As major cryptocurrencies struggle below earlier weekly highs, with Thursday’s softer-than-expected US CPI data and subsequent boost to Fed rate cut bets having failed to deliver a meaningful lift to sentiment, traders looking for the best crypto to buy now that might deliver quick gains are scouring alt-coin markets for strong performers.
Bitcoin (BTC) was last trading near $58,000, roughly flat in the past 24 hours per CoinMarketCap.
Ethereum (ETH), meanwhile, was last changing hands just under $3,150, down a similar margin.
Bitcoins appears to be struggling amid elevated technical selling. The world’s largest crypto failed to overcome key resistance in the $59,000-$60,000 earlier this week in the form of its 200DMA and a downtrend from its early June highs.
Chart analysis suggests a retest of recent lows in the $53,000 area may be on the cards.
However, the overhang of major sellers in the market may be lessening.
The German State of Saxony has now sold off most of its BTC, which could signal a near-term easing of spot market selling.
BREAKING: Germany has sold a significant portion of its confiscated Bitcoin, leaving them with only $394 million worth of BTC.
Meanwhile, In the last 7 days, the institutions and large holders have been on a Bitcoin buying spree, with over $438 million worth of Bitcoin… pic.twitter.com/Sl2onR8uuF
— Cryptorphic (@Cryptorphic1) July 12, 2024
That said, sell pressure from miners and Mt Gox creditors could persist.
Bitcoin could remain stuck below $60,000 for some time. Many investors will see the coming weeks and months as a great opportunity to continue accumulating BTC.
Bitcoin the Best Crypto to Buy Now as Traders Eye Rebound?
That’s because the cryptocurrency is looking ripe for a rebound when the aforementioned sell pressure is exhausted.
US equity indices are trading at record highs amid Fed rate cut bets, creating a positive macro environment for other risk assets like Bitcoin.
Ex-US President Trump is expected to retake the White House later this year. And he has come out as strongly pro-crypto in recent months.
A rebound later this year would coincide well with the normal market cycle around the time of the halving, which took place in April.
Bitcoin typically rallies to new record highs within 12 months of the halving.
This year’s Bitcoin ETF approvals further strengthen the bullish narrative.
With Bitcoin likely headed above $100,000 in the coming year, its a strong candidate for best crypto to buy now.
The moment you realize that Germany and Mt. Gox are temporary and that $100,000+ Bitcoin is still coming in 2024. pic.twitter.com/fpS8QbOBmt
— Mike Alfred (@mikealfred) July 8, 2024
Of course, some investors will be looking higher up the risk curve as they look to secure even larger gains.
Here are some strong performing alt-coins that might be the best crypto to buy now.
Best Crypto to Buy Now
Mantra (OM)
Real-world tokenization protocol Mantra (MANTRA) is the leading gainer in the top 100 on Friday.
As per CoinMarketCap, MANTRA is up 9% in 24 hours and trading around $1.05.
Mantra has been pumping hard since announcing recently that it had partnered with a major real estate firm in Dubai.
According to an X post, Mantra will bring over $500 million in real estate assets on-chain.
OM is now up around 40x since December as it establishes itself as an RWA leader.
With a fully diluted market cap of only around $1 billion, it still has plenty of growth potential.
Assuming it stays an RWA leader and the protocols assets on the chain keep growing, OM could easily still be 10x from here.
It could surely be one of the best cryptos to buy now.
Maker (MKR)
DeFi stalwart Maker (MKR), the issuer of the crypto collateral backed DAI stablecoin, is attempting to break out of a downtrend its been stuck in since hitting fresh multi-year highs above $4,000 back in March.
It was last at $2,400, up 4% on the day and 13% on the week as per CoinMarketCap.
The uptrend from mid-2023 appears to still be intact. That suggests Maker could be on course to retest its 2021 record highs $6,100 in the coming year.
That could mean possible gains of 2.5-3x for MKR investors who get in now.
MKR thus ranks as one of the best cryptos to buy now.
Shiba Shootout (SHIBASHOOT)
Altcoins like those mentioned above could all provide 10x gains in the coming years.
But some more ambitious and risk tolerant traders will be looking for ways to generate faster gains.
One high risk-high reward investment strategy they should consider is getting into new meme coinsbefore they trend.
This is why analysts at Cryptonews.com closely monitor the market for new meme coins.
One new meme coin they are big fans of is Wild West-themed play-to-earn (P2E) meme coin Shiba Shootout (SHIBASHOOT).
Shiba Shootout’s P2E game has already been approved on Google Play and the Apple App Store. Its release is imminent.
The game will be blockchain-powered via the SHIBASHOOT token, which is currently available in presale.
With crypto experts like Michael Wrubel predicting the coin could be the next 100x token, it’s no surprise the presale has surged over $600,000 so far.
Learn why Cryptonews.com’s in-house analyst Arjay believes SHIBASHOOT is set for potential growth
Those interested in learning more about the token should check out its official website.
Visit Shiba Shootout Now
The post Best Crypto to Buy Now July 12 – Mantra, Maker, Shiba Shootout appeared first on Cryptonews.
