With major cryptocurrencies trading with a bearish bias on Friday, investors are scouring the altcoin market for the best cryptocurrencies to buy now for quick profits.
Bitcoin (BTC) lost about 1% in its latest session, falling just below $64,000. Meanwhile, Ether (ETH) is stuck at around $3,100.
Separate US economic data releases pointed to strong domestic inflationary pressures and emphasized that the Fed would not cut interest rates anytime soon.
This is Powell's favorite inflation gauge.
PCE core serviceless housing month-over-month increase of approximately 0.6%
There are too many.end of discussion pic.twitter.com/yEBlWeV1MA
— Andreas Steno Larsen (@AndreasSteno) February 24, 2023
Unsurprisingly, the US dollar and US Treasury yields continue to hover near multi-month highs relative to most major economies.
Therefore, the macro environment remains a headwind for crypto assets.
BTC is at risk of falling below $60,000 as ETF inflows turn to outflows and optimism after the Bitcoin halving fades.
In such an environment, investors need to be very careful when choosing which altcoins to purchase.
Here are some leading stocks that could be the best crypto to buy right now on Friday.
Best cryptocurrencies to buy now
Litecoin (LTC)
Despite the overall market weakness, Litecoin (LTC) is trying to break out of its highs.
LTC was last trading in the $88 range, above the 21 DMA. If it can sustain above the 21DMA, it will become one of the only major cryptocurrencies to trade above this important short-term moving average.
At current levels, LTC is up more than 25% compared to its previous monthly low.
According to CoinMarketCap, the 5% rise in the past 24 hours makes it the top cryptocurrency gainer today.
Litecoin bulls will be hoping this rally marks the beginning of a new challenge to the multi-year highs of the range.
Litecoin has been locked in a range of $60 to $115 since the beginning of 2023.
A break above this range would open the door for a return to the 2021 highs near $300.
LTC could post 3.5x gains even in this bull market, making it the best cryptocurrency to buy today.
Neo (NEO)
Neo (NEO), the virtual currency of the popular smart contract blockchain NEO, performed well on Friday.
According to CoinMarketCap, the price of NEO has increased by 5% in the past 24 hours to $20 per token.
Although this rally has boosted its market cap to about $1.3 billion, NEO is still down more than seven times its 2021 peak and more than 10 times its peak in early 2018.
A look at the price history shows that NEO typically records exponential increases from its current subdued levels.
NEO still has the potential to go up 5x even in this bull market, making it a great candidate for the best crypto to buy now.
Ethereum Classic (ETC)
Ethereum Classic (ETC), the unforked version of the original Ethereum blockchain, is poised for another rally on Friday.
It is trading around $28, up 4% in the last 24 hours, according to CoinMarketCap.
ETC broke below the 2024 uptrend earlier this month. However, ETC has shown signs of recovery after briefly reaching a low of $23.
A breakout north of the $28-$29 resistance area, where the 21DMA is also present, could indicate that the bulls have regained control.
Ethereum Classic is a highly speculative play. It doesn’t even have a fraction of the adoption of its sister chain Ethereum – Ethereum’s TVL is $133 billion, according to DeFi. Ethereum Classic is barely worth $500,000.
However, ETC rose to $175 in 2021, a 6.5x increase compared to current levels.
As hype and FOMO increases in the market and investors become more irrational, ETC could regain these peaks, making it a strong candidate for the best crypto to buy now.
Cryptocurrency Alternatives to Consider
The above-mentioned coins offer investors 5-10x return potential.
But now more than ever, investors looking for short-term gains should consider another high-risk, high-return investment strategy: participating in cryptocurrency presales.
The team at Cryptonews.com spends a lot of time searching for pre-sale projects to help investors.
Below is a list of what our team deemed the best crypto presales in April.
See 21 Cryptocurrency Presales
Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all your capital.
