With major cryptocurrencies tumbling sharply on Tuesday, with Bitcoin (BTC) and Ether (ETH) down around 4% over the past 24 hours, traders are now looking to buy for quick profits. Are you looking for the best virtual currency?
Bitcoin fell just below $69,000 in its last session, while Ether returned to around $3,500. Meanwhile, BNB, Solana, and Dogecoin each declined between 2% and 7% during the same period.
The bearish price trend fits with the range-bound trading conditions in the crypto market in recent weeks.
Cryptocurrency markets sell off as Bitcoin nears record high of over $72,000 on Monday amid lack of confidence that prices will rise ahead of Bitcoin's April 20 halving. Pressure is mounting.
In fact, many traders believe that the halving could be “sell news.” Therefore, aggressively buying ahead of the halving makes little sense for many market participants.
Some, like celebrity trader Arthur Hayes, think the macro environment will be a headwind in the short term. US tax payments and Fed tightening will deplete US dollar liquidity in the coming weeks, creating a near-term headwind for the market.
📰 Just IN: Arthur Hayes predicts the crypto market will be depressed from mid-April to the end of April due to US tax payments and Fed tightening, but expects a bullish trend in May due to Fed easing and fiscal stimulus I predict that it will. He warned that the price of Bitcoin could plummet around the time of the halving. profit from…
— BitcoinWorld Media (@ItsBitcoinWorld) April 9, 2024
Concerns about the long-term decline in the prices of major cryptocurrencies have led traders to seek positions in altcoins with better prospects.
Smaller, lesser-known altcoins can pump up despite broader market conditions if they have strong bullish momentum or a strong bullish story.
Here are some leading stocks that could be the best crypto stocks to buy right now on Tuesday.
Best cryptocurrencies to buy now
Fanton (FTM)
Despite the market-wide decline, Phantom (FTM) bulls remained very much in control on Tuesday.
According to CoinMarketCap, FTM was last up about 8% in 24 hours, rebounding above $1.
The token is eyeing an imminent retest of the 2024 high above $1.20.
A break above this could open the door for a continued recovery to the all-time high of $3.67 in 2021.
FTM could provide investors with 3-4x returns even in this bull market. That's why it ranks as one of the best cryptocurrencies to buy right now.
Toncoin (TON)
Telegram-owned cryptocurrency Toncoin (TON) soared to a new all-time high on Tuesday.
According to CoinMarketCap, TON is up about 7% in 24 hours and has a market capitalization of just over $22.5 billion.
The partnership with Telegram, the world's leading private messaging application, positions Toncoin as a potential leader in the 2024 bull market.
The move may be fueled by expectations that Tether will announce the expansion of its USDT stablecoin to the Toncoin network next week.
Its market cap could rise further from here, with investors potentially looking for 3-5x returns.
That's why it could be the best cryptocurrency to buy right now.
Ethena (ENA)
Etena (ENA) hit a new record high of over $1.40 per token on Tuesday.
Since then, the stock has returned to around $1.23, with a market capitalization of $1.16 billion.
ENA is currently a major topic of conversation in cryptocurrencies. The stock has quadrupled since its launch a week ago.
Ethena is a decentralized finance protocol that powers the issuance of USDe tokens with innovative yields.
The protocol recently added Bitcoin as a collateral option, further contributing to the hype.
Ethena seeks to replicate the success of the UST cryptocurrency on the Terra blockchain without causing a dramatic explosion.
The protocol already has a TVL of $2.27 billion per DeFi Llama. However, with Bitcoin as a collateral option, this could quickly skyrocket.
Ethena's market cap could rise at least five times this bull market. That's why this is one of the best cryptocurrencies to buy right now.
Cryptocurrency Alternatives to Consider
Cryptocurrency presales, where investors invest in new projects before their official launch, are gaining attention as a means of potentially making big profits. This strategy involves buying tokens at an initial price and selling them for a profit if the project gains traction in the market.
Pre-sales can be riskier than investing in established cryptocurrencies. However, historical data shows that for those who succeed in identifying promising initiatives, there can be significant returns. Projects with strong leadership, clear goals, and the potential to disrupt the cryptocurrency space can yield significant returns.
The Cryptonews team provides resources and analysis to identify the most attractive presales within the crypto sector.
Below is a list of 16 that our team deemed the best crypto presales in April.
Check out April's 16 Cryptocurrency Presales
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.
