Top Crypto Picks for May 30 – JasmyCoin, Beam, Pepe
As the market for major cryptocurrencies experiences sell pressure due to the latest US Core PCE inflation data release, traders are looking to altcoin markets for coins with strong bullish momentum that could be the best crypto to buy now.
Bitcoin (BTC) fell to $67,000 on Friday, dropping 1.5% in the past 24 hours according to CoinMarketCap. Other major cryptocurrencies were relatively flat or showing slight negative movement, which dampened sentiment as US equities also dropped.
Despite the drop in US equities, the latest US inflation figures provided reassurance that disinflation continues. The core PCE for April came in at 0.2% MoM, down from 0.3% in March. If this trend continues for a full year, the Core PCE would be just above 2.0%, meeting the Fed’s inflation goal. Economists interpreted this data as supporting the case for Fed interest rate cuts later this year. The CME Fed Watch tool, which monitors US interest rate futures markets, currently prices a slightly more than 50% chance of the first-rate cut occurring before September.
Bitcoin is now trading close to its 21-day moving average (DMA), and if investors believe the recent dip from highs above $70,000 is temporary, it could be a good time to buy.
Most analysts believe that Bitcoin is in the middle of its bullish cycle, with rate cuts on the horizon and the halving having taken place in April. Additionally, pro-crypto forces in the US appear to be gaining strength politically. Many expect Bitcoin to rise above $100,000 in the next year or two, making it the best crypto to buy now for new investors.
For those with experience in the crypto space and looking for higher gains, altcoins may be a better option. Here are some top-performing altcoins on Friday that could be considered the best crypto to buy now.
JasmyCoin (JASMY), a decentralized Internet of Things (IoT) protocol, has seen a 9% increase in the past 24 hours. It is currently trading at $0.0309, which is over 900% higher than its 2023 lows. However, it is still down around 99% from its all-time high price in late 2021. If JASMY continues to perform well in the broader market, it could be a strong candidate for the best crypto to buy today.
Beam (BEAM), a decentralized gaming network, has experienced a 7% increase in the past 24 hours. It now has a market cap of nearly $1.4 billion and is trading at $0.28. BEAM recently reached new record highs near $0.38 after being listed on Upbit. With the potential for 3-4x gains, BEAM could be the best crypto to buy today.
Pepe (PEPE), a leading meme coin, is aiming to retest its record highs. It has seen a 16% increase from Thursday’s lows and currently has a market cap of $6.44 billion. PEPE could potentially challenge coins like Dogecoin, which has a market cap of $23.5 billion. With the possibility of 5x gains this bull market, PEPE could be the best crypto to buy now.
While the aforementioned coins have the potential to perform well in this bull market, their upside potential is limited to a maximum of around 10x. For investors seeking even bigger gains of 50x or more, getting involved in crypto presales may be a high-risk, high-reward investment strategy to consider. In a presale, investors purchase tokens of a crypto startup to support their development. These presale tokens are often sold at cheap valuations and have a history of delivering significant gains to early investors. Cryptonews has curated a list of 15 of the best crypto presales of 2024 to help investors get started.
Disclaimer: 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 capital invested.