Top Cryptocurrencies to Consider Buying Now – Tron, Bitcoin, Solana
Investors are currently evaluating the best cryptocurrency to purchase amidst the recent dip in the market. Bitcoin (BTC) has been struggling below $55,000 due to various factors such as sell pressure from the German government and Bitcoin miners. Additionally, the market is concerned about the potential sell-off of Mt Gox creditors. Despite the US jobs report being slightly positive, with negative revisions to prior headline NFP numbers and a higher than expected unemployment rate, it supports the case for future Fed rate cuts.
This has resulted in US equity indices remaining at record highs, which should ideally benefit Bitcoin. However, the current sell pressure from miners and the German government are hindering Bitcoin’s performance. The market is also worried about the potential impact of Mt Gox repayments, as a significant amount may be dumped into the market. Technical analysis further supports the idea that BTC may face continued pressure, with the possibility of a retest of the $51,000-53,000 range and a dip below $50,000.
Considering these factors, Bitcoin may not be the best crypto to buy now for those seeking quick gains. However, for those who believe in the long-term bullish cycle of the market, the current lower price of Bitcoin presents an opportunity to accumulate aggressively. Selling pressure from Mt Gox, the German government, and miners is expected to be temporary. Moreover, with anticipated Fed rate cuts in September and the potential victory of Trump in the US Presidential race in November, lower interest rates and pro-crypto policies are likely to support Bitcoin.
Historically, sell pressure from miners usually diminishes within six months of the halving event. As this pressure subsides and bullish narratives strengthen, the demand for ETFs could drive Bitcoin’s price to reach $100,000 by the end of the year. This represents almost a twofold increase from its current levels. Therefore, Bitcoin remains a strong contender for the best crypto to buy now.
However, some crypto traders may be targeting even higher returns and may look towards smaller, lesser-known altcoins with higher betas. Two such coins to consider are MultiversX (EGLD) and Mantra (OM). MultiversX is an innovative web3 blockchain protocol that has shown significant growth recently. If it breaks above its 50DMA, it could see a quick twofold increase in price. Mantra, a real-world tokenization protocol, has partnered with a major real estate firm in Dubai, which has boosted its performance. With a growing market cap and potential for further growth, it could be one of the best cryptos to buy now.
Alternatively, for investors seeking even greater returns, participating in crypto presales could be an alternative investment strategy. Many new crypto projects sell their native tokens to early investors through presales to fund their development. While this strategy carries risks, investors who can identify high-potential projects may see substantial gains.
Please note that investing in cryptocurrencies is a high-risk endeavor, and this article is for informational purposes only and does not constitute investment advice.