Discover the top cryptocurrencies to invest in now, taking into account long-term potential and recent trends in the blockchain industry. As the US markets reopen after the Memorial Day weekend, crypto markets are experiencing selling pressure due to concerns about the sale of Mt Gox Bitcoins. However, traders are still searching for altcoins that have short-term upside potential and could be the best cryptocurrencies to buy at the moment.
Bitcoin (BTC) is currently trading at around $68,000, down 2% for the day. Mt Gox, the first major Bitcoin exchange, went bankrupt in 2014 following a significant hack. The exchange owes its creditors 142,000 BTC, equivalent to over $9 billion, which needs to be repaid by October 31, 2024. Traders often worry about sudden supply dumps when there are movements in Mt Gox wallets, causing short-term market anxiety.
Despite these concerns, some commentators believe that the risk of tokens being dumped onto the market is overstated. One Mt Gox creditor, user spoonman, expects 80% of credits to hold onto their BTC. Analyst James Van Straten also pointed out that the market successfully absorbed 1 million BTC of sell pressure in just five months, with only a small portion coming from Mt Gox. This suggests that not all creditors will immediately sell their BTC, making it a good time to buy the dip in Bitcoin.
There are several reasons to be optimistic about the crypto market right now. The political and regulatory landscape in the US is becoming more supportive of cryptocurrencies, with even former President Trump expressing favor towards them. Additionally, the SEC recently approved Ethereum ETFs, signaling a shift in its stance towards the cryptocurrency. Furthermore, upcoming US Core PCE inflation data is expected to show a continuation of the disinflation trend.
Considering the current market conditions, Bitcoin could potentially be the best cryptocurrency to buy now if it falls below $68,000. Ethereum (ETH) below $3,900 and Solana (SOL) below $170 are also worth considering. Rumors suggest that Solana could be the next major cryptocurrency to secure an ETF. However, for traders looking for quick gains, smaller and lesser-known altcoins may be a better option.
Here are a few altcoins with strong momentum that could be the best cryptocurrencies to buy now:
1. Notcoin (NOT): This recently launched crypto token powers a viral play-to-earn game on Telegram. It has experienced a 29% increase in the past 24 hours and now has a market cap of over $900 million. With support from the TON Foundation and a large user base, Notcoin has the potential for significant gains.
2. Celestia (TIA): This cryptocurrency is showing signs of breaking its downtrend and has increased by 14% in the past 24 hours. If it continues to trend upwards, it could potentially rebound to its 2024 highs at $21, making it an attractive investment opportunity.
3. Chiliz (CHZ): CHZ is the token that powers the sports and entertainment-focused crypto platform Socios. It has increased by 8.5% in the past 24 hours and is currently trading just under $0.15. If it retests its yearly highs in the $0.16s and breaks above this level, it could gain further momentum and provide investors with significant returns.
In addition to established cryptocurrencies, investing in new crypto presales can also be a profitable strategy. These presales offer native protocol tokens at discounted prices, and if the projects gain traction, investors can earn substantial returns. However, investing in presales comes with risks, similar to traditional start-up investments.
To help navigate the market, Cryptonews has compiled a list of the top 22 crypto presales to consider. It’s important to remember that investing in crypto is high-risk, and this article is for informational purposes only and should not be considered as investment advice.