While the latest US labor market report wasn’t that bad, traditional financial markets and major cryptocurrencies appear to be pricing in rising recession risk, with crypto traders asking which might be the best crypto to buy now to shelter themselves from losses.
#NFP was weaker than expected
For more analysishttps://t.co/Mx6foOhYhT pic.twitter.com/QCiaqshTiX
— Fawad Razaqzada (@Trader_F_R) September 6, 2024
Bitcoin (BTC) dropped over 5% to its lowest level since early August, in the low $53,000s, according to TradingView.
Other major cryptos, such as Ethereum (ETH), Solana (SOL), and BNB (BNB), lost 2-5% over the last 24 hours, according to CoinMarketCap.
The losses in crypto come as Wall Street heads towards steep weekly losses and US bond yields decline.
While some analysts disputed the notion that the US economy is on the verge of recession, financial market indicators all point to a rising risk.
Especially after the excitement of a month ago, when analysts and economists suddenly jacked up their probability of an economic recession, this morning’s (August) US jobs report comes as a relief… that is unless you were absolutely convinced that the Federal Reserve would cut…
— Mohamed A. El-Erian (@elerianm) September 6, 2024
Even though the Fed is expected to start cutting interest rates later this month, risk appetite could remain dour for the foreseeable future.
It’s no surprise that investors are scouring the altcoin markets for the best crypto to buy now.
Here are some names that are holding up despite the broader market’s malaise.
Are These Strong Performers the Best Crypto to Buy Now?
Sui (SUI), Helium (HNT), and Dogs (DOGS) have all traded in the green in the past 24 hours, despite most other major coins being in the red.
Does that mean that these coins are the best crypto to buy now?
Starting with Sui (SUI), the layer-1 protocol is trying to hold above its 50DMA.
If it can hold above here as the broader market stabilizes, that could be a good foundation for a push higher.
A rebound above $1.0 to test recent highs and the 200DMA could be on the cards.
That would mark near-term gains of nearly 25%, making SUI one of the best cryptos to buy now.
DePIN wireless network token Helium (HNT) continues to progress towards a retest of its yearly highs as social media buzz surrounding its growing network rises.
Mobile networks are increasingly turning to Helium for carrier offload purposes.
MNO carriers casually adding another 200+ hotspots to offload to today
@helium @helium_mobile the fly wheel is picking up speed pic.twitter.com/7AsRDzdaBD
— Karl Hungus
(@KarlHungus211) September 6, 2024
HNT was last trading at around $8.30, but it could soon hit $11.
HNT’s recent strong performance has come despite the bearish market, suggesting it could be one of the best cryptos to buy now.
Finally, the new play-to-earn meme coin Dogs (DOGS) is attempting to rebound after falling substantially from its post-Binance listing highs.
DOGS was last around $0.001060, still down 40%.
DOGS believers might see the current dip as an opportunity to load up.
But it’s tough to say whether it would be one of the best cryptos to buy now.
Crypto Alternative to Consider – Crypto Presales
The above-noted coins could all be considered the best crypto to buy now. Some might even post 10x gains this bull market.
For investors hunting for bigger returns, however, an alternative investment strategy to consider is presale investing.
New web3 projects often sell native tokens at a big discount to early investors to fund development.
Presale investing is risky, as is all investing in crypto. But if investors can reliably identify high-potential projects, they stand to net massive gains.
Analysts at Cryptonews.com keep a close eye on the presale market. Here are some of their top picks right now.
19 Best Crypto Presales to Invest In Now
The post Best Crypto to Buy Now September 6 – Sui, Helium, Dogs appeared first on Cryptonews.
