As major cryptocurrencies succumbed to technical selling on Wednesday, with Bitcoin (BTC) down about 3.5% in the past 24 hours to below $65,000, investors looking for quick profits may want to buy now. I am scouring the altcoin market in search of the best virtual currency.
Bitcoin's decline was likely caused by technical selling, with the cryptocurrency breaking below its short-term uptrend.
The latest decline does not affect the overall picture for Bitcoin. BTC has still been trading within a range of around $60,000 to $74,000 for several weeks as traders monitor various competing themes.
Bitcoin – the best cryptocurrency to buy now?
Bitcoin halving just happened on April 20th. – Historically, it has been a bullish catalyst for the market. However, it typically takes several months for this to fully develop as a tailwind.
#bitcoin Cut expectations and reality in half
— Market Maestro (@MarketMaestro1) April 23, 2024
Meanwhile, stronger-than-expected economic data recently released in the U.S. has dampened expectations for a Fed rate cut. This has been a headwind for the market recently, with US yields and the US dollar rising.
Markets will closely monitor Friday's US core PCE inflation statistics. These statistics could have a major impact on expectations for the Fed's interest rate cuts, which are currently expected to begin in September.
Another major driver of the BTC market is the continued demand for spot Bitcoin ETFs. This trend has slowed recently.
Most expect that demand from institutional investors will significantly outweigh the current short supply of new BTC tokens.
❖ BITFINEX estimates that the demand for Bitcoin after the halving will be 5 times the supply
according to…
— *Walter Bloomberg (@DeItaone) April 23, 2024
This should be a long-term tailwind for the market.
Bitcoin is expected to reach $100,000 in the second half of 2024. For investors new to the crypto space, BTC is definitely a great candidate for a cryptocurrency to buy right now.
For investors who want to secure more than double their profits in the current bull market, altcoins may be a better option.
Smaller, lesser-known altcoins are much riskier than Bitcoin, which is currently very established. However, that risk premium means there is plenty of upside potential if these altcoins gain traction.
Here are some altcoins that performed well on Wednesday and could be the best cryptos to buy now.
Altcoins – Which are the best cryptocurrencies to buy now?
BONK
BONK, one of Solana’s top meme coins, has been on the rise in recent days.
At the last $0.000025, Bonk is up 12% in 24 hours and has doubled compared to its previous monthly low, according to CoinMarketCap.
This strong momentum comes after BONK broke a short-term downtrend.
Bonk is down 12% from pre-trade highs, but is still trending back above $0.000030.
A quick recovery to March highs could mean a near doubling of the rally.
The prospect of immediate profits means Bonk is the best crypto candidate to buy now.
Algorand (ALGO)
Another altcoin that recently broke its downtrend is Algorand (ALGO).
ALGO is up about 13% in the past 24 hours, according to CoinMarketCap.
It last traded at just under $0.22, down 18% from its previous trading high. However, ALGO could soon push towards recent highs near $0.33.
A predicted 50% rise in a short period of time means it could be the best cryptocurrency to buy today.
Hedera (HBAR)
Hedera (HBAR) is backdated a day after the big news that BlackRock is launching a tokenized fund on its blockchain.
Archax co-founder/CEO confirmed that BlackRock was aware of the tokenization of money market funds. $HBAR.
Yes, they did not “partner” with Hedera here.
This is a project built on Hedera and has chosen to tokenize the Blackrock fund, confirming Blackrock…
— Mason Versluis (@MasonVersluis) April 24, 2024
HBAR last traded at just above $0.122, down more than 30% from its previous trading high.
However, it still remains up 6% in the past 24 hours, according to CoinMarketCap.
HBAR's market cap of less than $5 billion suggests the cryptocurrency may still be a bargain. If BlackRock is already using it, there may be limitations.
Therefore, HBAR is the best cryptocurrency candidate to buy right now.
Cryptocurrency 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 their own crypto applications/platforms.
The team at Cryptonews.com spends a lot of time scouring pre-sale projects to help investors.
Below is a list of what our team deemed the best crypto presales of 2024.
See 21 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.
