Investors weighed in on top crypto prices as crypto prices rebounded on Thursday after bulls strongly defended the previous day's $60,000 Bitcoin (BTC) and $3,000 Ether (ETH) levels We are looking for small, lesser-known altcoins that can become Buy now for instant profit.
The world's two largest cryptocurrencies, Bitcoin and Ether, were both under threat of a breakout below psychologically important levels earlier this week.
Many traders are becoming more pessimistic about the near-term outlook as macro and geopolitical headwinds intensify ahead of the halving. However, Bitcoin has since rebounded to nearly $64,000 and Ether to nearly $3,100.
Cryptocurrencies ignore bearish sentiment as market frothyness declines
However, the price of cryptocurrencies tends to move in the opposite direction of what people expect.
According to research firm Santiment, “#Bitcoin’s market value has fallen -16% since hitting #AllTimeHigh of $73,600 on March 14th, effectively ending the #bull market.” ”th”.
“At the same time, we are seeing an increase in references to a bear market,” Santiment continued in a research note.
Santiment points out that there has also been less mention of “buying on the edge,” which often heralds the end of a downtrend.
📈 #cipher Since today's market is on an upward trend, #bitcoin In just over 36 hours, it has bounced back to $63.8,000. #Half event.The crowd is consistently #bearish Sentiment about the all-time high increases, and arguments for further gains intensify. https://t.co/fPmv7gAQli pic.twitter.com/mAIZa8c5jJ
— Santiment (@santimentfeed) April 18, 2024
The bubble sentiment in the retail industry has clearly subsided. This is clear when looking at the futures market.
According to Coinglass.com, the funding rate paid by traders taking leveraged long Bitcoin positions recently fell to multi-month lows. Open interest (i.e. the USD value of outstanding leveraged futures positions) has also fallen significantly from recent highs.
A less frothy market suggests a more stable base from which Bitcoin price can bounce back. This may explain the strength of Thursday's rally, which likely caught us off guard.
Although many altcoins have fallen significantly from their recent highs, the market is currently recovering and could rise quickly.
Here are some altcoins that performed well on Thursday and could be the best cryptos to buy now.
Best cryptocurrencies to buy now
Injective word (INJ)
Injective (INJ), a decentralized trading protocol, is gaining momentum as the market rebounds and is eyeing a retest of the $30 resistance.
The token rose about 14% in 24 hours, giving it a market cap of $2.7 billion, according to CoinMarketCap.
stake $INJ And chill 🫡 https://t.co/Uu8gAEkueD
— Injection🥷 (@injective) April 17, 2024
I don't see any specific factors that are causing cryptocurrencies to outperform. However, the news that the number of staked INJ tokens continues to increase bodes well for the protocol.
That modest valuation suggests there's still plenty of room for the cryptocurrency to go up 5x or 10x from here. It could be the best cryptocurrency to buy right now.
GALA
Gala (GALA), the play-to-earn blockchain gaming platform, is looking to continue its recovery from its recent decline.
GALA's last price was $0.04380, up 12% in 24 hours and 30% from last week's low of less than $0.033.
GALA prices crashed last week amid a market-wide decline and a bearish pennant breakout.
However, if GALA can overcome the $0.050 resistance, it could quickly recover to year-to-date highs near $0.088. GALA could be the best cryptocurrency to buy right now.
Akash Network (AKT)
Distributed computing resource network Akash Network (AKT) is emerging from its recent downturn.
AKT is up 11% in the past 24 hours and was trading around $4.0. The token has been in free fall since late March and is still down about 40% from its yearly high of $6.50.
However, AKT is looking to break away from its recent downturn. A break above the 21DMA of $4.20 could open the door for a surge to $5.0, which has turned from resistance to support.
The potential for quick profits means AKT may be the best cryptocurrency to buy right now.
Alternative investment strategies to consider
All of the above coins offer investors great opportunities for short-term profits. In fact, altcoin investing can be very profitable if investors can reliably find undervalued projects and time the market well.
However, given the high volatility of the altcoin market, there are many risks involved in trying to time the market.
An alternative strategy with less risk regarding market volatility is to invest in cryptocurrency presales or ICOs.
Promising Web3 projects often conduct funding rounds to pay for initial development costs through native token sales.
These tokens are usually sold at very low valuations to attract brave investors.
Of course, presale investing is also very risky. A project may fail to meet its promises or roadmap and investors may lose money.
However, once a project gains momentum, presale investors often find themselves satisfied with returns of 10x or more.
Here are some of the top presales that CryptoNews analysts are watching.
19 Best Crypto Presale Projects for April 2024
