As crypto markets trade in subdued fashion amid a lack of notable catalysts, traders are scouring altcoin markets for top crypto performers today that might be able to generate quick gains.
Bitcoin (BTC) was down nearly 3% in the past 24 hours, per CoinMarketCap.
Ethereum (ETH), meanwhile, was down closer to 4% under $2,600.
Other major altcoins like BNB (BNB), Solana (SOL), XRP (XRP) and Toncoin (TON) were all down 2-6%.
What Traders Are Watching Right Now
Traders have been watching a trickling of US economic data coming out this week, and whether it supports the Fed rate cut narrative.
US CPI data out earlier in the week showed easing price pressures, giving the Fed the green light to cut rates next month.
Just In: July US CPI annual inflation rises 2.9%, below expectations for 3.0%.
Core CPI inflation increased 3.2% Y/Y, matching forecasts for a gain of 3.2%.
The Fed has a green light to cut rates in September. pic.twitter.com/j70ohmDJHM— Jesse Cohen (@JesseCohenInv) August 14, 2024
Decent US Retail Sales numbers out on Thursday and Friday’s US Consumer Sentiment figures, meanwhile, have eased recession fears.
The Fed cutting interest rates into an economy that is still performing relatively well is a good macro backdrop for risk assets like cryptos.
Of course, crypto traders are monitoring all sorts of other themes too.
Decentralized betting market Polymarket suggests that more ardently pro-crypto US Presidential candidate Donald Trump is the underdog.
Kamala Harris now has a 10% lead over Trump's odds. pic.twitter.com/UTUvHmt0WE
— Polymarket (@Polymarket) August 15, 2024
His chances of winning the election stand at 44% to sitting Vice President and Democrat nominee Kamala Harris’s 53%.
Meanwhile, since late July, the trend has been towards larger outflows from spot Bitcoin ETF products versus inflows, per The Block.
Technicals could also be weighing on the market. Bitcoin recently rejected resistance in the $62,000 area in the form of its 50 and 200DMA.
Ethereum, meanwhile, saw strong sell pressure ahead of the $2,800 area.
Until clean breaks above key resistance levels occur for major cryptos, markets are likely to remain subdued.
As a result, traders may turn to altcoin markets to hunt for top crypto performers today.
Here are some strong performers that might be the best crypto to buy now.
Top Crypto Gainers Today
Tether Gold (XAUt) has rallied 1.5% in the past 24 hours, making it the best of the top crypto performers today.
XAUt is a tokenized version of gold that is designed to almost exactly mimic changes in the gold price. It’s basically the same concept as a USD stablecoin like Tether’s USDT.
The gold price just hit a new record high near $2,500, bolstered as traders anticipate a global central bank easing cycle and possible slowing economy.
And that is pushing up XAUt to also near $2,500.
Otherwise, there aren’t many other top crypto performers today that are trading in the green.
Layer-1 blockchain Tron (TRX) and decentralized machine learning network Bittensor (TAO) were each up 1% in the past 24 hours.
On a subdued day for crypto markets, traders hunting top crypto performers might instead want to check out crypto presales.
Presales offer traders a chance to get into a project early at a low valuation. Should a project proceed to gain traction, presale investors can stand to make huge exponential gains.
Of course, presale investing is risky, just as is the case with any form of crypto investing.
Traders are strongly encouraged to do their due diligence and never to risk more than they can afford to lose.
15 Best Crypto Presales to Invest In Now
The post Top Crypto Performers Today August 16 – Tether Gold, Tron, Bittensor appeared first on Cryptonews.
