As Bitcoin (BTC) continues to struggle in the face of continued elevated outflows from Grayscale’s Bitcoin Trust ETF (GBTC), traders hunting for quick returns are parsing through the altcoin markets for the best crypto to buy today.
After popping momentarily above $68,000 on Wednesday following a dovish Fed meeting, BTC has since slipped to the $63,000s.
Spot Bitcoin ETFs have seen outflows every day this week. That’s thanks to a slowdown in inflows into the likes of BlackRock’s IBIT and an uptick in GBTC outflows.
Thursday saw the biggest bitcoin ETF inflows in 3 days: besides the constant GBTC outflows which will end once the fund hits 0, no other fund was selling and IBIT jumped (BITO is futures) pic.twitter.com/hBG8Aok2xK
— zerohedge (@zerohedge) March 22, 2024
As per Zerohedge, GBTC is now down to 356,000 BTC from 619,000 BTC just two months ago.
GBTC only has 356K bitcoins left to liquidate, down from 619K two months ago
— zerohedge (@zerohedge) March 21, 2024
Traders having been dumping GBTC since it converted into a spot ETF. That’s because of its 1) comparatively high fee (of 1.5%), 2) traders who bought GBTC at a big discount to NAV in 2023 before it converted to an ETF taking profit and 3) bankrupt crypto companies (like FTX, Celsius and BlockFi) liquidating holdings.
While GBTC sell pressure could persist in the short term, this is unlikely to be a long-term headwind to the market.
Now might be a good time to accumulate Bitcoin in the $60,000s, before it potentially rallies towards $100,000 before the year’s end.
Bitcoin could easily be the best crypto to buy today.
Best Crypto to Buy Today
Aptos (APT)
Much hyped layer-1 blockchain protocol Aptos (APT) is probing its highest levels for more than 1-year.
APT was last up 10% on Friday in the $16s, as per CoinMarketCap.
The token is eyeing a quick retest of its 2023 highs above $20.
Aptos was developed by a team of well-connected ex-Facebook employees who were behind the social media platform’s failed Libra cryptocurrency.
Aptos could become a leading blockchain in the coming years.
That suggests its market cap of $6.3 billion and fully diluted market cap of $17.5 billion could be undervalued.
Aptos could well be the best crypto to buy today.
Internet Computer (ICP)
Up nearly 10% in 24 hours, Internet Computer (ICP) is one of the best-performing cryptos on Friday.
ICP for now remains stuck in its multi-week $10-16 range.
That leaves it still down over 96% down from its record peaks from 2021 around $350.
Its modest market cap of currently just $6.2 billion suggests there is plenty of room for growth.
ICP may not hit its 2021 highs soon, but 10x gains are certainly on the cards. That means it could easily be the best crypto to buy today.
Fantom (FTM)
Layer-1 blockchain protocol Fantom’s FTM token has pumped up 8% in the past 24 hours, as per CoinMarketCap.
In the past 30 days, Fantom has pushed 180% higher. That makes it one of the best performing major cryptos in the world.
Fantom’s upcoming “sonic” upgrade could be behind the recent outperformance.
Fantom: sub $0.01 fees today, sub $0.01 fees a year ago, sub $0.01 fees two years ago, sub $0.01 fees since 2019.
Glad to see others catching up, when Sonic launches it increases this distance by 100x again.
Let's keep pushing the space forward. pic.twitter.com/WX8fFS9eES
— Andre Cronje (@AndreCronjeTech) March 15, 2024
Last just above $1.10, FTM is still over 70% down from its 2021 highs.
Given that FTM could easily post 3x gains this bull market, it is a good candidate for best crypto to buy today.
Crypto Alternatives to Consider
All of the above coins offer potential investors a great chance to make 10x gains.
But, for those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 14 of what the project deems as the best crypto presales of 2023.
See the 14 Cryptocurrencies
The post Best Crypto to Buy Today March 22 – APT, ICP, FTM appeared first on Cryptonews.
