Top Cryptocurrencies to Consider Buying Today – Wormhole, Optimism, Axelar
In light of the recent announcement regarding the Federal Reserve’s policy and its impact on future rate cuts, traders are now looking for opportunities in the altcoin market and assessing the best cryptocurrency to invest in today.
Bitcoin (BTC) is currently trading in the $57,000 range, experiencing a 4% decline in the past 24 hours. Ether (ETH), on the other hand, is slightly down by 1% and hovering just below the $3,000 mark.
The downward pressure on Bitcoin can be attributed to the outflows from Bitcoin ETFs and indications of persistent inflation in the US economy. According to The Block, US ETFs have experienced outflows for five consecutive days.
As a result, expectations for rate cuts by the Federal Reserve have diminished, with most experts not anticipating any cuts until late 2024.
Bitcoin bears are now eyeing a test of support around $53,000, which could present an attractive opportunity for buyers looking to enter the market. With a 30% retracement from its March highs, long-term bulls might see this as a favorable time to invest, assuming we are in a bull market.
While Bitcoin could potentially become the best cryptocurrency to buy in the near future, it has not yet reached that status. Investors seeking quick gains will need to be more selective and focus on altcoins with strong momentum.
Here are some altcoins that have shown strong performance on Wednesday and could be considered as the best cryptocurrencies to buy today.
1. Wormhole (W): Wormhole is currently the top-performing coin among the top 100 by market cap, according to CoinMarketCap. With an 11% increase in the past 24 hours, it is approaching two-week highs at around $0.68. Wormhole is a multi-chain protocol that enables the transfer of assets and data between different blockchains. If it breaks above recent highs at $0.70, it could rally quickly towards $1.0.
2. Optimism (OP): Optimism is a Layer-2 Ethereum scaling solution that has been making significant gains. It is up 7.5% in the past 24 hours and is approaching weekly highs above $2.70. Although it is currently in a short-term uptrend, bulls will only celebrate once it surpasses resistance around $2.85. However, its recent breakout from a downtrend since March suggests a strong outlook. It could potentially reach $4.0 or higher, making it an attractive cryptocurrency to buy today.
3. Axelar (AXL): Axelar is a web3 interoperability platform that has seen an 8.5% increase in the past 24 hours. Currently priced at $1.15, it has found strong support above $1.0 this week. Traders are optimistic that this bounce could be the start of a significant push above $2.0. However, it must first overcome resistance at $1.30. If successful, it could become the best cryptocurrency to buy today.
Alternative Investment Strategy – Presales: While identifying promising altcoins can lead to significant profits, investing in presales can potentially yield even higher gains. Web3 projects often offer their native tokens at a discounted rate to early investors to fund development. If investors can identify projects with strong vision, use case, and competent teams that gain traction in the market, they can make substantial profits. However, navigating the presale market can be challenging. To help, Cryptonews has compiled a list of their top picks for presale investments.
Please note that cryptocurrency is a high-risk asset class, and this article is for informational purposes only and should not be considered investment advice. Investment in cryptocurrencies carries the risk of losing all capital.
