Looking for the best crypto to buy now in May 2024? Traders are navigating the impacts of the latest Fed policy announcement and are eyeing potential opportunities in the altcoin market. With Bitcoin trading in the $57,000s and Ether just below $3,000, investors are seeking out the top-performing altcoins to add to their portfolios. The recent outflows from Bitcoin ETFs and sticky inflation in the US have contributed to the sell pressure in the market, affecting the outlook for Fed rate cuts.
Despite the challenges, investors are still on the lookout for the best crypto to buy today. Bitcoin bears are eyeing a test of support at $53,000, which could present a compelling buying opportunity for some traders. As Bitcoin would have retraced around 30% from its March highs, long-term bulls might see this as a good entry point back into the market. However, for those looking for quick gains, exploring altcoins with strong momentum could be a more lucrative strategy in the current market conditions.
Wormhole (W) is one of the top-performing altcoins to watch today, with a market cap in the top 100. The multi-chain protocol has seen an 11% increase in the past 24 hours, reaching highs around $0.68. If it can break above $0.70, a quick rally towards $1.0 could be possible. Optimism (OP), a Layer-2 Ethereum scaling solution, is also gaining traction, pushing towards weekly highs above $2.70. With a 7.5% increase in the past 24 hours, OP is in a short-term uptrend and could potentially see a pump to $4.0 or higher.
Axelar (AXL), a Web3 interoperability platform, is another altcoin to consider, with an 8.5% increase in the past 24 hours. Currently trading at $1.15, AXL has found strong support above $1.0, with the potential for a more than 2x push higher back above $2.0. However, it will need to surpass $1.30 resistance to confirm a new bullish trend. While investing in established altcoins can be profitable, exploring presales of Web3 projects can also offer high returns if done correctly. These projects often sell their native tokens at a discount to early investors, providing an opportunity for significant gains.
Investing in presales requires a thorough understanding of the market and the ability to identify promising projects with strong fundamentals and growth potential. To help investors navigate this complex market, Cryptonews has compiled a list of their top picks for crypto presales to consider. Keep in mind that investing in crypto is a high-risk asset class, and it is essential to conduct thorough research and due diligence before making any investment decisions.
