Top Cryptocurrencies to Consider Buying Now – April 25th: Wormhole, Bonk, Pepe
Joel Frank
Last updated: April 25, 2024 15:42 EDT
| 3 min read
As major cryptocurrencies stabilize above their previous session lows, with Bitcoin (BTC) hovering around $64,000 and Ether (ETH) near $3,150, traders seeking investment opportunities are exploring the altcoin market for potential winners.
However, blue-chip cryptocurrency markets have experienced a decline in trading activity this week. The demand for spot Bitcoin ETFs has slowed down, with BlackRock’s IBIT reporting zero inflows for the first time on Wednesday. Furthermore, the latest US GDP report has led to an increase in US yields, as the inflation component of the report exceeded expectations, dampening expectations of a rate cut by the Federal Reserve. According to the CME, the probability of no interest rate cuts before September has risen by 10% to over 40%.
While major cryptocurrencies like Bitcoin and Ether have seen flat trading over the past 24 hours, this could potentially be a bearish signal, according to CoinMarketCap. If the US Core PCE inflation report on Friday shows higher than expected inflation, major cryptocurrencies may soon retest recent lows. Additionally, declining ETF demand and continued selling from miners following the halving event could cause Bitcoin to drop to $50,000.
Considering these factors, it may not be the best time to invest in Bitcoin, especially for short-term investors. Instead, investors looking for quick returns may need to turn to the altcoin market. Smaller and lesser-known altcoins have the potential to experience significant price increases regardless of broader market conditions if they have a strong bullish narrative.
Here are some altcoins that have performed well on Thursday and could be worth considering:
Wormhole (W): Wormhole is a multi-chain protocol that facilitates the transfer of assets and data between different blockchains. In the past 24 hours, Wormhole has increased by over 20%, reaching $0.66. Although it is still significantly lower than its post-ICO highs, which reached nearly $2 on Binance, Wormhole has shown signs of stabilization around $0.50. If it breaks out of its two-week range, it could experience a rapid increase towards $2 again, offering the potential for significant gains.
Bonk (BONK): Bonk is a meme coin based on the Solana blockchain. After breaking its recent downtrend, Bonk has continued to rise and is now up 15% in the past 24 hours, trading close to $0.000029. It is currently challenging its late-March highs and the $0.000030 level. If it can sustain its momentum and move above this level, it could potentially return to $0.000048, offering the opportunity for quick gains of up to 65%.
Pepe (PEPE): Pepe is another meme coin that has experienced a breakout after a downtrend. Currently priced just under $0.000008, Pepe has increased by 7% in the past 24 hours. It is aiming to return to its recent record highs of around $0.000011. With a market cap of approximately $3.3 billion, Pepe has the potential for gains of up to 5x in this bull market.
In addition to these altcoins, investors seeking higher probability of near-term gains may consider participating in crypto presales. This involves purchasing tokens from new crypto projects to support their development. These tokens are usually sold at a discounted price, and historically, presales have offered exponential gains to early investors. The team at Cryptonews.com has compiled a list of what they consider to be the best crypto presales of 2024.
It is important to note that investing in cryptocurrencies carries a high level of risk, and this article is provided for informational purposes only and does not constitute investment advice.