As risk assets begin Tuesday on the defensive and major cryptos give back a decent portion of Monday’s gains, traders are scouring altcoins markets for top crypto performers today that might be able to shield them from downside.
Renewed strength in the Japanese yen is back in focus on Tuesday, as well as a potential continuation of the unwinding of the “carry trade”, in wake of the Bank of Japan governor hinting towards further interest rate hikes.
Global traders have funded trillions of dollars of risk asset investments by borrowing the historically low interest rate yen.
A rising yen interest rate thus undermines the basis for this pro-risk trade.
As US equity markets decline on Tuesday, Bitcoin (BTC) and other major cryptos are taking a hit.
BTC was last trading back in the upper $57,000s, down 2.5% on the day per TradingView.
Ethereum (ETH), BNB (BNB) and Solana (SOL), meanwhile, where mixed/flat in the past 24 hours, per CoinMarketCap.
The bulls will be hoping that economic data (ISM PMI and US jobs reports) out later this week bolsters sentiment.
The best scenario for short-term risk appetite would be if the data simultaneously strengthened the soft landing and Fed rate cut narratives.
The Fed is expected to kick off a series of interest rate cuts later this month. But this is only likely to be a risk asset positive if it comes against the backdrop of still solid US economic growth.
As markets await these key data releases, its no surprise that investors are pre-positioning themselves in altcoins that could outperform.
Here are some top crypto performers today that traders will no doubt be considering.
Top Crypto Performers Today – Which Are They?
Real world asset (RWA)-focused layer-1 blockchain MANTRA (OM) sits atop the list of top crypto performers today.
Per CoinGecko, OM was last trading up more than 8% in the past 24 hours and challenging $1.0 again.
OM bulls will be hoping that recent technical developments will open the door to a swift rally back towards recent highs in the $1.40s.
With a market cap of just over $800 million, OM could experience significant growth in the coming years.
That’s because the RWA narrative is one of the strongest in crypto, and OM is a probably one of the best coins to invest in for those looking to gain exposure.
Elsewhere, Bitcoin fork crypto Bitcoin Satoshi Vision (BSV) is another one of the top crypto performers today.
Per CoinGecko, BSV was last up around 4.5% in the past 24 hours and challenging its 50DMA around $44.
A break above here could trigger a retest of range highs in the $57 area.
BSV may not be one of the best cryptos for long-term investors to buy, however, given it lacks a strong adoption narrative.
The final name in the top crypto performers today list worth mentioning is dogwifhat (WIF), one of the leading Solana meme coins.
WIF was last up around 2% in the past 24 hours around $1.53, with bulls eyeing a retest of recent highs and the 50DMA in the $1.85-$2.0 area.
Bulls will be hoping that, on the cusp of a new Fed rate cutting cycle that will improve financial market liquidity conditions, a new meme coin season is around the corner.
FED funds pricing: 250 basis points (or 2.5%) in rate cuts by Jan 2026 … down to 3% from the current rate of 5.50 … hard to believe … #FED #Macro https://t.co/6sqggED9mU pic.twitter.com/5ySlm4KY33
— Maverick Equity Research (@Maverick_Equity) September 2, 2024
And dogwifhat, as a leading Solana meme coin, will likely be a major beneficiary of any revival in meme coin risk taking activities.
For that reason, while near-term volatility remains likely, WIF is a candidate for best crypto to buy now.
It’s current market cap of $1.5 billion leaves plenty of room left for growth, with 10x gains even possible.
That said, for investors looking to book 50-100x gains, they will need to get into smaller, newer meme coins.
And meme coin presales are one of the best ways to do that.
Here are some meme coin presales that analysts at Cryptonews.com are keeping an eye on right now.
17 Best New Meme Coins to Buy in September 2024
Traders must remember to do their due diligence and never invest more than they can afford to lose.
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