As major cryptocurrencies pull sharply lower on Tuesday, with Bitcoin (BTC) and Ether (ETH) both down in the region of 4% in the past 24 hours, traders are looking for the best crypto to buy now to make quick gains.
Bitcoin was last trading just below $69,000 and Ether back near $3,500. Meanwhile, BNB, Solana and Dogecoin were each down in the region of 2-7% over the same time period.
The bearish price action is in fitting with the crypto market’s rangebound trading conditions in recent weeks.
Amid a lack of conviction that prices are set to vault higher ahead of the April 20 Bitcoin halving, crypto market sell pressure has ramped up in wake of Bitcoin approaching record highs above $72,000 on Monday.
Indeed, many traders think that the halving could end up being a “sell-the-news” event. Buying aggressively ahead of the halving thus makes little sense to a lot of market participants.
Others, like well-known trader Arthur Hayes, think macro conditions are set to be a near-term headwind. US tax payments and Fed tightening are set to withdraw USD liquidity in the coming weeks, acting as a short-term headwind to the market.
📰 Just IN: Arthur Hayes predicts cryptocurrency market weakness mid-April to end of April due to U.S. tax payments and Fed tightening, but bullish trend expected in May with Fed easing and Treasury stimulus; warns of potential price plunge around Bitcoin halving; profits from…
— BitcoinWorld Media (@ItsBitcoinWorld) April 9, 2024
Amid fears of a pro-longed drawdown major crypto prices, traders are looking to position themselves in altcoins with better prospects.
Smaller and lesser-known altcoins can pump despite broader market conditions if they have strong bullish momentum/a strong bullish narrative.
Here are some strong performers on Tuesday that could be the best crypto to buy now.
Best Crypto to Buy Now
Fanton (FTM)
Fantom (FTM) bulls remain very much in control on Tuesday, despite the broader market’s downturn.
As per CoinMarketCap, FTM was last up around 8% in 24 hours, having recovered back above $1.
The token is eyeing an imminent retest of its 2024 highs above $1.20.
A break above here could open the door to a continued recovery back to 2021’s record highs at $3.67.
FTM could well still net investors 3-4x gains this bull market. That’s why it ranks amongst the best crypto to buy now.
Toncoin (TON)
Telegram-affiliated cryptocurrency Toncoin (TON) pumped hard to fresh all-time highs on Tuesday.
According to CoinMarketCap, TON was last up around 7% in 24 hours, and its market cap is just over $22.5 billion.
Its affiliation with the world-leading private messaging application Telegram positions Toncoin as a potential leader in the 2024 bull market.
Anticipation that Tether will announce an expansion of its USDT stablecoin to the Toncoin network next week could be helping spur the action.
Its market cap could go much higher from here, with investors potentially set for 3-5x gains.
That’s why it could be the best crypto to buy now.
Ethena (ENA)
Ethena (ENA) hit new record highs to the north of $1.40 per token on Tuesday.
It has since pulled back to around $1.23, leaving it with a market cap of $1.16 billion.
But Ethena remains all the rage and a major talking point in crypto right now.
Ethena only launched its token one week ago, and it has rallied 4x in those days.
Ethena is a decentralized finance protocol behind the issuance of the innovative yield-bearing USDe token.
The protocol recently added Bitcoin as a collateral option, further contributing to the hype.
Ethena aims to repeat the success of the Terra blockchain’s UST cryptocurrency, but without the spectacular blow up.
The protocol already has $2.27 billion in TVL, as per DeFi Llama. But with Bitcoin as a collateral option, this could soon shoot up.
Ethena’s market cap could rise at least 5x this bull market. That’s why its one of the best cryptos to buy now.
Crypto Alternatives to Consider
All of the above coins offer potential investors a great chance to make 10x gains.
But, for those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 14 of what the project deems as the best crypto presales of 2024.
See the 14 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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