Major crypto prices chop within weekly ranges as traders contend with stronger US economic data and fresh hawkish commentary from Fed policymakers. These factors have combined to push markets to downsize bets on Fed rate cuts in 2024. Investors looking for fast returns continue to comb the altcoin markets for the best crypto to buy today.
Bitcoin (BTC) was last trading in the upper $67,000s, close to its 21DMA. Its price dropped more than $2,000 on Friday after a stronger-than-expected US labor market report.
Fed policymakers have also been downplaying the need for rate cuts this week. Dallas Federal Reserve President Lorie Logan said on Friday that it’s much too soon to think about rate cuts, and Federal Reserve Governor Michelle Bowman reiterated this stance.
As traders back peddle on rate-cut bets, this complicates the outlook for BTC. Expectations for Fed easing have been a major tailwind for BTC in recent months.
That suggests Bitcoin may not be the best crypto to buy today, given the possibility of continued consolidation. Of course, strong spot Bitcoin ETF demand and the upcoming halving mean long-term price risks are tilted to the upside.
>$200mil net inflows for the Bitcoin ETFs yesterday
Looks like the GBTC whales have stopped selling (supposedly Genesis dumped over $2.1billion of GBTC). The overhang has finally gone?
WSFB if so pic.twitter.com/TG94sKqx8S
— Alistair Milne (@alistairmilne) April 5, 2024
Gold’s push to fresh record highs on geopolitical risk may also be a tailwind. As Coinbase noted on Friday, investors are increasingly viewing gold as Bitcoin.
But altcoins still potentially offer a better chance of near-term gains. That’s because altcoins can pump regardless of broader market conditions but on their own bullish narratives.
Here are some strong performers on Friday that could be the best crypto to buy today.
Best Crypto to Buy Today
NEAR Protocol (NEAR)
Ethereum rival NEAR Protocol’s native token NEAR is up close to 6% in the past 24 hours on Friday.
Last just above $7.35, the cryptocurrency is eyeing a quick 3x rally back to a record high near $22.
With a market cap of just under $8 billion, NEAR could easily 3-5x from here.
That’s why it also ranks as potentially the best crypto to buy today.
Toncoin (TON)
Telegram-affiliated cryptocurrency Toncoin (TON) is consolidating close to record highs on Friday.
According to CoinMarketCap, TON was last up around 5% in 24 hours, and its market cap is just under $19 billion.
Its affiliation with the world-leading private messaging application Telegram positions Toncoin as a potential leader in the 2024 bull market.
Its market cap could go much higher from here, with investors potentially set for 3-5x gains.
That’s why it could be the best crypto to buy today.
Bitcoin Cash (BCH)
Bitcoin alternative Bitcoin Cash (BCH) is one of the best performers on Friday, as per CoinMarketCap.
Up 3.3% in 24 hours, BCH is consolidating close to multi-year highs in the $670 area.
In the wake of its recent halving, bets have risen so that it could pump back to its 2021 peaks around $1,600.
The prospect of more than 2x gains means it could be the best crypto to buy today.
But BCH will have to snap its long-term, multi-year downtrend first. It is currently finding strong resistance in this area.
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 2024.
See the 14 Cryptocurrencies
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