Top Cryptocurrencies to Purchase Today – Litecoin, Neo, Ethereum Classic
Investors are currently exploring the altcoin market in search of the best cryptocurrency to buy for potential quick gains, as major cryptocurrencies are trading bearishly. Bitcoin (BTC) is experiencing losses of around 1% and is just below $64,000, while Ether (ETH) is stagnant in the mid-$3,100s. The release of US data has highlighted persistent inflation pressures in the country, indicating that the Federal Reserve will not be reducing rates in the near future. As a result, the US dollar and US government bond yields continue to trade at multi-month highs compared to other major currencies, creating a challenging environment for crypto assets.
Given these circumstances, investors need to be highly discerning when choosing which altcoin to invest in. Here are some of the strongest performers on Friday that could be the best cryptocurrencies to buy now.
Litecoin (LTC), despite the overall weakness in the market, is making attempts to break higher. It is currently trading above its 21-day moving average (DMA) in the $88 range. If it can maintain this position, it will be one of the few major cryptocurrencies trading above this crucial short-term moving average. Currently, LTC has risen by over 25% from its previous monthly lows. CoinMarketCap reports a 5% gain in the past 24 hours, making it one of the top crypto gainers of the day. If Litecoin can break above its $60-$115 range, it could potentially reach its 2021 highs of around $300, which would result in a 3.5x gain in this bull market.
Neo (NEO), the cryptocurrency associated with the emerging smart contract blockchain NEO, is performing well on Friday. Its price has increased by 5% in the past 24 hours, reaching $20 per token. Despite this rise, NEO is still more than 7 times below its 2021 peaks and 10 times below its early 2018 peaks. Historical price trends indicate that NEO typically experiences exponential gains from its current subdued levels. It could potentially rise 5 times in this bull market, making it a strong contender for the best cryptocurrency to purchase now.
Ethereum Classic (ETC), the original unforked version of the Ethereum blockchain, is also showing signs of upward movement on Friday. It has risen by 4% in the past 24 hours and is trading near $28. Although ETC broke below its 2024 uptrend earlier this month, it is now making a comeback after briefly reaching lows of $23. If it can break through the resistance area of $28-$29, where its 21DMA is also located, it would indicate that the bulls have regained control. Ethereum Classic is considered a highly speculative investment, as it has significantly less adoption compared to Ethereum. However, it did reach highs of $175 in 2021, representing a 6.5x gain from current levels. As market hype and irrational investor behavior increase, ETC has the potential to reclaim these peaks, making it a promising choice for the best cryptocurrency to buy now.
While the aforementioned cryptocurrencies offer the potential for 5-10x gains, investors seeking even higher short-term returns should consider participating in crypto presales, which are high-risk, high-reward investment strategies. The team at Cryptonews.com has compiled a list of the best crypto presales for April, which can be found on their platform. However, it is important to note that cryptocurrency investments carry a high level of risk, and this article is provided for informational purposes only and should not be considered as investment advice.