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Cryptowire: The Latest Cryptocurrency Market Trends
While major cryptocurrencies are largely trading in the green on Monday, Bitcoin (BTC) remains stuck within recent ranges, and so investors hunting for the best crypto to buy today continue to scour altcoin markets for better trading opportunities.
Bitcoin’s Performance
Bitcoin recently pushed up towards $53,000, up around 5% from recent range lows under $51,000. But the bulls won’t officially have regained control until BTC can break above the $53,000 resistance.
Ethereum’s Optimism
Ether (ETH) has been benefiting from optimism that it could be next to receive US spot ETF approval. ETH was last trading just above $3,100, 2% higher in the past 24 hours, as per CoinMarketCap.
Market Analysis
Traders will be eyeing the release of US Core PCE inflation data on Thursday as this week’s main macro event. The inflation figures could impact expectations for Fed rate cuts later in the year and also crypto prices.
Broadly speaking, as long as the narrative that Fed rate cuts are coming later in the year remains unscathed, macro events this week don’t pose too much risk to crypto prices, beyond perhaps having the potential to act as a catalyst for a short-term price dip that would probably be aggressively bought into.
Altcoin Opportunities
With the Bitcoin halving around the corner and Ethereum’s Dencun upgrade imminent, the BTC and ETH outlooks remain strong. But traders could secure faster gains by divesting into strong performing lesser-known altcoin names.
Top Cryptocurrencies to Consider
Here are some altcoins with strong bullish momentum that could be the best crypto to buy today:
- Flare (FLR): Data-focused layer-1 blockchain Flare (FLR) has featured on CryptoNews’s Best crypto to buy today list a few times recently. FLR was last up another 37% in the past 24 hours, as per CoinMarketCap. The cryptocurrency hit fresh all-time highs above $0.056 on Monday. It is now up over 550% from its October 2023 lows. Flare thus remains one of the best crypto to buy today.
- Theta Network (THETA): Innovate “dual network” Theta Network is one of the best-performing cryptos on Monday, up 25% in 24 hours. Theta Network combines a smart-contract-enabled layer-1 blockchain with a data and storage network. With a market cap of only around $1.7 billion, THETA has plenty of upside left this bull market. That’s why THETA could be the best crypto to buy today.
- NEAR Protocol (NEAR): Layer-1 protocol NEAR Protocol (NEAR) is up around 11% in the past 24 hours, as per CoinMarketCap. Last just above $4.10, NEAR is eyeing an imminent retest of 2024 highs in the $4.60 area. A break above here could open the door to a run back to all-time highs above $20. 5x gains are certainly on the cards, making NEAR one of the best crypto to buy today.
Crypto Alternatives to Consider
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 startup crypto projects to help fund their development. Many of these projects have fantastic teams behind them and a great vision to deliver a unique crypto application/platform. The risk/reward of their presale investment can be very good if an investor can identify such projects.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
