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Cryptowire: Best Crypto to Buy Today
As Bitcoin (BTC) probes for a break below $60,000 and Ether (ETH) pushes under $3,000, crypto investors are turning to the altcoin market as they hunt for the best crypto to buy today. Crypto has been trading with a bearish bias today, with Bitcoin and Ether down 5-6% in the past 24 hours. Altcoins, meanwhile, are a sea of red. Solana (SOL) was last down 7% and Dogecoin (DOGE) was last down 6%. Most other majors are down at least 3% in a 24-hour period.
Cryptos Plunge After Hong Kong ETFs Launch
The world’s leading cryptocurrencies continued their downward trend on Tuesday, with Bitcoin falling below the $62,000 mark after Hong Kong launched its first crypto exchange-traded funds (ETFs). The six Hong Kong ETFs missed market expectations, leading to a significant decline in crypto prices.
Market Reaction to US Economic Data
Hotter-than-expected US economic data relating to wage inflation further contributed to the downbeat mood in the crypto market. The US Employment Cost Index rose by 1.2% in the first quarter of 2024, beating market consensus. This reinforces the likelihood that the Fed will delay rate cuts, impacting investor sentiment.
Altcoins with Potential for Quick Gains
Investors looking for quick gains are turning to altcoins with strong narratives and momentum. Here are some altcoins that investors are likely monitoring on Tuesday that could deliver quick gains:
- Wormhole (W): Newly launched multi-chain protocol Wormhole (W) has seen a pullback but could be a great buy at current levels with potential for significant gains.
- Ethena (ENA): The token of yield-bearing stablecoin protocol Ethena (ENA) presents a buying opportunity after a significant drop from its highs.
- Cronos (CRO): Crypto.com’s blockchain token Cronos (CRO) is showing strength and could be a top pick for investors looking for gains.
Crypto Alternatives to Consider – Presale Investing
Investing in crypto ICOs or presales is another high-potential strategy to consider. While risky, presale investing can offer favorable market caps and the potential for significant profits if a project succeeds. Here are some top picks for crypto presales to invest in 2024:
