With blue-chip cryptocurrencies trading with a bearish bias on Wednesday, Bitcoin (BTC) has fallen to $62,000 after finding resistance at the 50 DMA earlier this week. With the market outlook for large-cap coins stagnant, traders are scouring the altcoin market, looking for the best cryptocurrencies to buy today with the potential for an immediate rally.
At the current level, around $62,500, Bitcoin is down nearly 5% from Monday's high of $65,500.
However, the cryptocurrency is still up more than 10% compared to last week's lows.
Short-term macro headwinds eased last week after a weaker-than-expected U.S. jobs report, easing concerns about an overly hawkish Fed.
Spot Bitcoin ETF inflows also returned, but then declined again.
The short-term outlook for Bitcoin price seems to lean heavily toward consolidating within its recent range.
Bitcoin lacks a near-term price story, as the Fed's interest rate cuts are still a long way off and ETF flows aren't providing much momentum.
Consolidation in the coming months would fit with Bitcoin's typical 4-6 months post-halving and summer seasonality.
Will it be sold in May and disappear in Bitcoin? @MadsEberhardt All data is here -> https://t.co/OQyGuqYCFr pic.twitter.com/qxyr0yZ2nN
— Andreas Steno Larsen (@AndreasSteno) May 2, 2024
That being said, Bitcoin's long-term prospects are as strong as ever.
The blockchain's hash rate, or computing power, has strengthened four times compared to when Bitcoin was at its current price level in 2021.
#bitcoin The hash rate has improved by 4x since the last ATH. Still, the price is 620,000 yen.
It should be $250,000 instead 👀 pic.twitter.com/a2TrlqChKG
— Vivek⚡️ (@Vivek4real_) May 8, 2024
If Bitcoin can inch above the 50 DMA in the coming weeks, it could be a buy signal. According to Bitcoin Archive analysiswe call this a “super bullish” opportunity.
Bitcoin is sitting just below its 50-day moving average.
In a bull market, if it exceeds 50 DMA, it is extremely bullish.
Consolidation in a bull market is… 👌 pic.twitter.com/ATL2jlXC7f
— Bitcoin Archive (@BTC_Archive) May 8, 2024
Bitcoin is on track to hit $100,000 this year or next, potentially making it the best cryptocurrency to buy today.
But for investors looking for more upside than Bitcoin's potential doubling, altcoins may be more attractive.
Here are some of Wednesday's best-performing altcoins that could be the best cryptos to buy today.
Best cryptocurrencies to buy today
Ethereum Classic (ETC)
Ethereum Classic (ETC), the original unforked Ethereum blockchain token, outperformed its sister on Wednesday.
According to CoinMarketCap, the stock is trading around $28, up 5% in the last 24 hours.
ETC fell below its 2024 uptrend last month. However, after briefly hitting a low of $23, it has started to rebound.
A breakout north of the $28-$29 resistance area, where the 50 DMA is also present, could signal that the bulls have regained control.
Ethereum Classic is a highly speculative play. Ethereum has not had the slightest adoption. According to DefiLlama, Ethereum's TVL is his $133 billion, while Ethereum Classic's TVL is only $600,000.
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 and could be a strong candidate for the best crypto to buy now .
Tron (TRX)
Tron (TRX) price rose rapidly on Wednesday, rising nearly 3% despite the market decline.
Having broken north of the 21DMA and 50DMA, TRX is eyeing a break above the key resistance level at $0.1250.
If the price can break above this point, there is a possibility of a rapid rise towards the year-to-date high of $0.1450.
A potential return of 20% in a short period of time makes TRX one of the best cryptocurrencies to buy right now.
Kaspa (KAS)
The outlook for Kaspa (KAS) has improved significantly, and KAS has risen as a result.
According to CoinMarketCap, KAS price has increased by 9% in the past 24 hours and is trading around $0.123.
This could open the door for an early return to year-to-date highs of $0.19.
With a 50% upside expected in the short term, KAS could be one of the best cryptocurrencies to buy right now.
Cryptocurrency Alternatives to Consider
The above coins have the potential to deliver up to 5x returns in this bull market, but many investors will be looking for even bigger gains in the short term.
These investors can consider another high-risk, high-reward investment strategy: participating in cryptocurrency presales.
A presale is when the upcoming Web3 protocol sells native tokens at an early bird discount to fund development.
Pre-sales are risky as the project may not materialize. But if that happens, the gains could be huge, more than 100x.
Investors can reap significant profits if they can reliably identify high-potential presales.
With so many presales vying for investor money, it can be difficult to know where to start.
That's why the team at Cryptonews.com has compiled a list of what we think are the best crypto presales.
See 20 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.
