Top Cryptocurrencies Worth Investing in Now – July 4 Edition
By Joel Frank
Updated:
July 4, 2024, 10:46 EDT
|
Reading Time: 3 minutes
Top Cryptocurrencies Worth Investing in Now – July 4 Edition / Source: Cryptonews
As the cryptocurrency markets experienced a significant downturn on Thursday, witnessing major coins such as Bitcoin (BTC) and Ethereum (ETH) reaching their lowest points in months, traders are deliberating on the best crypto options to capitalize on the market’s decline.
Bitcoin
plunged to as low as $56,000 on Thursday, testing its lows from May. The recent downturn pushed it below its 200-day moving average (200DMA), indicating a bearish outlook in the short term.
Meanwhile, Ethereum saw its price drop to the lowest levels since the SEC’s shift on Ethereum exchange-traded funds (ETFs) in mid-May, falling below $3,100.
The increased selling pressure in the Bitcoin spot market is attributed to ongoing challenges faced by miners, movement of funds from a German government wallet, and concerns surrounding pending Mt. Gox repayments. On the other hand, Ethereum has been negatively impacted by delays in the launch of US spot ETFs.
Other prominent altcoins like Solana (SOL), XRP (XRP), and Toncoin (TON) experienced approximately a 7% decline within a 24-hour period, according to CoinMarketCap.
Seizing the Opportunity
With the cryptocurrency markets experiencing a dip, investors are contemplating whether to make purchases during this decline. If the crypto market remains within a bullish trajectory in the long term, then the answer is a definite yes.
However, the ongoing factors affecting Bitcoin’s performance may persist for a while. While historically July has been a positive month for BTC, a swift recovery might not be on the horizon. With BTC losing its 200DMA, the next support level to watch is potentially $53,000.
Therefore, investors should view the current market dip as a chance to accumulate their preferred cryptocurrencies or embrace a dollar-cost averaging strategy.
Bitcoin is undeniably among the top cryptocurrencies to consider purchasing now. Favorable factors on the horizon, including the upcoming US election and potential Federal Reserve rate adjustments, could serve as significant catalysts. Additionally, diminishing sell pressure from miners adapting to halving changes, alongside accessibility to Bitcoin ETFs for both institutional and retail investors, sets the stage for a potential rally surpassing $100,000 by late 2024 or 2025.
Ethereum is also poised for a strong performance due to similar factors. Approval of Ethereum ETFs and the accelerated growth of the Ethereum ecosystem could further boost its value. Consequently, Ethereum stands out as another appealing crypto to invest in at present.
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Investing Consideration – Cryptocurrency Presales
While the previously mentioned cryptocurrencies have the potential to produce significant returns in this bullish market, investors seeking higher rewards can explore an alternative investment approach through presale investments.
Many new web3 projects offer their native tokens at discounted rates to early investors…
For the list of top presales to consider, please visit the source site.
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Disclaimer: Cryptocurrency investments are high-risk; this article is for informational purposes only and does not constitute investment advice. Investors should be aware of the potential loss of capital.