After the BTC price hit a new all-time high of over $69,000, profit-taking caused investors to re-evaluate the market and decide what's best to buy after the wild price swings in the Bitcoin price, which briefly fell below $60,000. I am pondering whether it is a virtual currency. today.
At Coinbase, Bitcoin rose to the $69,300 level, which seems to have triggered a wave of profit-taking.
The all-time high of $69,000 was undoubtedly the primary profit target for many investors and traders.
However, the scale of the profit-taking appears to have caught some market participants off guard.
About $900 million in leveraged long futures positions were liquidated on Tuesday, according to Coinglass. The total liquidation amount exceeded $1 billion.
The forced termination of leveraged long positions in the futures market caused short-lived but intense selling pressure in the spot market, causing the intraday price of BTC to drop to $60,000.
However, Bitcoin bulls were eagerly waiting to secure the bag at sub-$60,000 levels again.
Bitcoin prices then rebounded almost as quickly as they fell to the $64,000 range.
Traders will be watching to see if BTC can continue its recovery this week and close convincingly above $69,000.
In the meantime, if investors are profiting from their BTC bags, they will scour the altcoin market for new opportunities.
Here are some of the best performing coins that could be the best crypto to buy today.
Best cryptocurrencies to buy today
Starknet (STRK)
Ethereum layer 2 scaling protocol Starknet has risen more than 25% in the past 24 hours, according to CoinMarketCap.
The sudden price spike comes two weeks after the protocol’s first STRK token airdrop.
With a modest market cap of just over $1.6 billion, STRK may have plenty of room for upside.
This assumes that the new protocol continues to attract a lot of hype and new users.
It can easily give you 5x profits and is one of the best cryptocurrencies to buy right now.
Theta Network (THETA)
The novel “dual network” Theta Network was one of the best-performing cryptocurrencies on Tuesday, rising 18% in 24 hours.
THETA price previously rose to $3.30, its highest since May 2022.
It has since returned to around $2.80 per token.
However, since breaking above the $2.30 resistance, there is a clear path to the $4.50 resistance.
Theta Network combines a smart contract-enabled layer 1 blockchain with a data and storage network.
THETA's market cap is only around $2.8 billion, giving it plenty of upside potential in this bull market.
That's why THETA could be the best cryptocurrency to buy today.
Optimism (OP)
Optimism (OP), the leading Ethereum Layer 2 scaling protocol, rose significantly on Tuesday, gaining over 15% in 24 hours.
Optimism hit a new all-time high on Tuesday at $4.68.
Although OP appears to be on the verge of disrupting its long-term pennant structure, the uptrend may have just begun.
A fully diluted market cap of less than $20 million (actual market cap is around $4.5 billion) suggests that Optimism has plenty of room for valuation upside.
After all, according to CoinGecko, this is the 7th ranked blockchain in TVL, with TVL exceeding $1 billion.
3-4x gains are definitely possible in the OP.
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 cryptocurrency 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 innovative crypto applications/platforms.
If investors can identify such projects, the risk and return of pre-sale investing is very good.
The team at Cryptonews spends a lot of time vetting pre-sale projects to help investors.
Below is a list of 14 that the project deemed the best crypto presales of 2023.
See 14 cryptocurrencies
