Major cryptocurrencies are trading with a bearish bias on Monday as traders consider the possibility that the US economy is slipping into “stagflation”, which would typically be bearish for risk assets, and so traders hunting for the best crypto to buy today are turning to altcoin markets for opportunities.
Bitcoin (BTC) slipped to fresh 10-day lows under $62,000 on Monday, now down nearly 7% from last week’s peaks.
It has since rebounded to $63,000, but a short-term downtrend remains in play.
Last week’s US GDP report for Q1 showed growth slowing to 1.6% annualized, down from 3.4% in Q4 2023.
But at the same time, inflation picked up in Q1, as shown in the latest US Core PCE report.
Moving a bit towards stagflation. Tough place for policy. pic.twitter.com/N4VHFp0toa
— Joseph Wang (@FedGuy12) April 25, 2024
That could force the Fed to keep interest rates high despite a slowing economy.
Bitcoin traders will be closely monitoring US economic events this week, including a Fed policy announcement, ISM manufacturing and services PMI reports, and April jobs data.
The Fed will likely stick to its hawkish message that it will wait for further inflation progress before cutting rates.
The economic data, meanwhile, will further inform the stagflation debate.
Risks seem tilted toward Bitcoin testing the lower bounds of its recent $60,000-$70,000ish range.
Bitcoin, thus, might not be the best crypto to buy today for investors looking for quick gains. So, if not Bitcoin, which coin is best to buy now?
Investors will have to be more selective as they pick altcoins with strong narratives.
Here are some strong performers on Monday that could be the best crypto to buy today.
Best Crypto to Buy Today
Wormhole (W)
Investors mulling over which crypto to invest in on Monday should check out Wormhole (W).
Wormhole is the top-performing coin in the top 100 by market cap on Monday, as per CoinMarketCap.
W was last up 14% in 24 hours and just hit two-week highs above $0.69.
Wormhole is a multi-chain protocol that facilitates the movement of assets and data between blockchains.
Wormhole’s W token is now natively multichain using the Wormhole Native Token Transfers (NTT) framework
Native W is now available in SPL format on @Solana and ERC20 format on @Ethereum, @arbitrum, @Optimism, and @buildonbase. pic.twitter.com/pwaJohYGXT
— Wormhole (@wormhole) April 25, 2024
The token launched in early April and hit highs at $1.85.
W could post 3x gains if it can return to its past highs. That means it could be the best crypto to buy today.
Sei (SEI)
Finance-focused blockchain Sei (SEI) is another strong performer on Monday, up 6% in 24 hours.
Parallelizing the EVM does not stop with launching Sei v2. It’s time to think even bigger.
As part of Sei Labs’ mission to scale the EVM, it is creating an open sourced framework for maximally performant, parallelized L2 chains.
Introducing: the Parallel Stack.…
— Sei
(@SeiNetwork) March 13, 2024
According to CoinMarketCap, SEI was trading at $0.64 with a market cap of $1.8 billion.
SEI is attempting to establish its presence above the resistance around $0.60, where its 21DMA also resides.
Assuming SEI can push above here, a rally back toward recent highs above $1.10 is possible.
Bulls will be hoping Thursday’s strong performance is the start of a pushback to 2024 highs around $11.0.
The prospect of quick 80% gains means that SEI could be the best coin to buy now.
Helium (HNT)
DePIN project Helium (HNT), a network that leverages a decentralized global network of wireless hotspot providers and doubles up as miners, is pumping on Monday.
According to CoinMarketCap, HNT went up 12% in 24 hours, trading around $5.70. The token had even pushed as high as $6.0 in recent trade.
HNT’s market cap was last around $920 million. This is still a bargain valuation for believers in the project’s long-term DePIN vision.
If HNT can push above its 50DMA at $5.70, a rally back to 2024 highs above $11 is possible. Given that it could quickly be 2x, HNT could be the best crypto to buy right now.
Alternatives to Consider – Crypto Presales
Investors looking to add some risk to their portfolios should check out an often overlooked but frequently profitable crypto investment strategy – investing in presales.
Up-and-coming web3 projects often conduct ICOs in order to raise funds for project development.
To attract early interest/investors to their project, they usually sell these tokens at a very low market cap.
That offers presale investors the chance to make big gains.
Of course, presale investing isn’t risk-free. The success of a project depends heavily on its management team.
Presale investors could lose all their initial investment should things go wrong.
But if they can reliably identify projects with great teams and a strong use case, presale investing can bring big profits.
With so many projects vying for investor funds, it can be tough to know where to start.
Luckily, analysts at Cryptonews.com spend a lot of time combing through the altcoin market in search of high-potential projects.
Here are some of their favorite picks in the market right now.
21 Best Crypto Presale Projects for April 2024
Alternatively, see Cryptonews analyst Crypto Arjay’s top picks in the below video.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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