With Bitcoin (BTC) eyeing a potential break back to the north of its 21DMA in the upper $67,000s as US stocks rise and the US dollar declines, investors looking for the best cryptocurrency to buy today are scouring the altcoin market for opportunities.
Bitcoin is attempting to erase weekly losses, as macro investors mull the outlook for interest rate cuts this summer. It was last down 5% on the week.
US economic data has been mixed so far this week, but largely supports the notion that the labor market and economy remain robust.
That’s kept traders worried that the Fed might not cut interest rates as soon as hoped (i.e. June). But Fed Chair Jerome Powell’s comments on Wednesday seemed ease these concerns somewhat.
Attention now turns firmly to Friday’s US jobs report. The US economy will have added a robust 200,000 jobs in March, according to the median projection of economists polled by Reuters.
Should this data surprise to the downside, Bitcoin could well vault back above $70,000 as rate-cut bets strengthen.
Indeed, the theme of rate cuts later in 2024 is set to remain a long-term tailwind to the Bitcoin market. The upcoming halving and ongoing spot Bitcoin ETF demand are also likely to continue supporting the price.
Bitcoin remains on course to test $100,000 in 2024, making it a strong candidate for best crypto to buy today.
But investors looking for gains in the region of 5-10x will need to target smaller, lesser-known altcoins.
Here are some strong-performing altcoins on Thursday that could be candidates for the best crypto to buy today.
Best Crypto to Buy Today
Pendle (PENDLE)
Tokenization protocol Pendle (PENDLE)’s token is pumping on Thursday, last up more than 12.5% in 24 hours as per CoinMarketCap.
PENDLE was last changing hands in the $5.50s and approaching a retest of its all-time highs in the $5.70s.
The leading decentralized tokenization protocol’s market cap remains a very modest $1.4 billion.
That suggests it retain the potential to see gains of at least 10x this bull market. Hence, it is a candidate for best crypto to buy today.
Mantle (MNT)
Up-and-coming Ethereum layer-2 protocol Mantle (MNT) has jumped 12% in 24 hours to $1.38.
Like Pendle, it is also eyeing a retest of record highs that were printed last month near $1.50.
Its market cap remains modest at around $4.5 billion. With VanEck predicting Ethereum layer-2s to reach a $1 trillion valuation by 2030, Mantle could be the best crypto to buy today.
#VanEck predicts Ethereum Layer 2 networks could reach a $1 trillion valuation by 2030.
Despite this optimistic valuation, #VanEck remains cautious about the long-term prospects for many Layer 2 tokens due to expected intense competition. pic.twitter.com/DVoNaedFJa
— Satoshi Club (@esatoshiclub) April 4, 2024
Chiliz (CHZ)
Fan NFT marketplace Chiliz (CHZ) is up 8.5% in 24 hours, as per CoinMarketCap, making it a top gainer today.
But CHZ, last at $0.142, is still trading within recent ranges. That means traders still have plenty of time to position ahead of a potential breakout.
Indeed, CHZ has formed a pennant structure in 2024. An upside break could see CHZ quickly surge back to mid-2022 highs in the $0.30 area.
The prospect of fast potential 2x gains could make Chiliz one of the best crypto tot buy today.
Crypto Alternatives to Consider
All of the above coins offer potential investors a great chance to make solid gains.
While the future is always uncertain in crypto, these names could be among the best crypto to buy today.
However, those looking for a better probability of near-term gains should consider an alternative high-risk, high-reward investment strategy—getting involved in crypto presales.
Presales offer investors a routine to get involved in a project at its very early stages, and thus potentially make returns of as much as 100x.
If investors can identify projects with solid foundation, the risk/reward of their investment is very good.
Analysts at Cryptonews spend a lot of time examining new presale projects.
Here are 14 of the best presales of 2024, according to the team at Cryptonews:
See the 14 Cryptocurrencies
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