Traders looking for the best cryptocurrencies to buy right now are scouring the altcoin market for top performers on a mildly bearish day for most major cryptocurrencies, with Bitcoin (BTC) down 1.5% to the low $67,000s and Ethereum (ETH) down 2.5% to the mid-$3,700s.
The movement of billions of dollars worth of Bitcoin between Mt. Gox-linked wallets has marred a strong start to the week.
Both Bitcoin and Ethereum are down 4-6% from their all-time highs last week, but the declines are likely small and short-lived.
That's because there's been a lot of good news in the cryptocurrency market recently, with the SEC softening its anti-crypto stance and the recent approval of a spot Ethereum ETF.
US presidential candidate Trump has made increasingly pro-cryptocurrency statements, and there has been growing support for constructive cryptocurrency legislation in Congress.
Macroeconomics could also provide a tailwind, assuming US inflation data this Friday shows continued deflation, supporting expectations of a Fed rate cut.
As markets fall, traders are on the lookout for cryptocurrencies that could potentially generate quick profits.
Below are some altcoins that may be the best cryptocurrencies to buy right now.
Best Cryptocurrencies to Buy Now
Shiba Inu (SHIB)
Shiba Inu (SHIB) has surged over the past three days on rising expectations for the growth of the Ethereum ecosystem.
The Ethereum-based meme coin has risen 5% over the past 24 hours and was most recently trading above $0.000027, according to CoinMarketCap.
SHIB managed to hit a more than one-month high above $0.000029 earlier in the session.
A technical break earlier this month suggests a retest of the yearly high is likely.
SHIB has the potential to rise by 65% quickly, making it a strong contender for the best cryptocurrency to buy now.
WorldCoin (WLD)
WorldCoin (WLD) has significantly underperformed compared to many cryptocurrencies in recent months.
But it looked healthy on Wednesday, rising 7% in 24 hours, according to CoinMarketCap.
At a recent price of $4.86, WLD is eyeing a rise above its 21-day and 50-day moving averages, which could open the door for a rally to a yearly high of $12.
With the potential for immediate 2.5x gains, WLD could be the best cryptocurrency to buy right now.
Chiliz (CHZ)
Chiliz (CHZ), the token that powers the sports and entertainment focused crypto platform Socios, continued to rise on Wednesday.
CHZ has risen 8.5% over the past 24 hours and is trading just below $0.16, meaning it is on track to test its 2024 highs, which are just below $0.17.
A breakout from this level could provide further momentum to the altcoin recovery.
CHZ is still down 82% from its all-time high, and if it can bounce back to its previous peak it could easily be a 5x gain for investors.
That’s why CHZ could be the best cryptocurrency to buy today.
Alternative Investment Strategies to Consider – Cryptocurrency Presales
Investing in altcoins is a great way to make quick profits.
But traders often overlook an alternative, higher-risk and higher-reward strategy that could yield bigger gains: investing in pre-sales of new cryptocurrencies.
New Web3 projects often raise funds by selling native protocol tokens to early investors, and these sales almost always occur at prices well below the project’s potential.
Most presales sell tokens with a market cap of $10-30 million, but if a project gains popularity, the token's market cap can easily reach hundreds of millions of dollars.
Smart presale investors regularly see returns of 10x or more. Of course, investing in upcoming ICOs carries many of the same risks as traditional startup investing.
The success of a project depends heavily on your management and execution capabilities. Pre-sales investments can be zero.
To help investors navigate the market, Cryptonews experts have compiled a list of their favorite presales. Here are the top 22 presales.
The 22 Best Cryptocurrency Presales to Invest in Now
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is for informational purposes only and is not investment advice. You can lose all your capital.
