Top Crypto Picks for Today – Wormhole, Optimism, Axelar
Investors are searching for the best cryptocurrency to buy today as they analyze the latest Federal Reserve policy announcement and its implications for future rate cuts. Bitcoin (BTC) is currently trading in the $57,000s, experiencing a 4% decrease in the past 24 hours, while Ether (ETH) is trading just below $3,000 with a 1% decline. The sell pressure is attributed to Bitcoin ETF outflows and indications of persistent inflation in the US economy. With consecutive outflows in US ETFs for the past five days, the outlook for Fed rate cuts is dampened, with expectations now shifting to late 2024.
Bitcoin bears are now eyeing a test of support at $53,000, presenting an attractive opportunity to buy the dip. With a 30% retracement from its March highs, long-term bulls may view this as an excellent time to reenter the market. However, while Bitcoin may soon become the best coin to buy, it is not currently in that position. Investors seeking quick gains will need to be more selective and identify altcoins with strong momentum.
Here are some high-performing altcoins on Wednesday that could be the best crypto to buy today:
1. Wormhole (W): Wormhole is the top-performing coin among the top 100 by market cap. It has seen an 11% increase in the past 24 hours, reaching two-week highs around $0.68. Wormhole is a multi-chain protocol facilitating the movement of assets and data between blockchains. If it surpasses recent highs at $0.70, a rapid rally towards $1.0 is possible.
2. Optimism (OP): Optimism is a Layer-2 Ethereum scaling solution that is approaching weekly highs above $2.70. With a 7.5% increase in the past 24 hours, it is one of the top-performing coins on Wednesday. While currently in a short-term uptrend, it needs to break resistance around $2.85 to confirm a bullish outlook. However, given its recent breakout from a downtrend, Optimism has a strong potential to reach $4.0 or higher.
3. Axelar (AXL): Axelar, a web3 interoperability platform, has seen an 8.5% increase in the past 24 hours, reaching $1.15. It has found strong support above $1.0 this week, and traders hope this bounce marks the beginning of a push above $2.0. If Axelar successfully surpasses the $1.30 resistance, it could be considered the best crypto to buy today.
In addition to these options, investors can also consider participating in presales, which can potentially yield higher gains. Web3 projects often offer their native tokens at a discount to early investors to fund development. Identifying promising projects with a strong vision, use case, and competent team can lead to significant profits. To help traders navigate the presale market, Cryptonews has compiled a list of their top picks.
Please note that cryptocurrency is a high-risk asset class, and this article is for informational purposes only and does not constitute investment advice. There is a risk of losing all invested capital.