On a day when blue-chip crypto markets are trading with a bearish bias, investors are scouring the altcoin market for outperforming stocks that could be the best crypto to buy today.
Bitcoin (BTC) and Ether (ETH) both fell about 5% in 24 hours as markets plummeted amid macro headwinds.
Strong U.S. manufacturing data on Monday was interpreted by the market as a likely delay in the Fed's rate cut.
Since then, the U.S. dollar and U.S. Treasury yields have soared, weighing on U.S. stocks and crypto markets.
Bitcoin was most recently trading around $66,000 and had fallen to the $64,000 range earlier in the day. The US government previously transferred $2.1 billion of the seized Silk Road Bitcoin to Coinbase, sparking fears of a fire sale.
Meanwhile, Ether's most recent trading price was just under $3,300.
Traders will continue to focus back on US spot Bitcoin ETF demand.
While major cryptocurrencies are struggling, some smaller altcoins are doing well.
Here are some of Tuesday's best performers that could be the best cryptos to buy today.
Best cryptocurrencies to buy today
Ethena (ENA)
Etena (ENA), a decentralized finance (DeFi) protocol token, was launched on Tuesday and is doing well.
According to Bitget, “Ethena is a synthetic dollar protocol developed on the Ethereum blockchain, offering a new type of stablecoin called USDe.”
ENA last traded at around $0.82, up about 20% from its initial price of nearly $0.60.
Its market cap was last valued at around $1.2 billion, giving it a fully diluted value of $12.3 billion.
This token just started airdropping today and has caused a lot of excitement. A USDe holder can claim his 5% share of the ENA token supply.
Innovation Protocol could see further upside potential as the hype continues to grow. That's why it ranks as one of the best cryptocurrencies to buy today.
Litecoin (LTC)
Litecoin (LTC) is in good spirits despite the market's generally bearish trading conditions on Tuesday.
According to CoinMarketCap, LTC has risen 8% in the past 24 hours to around $107.
LTC has been looking for a possible breakout above the 2023 high and towards the $140 resistance area.
A predicted 40% rise in the near future means Litecoin could be the best cryptocurrency to buy today.
Litecoin is often referred to as digital silver. This is a nod to the fact that Bitcoin is sometimes referred to as digital gold.
That's because, unlike Bitcoin, Litecoin boasts very fast transaction times and very low fees.
Bitget Token (BGB)
Bitget Token (BGB), the native token of centralized cryptocurrency exchange Bitget, hit an all-time high of over $1.17.
BGB is up over 8.5% in 24 hours and is up 600% from last summer's lows.
BGB's market cap is still modest at $2.2 billion, but there is potential for it to rise further.
This assumes that crypto exchange Bitget continues to attract strong user demand.
As a result, BGB could be the best cryptocurrency to buy today.
Alternatives to consider – Dogecoin 20
The above coins can provide solid returns of up to 5x during the upcoming bull market.
However, many traders will be aiming for even larger profits, in the 50-100x range.
A promising new token called Dogecoin20, which Cryptonews analysts are eyeing, could be just the ticket.
Dogecoin20 is a remake of Elon Musk's beloved meme coin Dogecoin, which has just started pre-sale. It features his familiar Dogecoin brand, but is based on Ethereum and offers staking options.
This means that cryptocurrency pre-sale investors can generate an impressive passive income of around 65% according to the project's dashboard. It's no surprise that Meme Coin has already raised over $10 million.
Interested investors should act quickly to secure their tokens before the presale ends on Doge Day in 17 days. The current price is $0.00022, allowing investors to purchase the token at a heavily discounted valuation of less than $30 million.
Investors are rushing to get in on a memecoin that could be worth more than $300 million at 10x, or $3 billion or more at 100x.
Access Dogecoin20 here
CryptoNews analyst Ali lists Dogecoin 20 as one of the top cryptocurrencies to buy right now. See why here:
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.
