As Bitcoin (BTC) seeks to break below $60,000 and Ether (ETH) dips below $3,000, crypto investors are turning to the altcoin market in search of the best cryptocurrencies to buy today.
Cryptocurrencies are trading with a bearish bias today, with Bitcoin and Ether down 5-6% in the past 24 hours.
Altcoins, on the other hand, are a sea of red. Solana (SOL) was last down 7% and Dogecoin (DOGE) was last down 6%. Most other major stocks are down at least 3% in 24 hours.
A disappointing debut focused on Bitcoin and Ether ETF trading in Hong Kong was the main catalyst for the decline.
❖ Cryptocurrency plummets after launch of Hong Kong ETFS
The world's major cryptocurrencies continued their downward trend on Tuesday, with Bitcoin falling below the $62,000 level after Hong Kong launched its first crypto exchange-traded fund (ETF).
6 Hong Kong ETFs missed the market…
— *Walter Bloomberg (@DeItaone) April 30, 2024
Better-than-expected US economic data on wage inflation further contributed to the economic downturn.
Sticky core inflation…
The U.S. employment cost index rose 1.2% in the first quarter of 2024, accelerating from a 0.9% rise in the previous three months and beating the market consensus of 1% growth.
Wages and… pic.twitter.com/SId678qKuT
— Ayesha Tariq, CFA (@AyeshaTariq) April 30, 2024
This latest data supports the possibility that the Fed will hold off on further rate cuts. That's the message investors are hoping to hear from the Fed at tomorrow's policy meeting.
The US ISM PMI and employment data to be released this week will also provide insight into the Fed's outlook for rate cuts.
Risks seem to be tilted toward continued macro headwinds. Bitcoin is seen as at risk of falling back towards the $53,000 support.
The forecast for a 12% decline from current levels suggests that Bitcoin is probably not the best cryptocurrency to invest in right now.
Investors looking to make quick profits will need to be more selective and look for altcoins with strong narrative/momentum.
Here are some altcoins that are likely to be on the radar of investors on Tuesday, with the potential for quick returns.
Best cryptocurrencies to buy today
Wormhole (W)
The newly launched and much-hyped multi-chain protocol Wormhole (W) saw a significant rebound on Tuesday.
Shares have fallen more than 13% in the last 24 hours, and were trading below $0.60 from $0.70 earlier in the session.
W has been stuck between $0.50 and $0.70 for over two weeks. This comes after the token pulled back significantly following its post-launch high of over $1.80.
Despite the bearish price action, W could be a great buy right now. At current levels, W's market capitalization is only about $1 billion.
Altcoins may recover at some point as the bull market resumes. W could see at least a 10x return from here and could rank as the best cryptocurrency to buy today.
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
Ethena (ENA)
Tokens of the newly launched high-yielding stablecoin protocol Etena (ENA) also fell on Tuesday.
Tokens are transferable
we love you
— Ethena Labs (@ethena_labs) April 29, 2024
At $0.80, ENA has a market cap of just over $1.1 billion. This represents a drop of nearly 50% from April's high of over $1.50.
For those who believe in long-term adoption of Ethena’s USDe stablecoin within the Web3 ecosystem, now could be a great opportunity to buy on the bullshit.
USDe was able to quickly establish itself as a leading stablecoin. According to DeFi Llama, the previous market cap was $2.3 billion.
Its high-yield characteristics suggest that USDe may continue to expand its share over time. This will directly increase the demand for ENA, which could be the best cryptocurrency to buy today.
Kronos (CRO)
Cronos (CRO), the token of Crypto.com’s eponymous blockchain, is the only top 100 coin trading in the green on Tuesday.
According to CoinMarketCap, CRO has risen 3% in the past 24 hours.
The token continues to consolidate towards the north of the $0.12 area support.
If CRO can break out of the current descending triangle, CRO could quickly return to its March highs of around $0.18.
This could mean a 40% return in the short term for CRO investors who jump in now. CRO could be one of the best cryptocurrencies to buy today.
Cryptocurrency Alternatives to Consider – Presale Investments
Looking for undervalued altcoin gems is one of the great ways to make money with cryptocurrencies.
But another strategy with great potential that is often overlooked is investing in a cryptocurrency ICO, or pre-sales.
Promising Web3 projects/protocols often sell their native tokens at deep discounts to fund early development and build excitement.
Pre-sale investments are risky and there is a high risk that the project will not achieve its vision or gain traction.
However, pre-sale investors can usually pick up tokens at very favorable market caps.
This means that if a project gains traction, pre-sale investors can earn a huge return of more than 10x.
With so many presales vying for investor money, it can be difficult to know where to start.
For this reason, CryptoNews analysts are keeping an eye on the market. Here are some of their recommendations.
19 Best Cryptocurrency Presales to Invest in in 2024
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.
