei🔴💨 (@seiNetwork) March 13, 2024
According to CoinMarketCap, SEI traded at $0.64 and had a market cap of $1.8 billion.
SEI is trying to establish its presence above the resistance near $0.60, where the 21DMA is also present.
If the SEI can break above this, it could rebound towards recent highs above $1.10.
Bulls will be hoping Thursday's strong performance marks the beginning of a push back towards the 2024 highs near $11.0.
A rapid 80% upside potential means SEI could be the best coin to buy right now.
Helium (HNT)
DePIN Project Helium (HNT), a network that leverages a decentralized global network of wireless hotspot providers and also acts as a miner, has been active on Monday.
According to CoinMarketCap, HNT rose 12% in 24 hours to trade at around $5.70. In recent trading, the token rose to $6.0.
HNT's market capitalization was most recently around $920 million. This remains a cheap valuation for those who believe in his long-term DePIN vision for the project.
If HNT can break above the 50 DMA at $5.70, it could return to the 2024 high above $11. Considering it has the potential to double quickly, HNT could be the best cryptocurrency to buy now.
Alternatives to Consider – Cryptocurrency Presales
Investors looking to add some risk to their portfolio may want to check out an often overlooked but often profitable crypto investment strategy: investing in presales.
Emerging Web3 projects often conduct ICOs to raise funds for project development.
In order to attract early interest/investors into the project, these tokens are typically sold at a very low market capitalization.
This gives pre-sale investors the chance to make big profits.
Of course, presale investing is not without risk. The success of a project is highly dependent on the management team.
If things go wrong, pre-sale investors could lose their entire initial investment.
However, if you can reliably identify projects with good teams and strong use cases, pre-sale investments can yield significant returns.
With so many projects vying for investor funding, it can be difficult to know where to start.
Fortunately, Cryptonews.com's analysts spend a lot of time researching the altcoin market in search of high-potential projects.
Here are some of the most popular products on the market right now.
21 Best Crypto Presale Projects for April 2024
Or watch Cryptonews analyst Crypto Arjay's top picks in the video below.
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.
