Top Cryptocurrency Picks for June 24 – Near Protocol, Bitget, Polkadot
As the market for major cryptocurrencies continues to struggle with bearish conditions, traders and investors are on the lookout for the best assets to purchase in order to take advantage of potential rebounds.
A quick analysis of the crypto market shows a 4.07% decrease in market capitalization over the past 24 hours. Leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and BNB (BNB) have experienced significant declines in the past day.
New data from FactSet revealed that Bitcoin withdrawals from crypto exchanges exceeded deposits by $522 million last week. This suggests that many retail traders are either cashing out their profits or moving their funds away from the exchanges. Additionally, German authorities have been selling off Bitcoin holdings, recently selling $325 million worth of the cryptocurrency from a seized batch of 50,000 BTC originally confiscated from the notorious movie piracy site Movie2k.
The Bitcoin Dominance Index (BTC.D) has been declining since last week and dropped another 0.55% to 54.78% today. As the dominance decreases, it indicates a shift in investment from investors who are considering altcoins, particularly in light of the U.S. Securities and Exchange Commission’s decision to end its investigation into Ether’s status.
With all the ongoing discussions and speculation about the best cryptocurrencies to buy right now, we have put together a list that showcases the top investment opportunities.
Near Protocol (NEAR)
Near Protocol (NEAR) is a cutting-edge, blockchain-based platform optimized for decentralized applications (dApps). The protocol offers a user-friendly and developer-friendly environment, ensuring seamless interactions. Additionally, NEAR features Nightshade, a sharding technology that enhances scalability by fragmenting the network into manageable pieces.
At the moment, NEAR is trading at $5.23 per token, significantly below its all-time high of $20.42 on January 16, 2022, representing a 73.84% decline. The downtrend presents an opportunity for investors to leverage its discounted price. The token’s ecosystem utility is anchored in its technology and dApps, with potential growth projected alongside advancements in AI and computational innovations. Furthermore, the relative strength index (RSI) suggests that the NEAR token is at 36.11, indicating that the asset is nearing a bullish territory. With a strong trading volume of $480 million and a market cap of $6.3 billion, NEAR has room for growth as a potential bull run approaches.
Bitget (BGB)
BGB is a utility token for the Bitget exchange, a leading cryptocurrency derivatives trading platform. The BGB token offers users various benefits, including reduced trading fees, access to exclusive features, and participation in platform governance. At press time, the exchange’s token is trading at $1.09, reflecting a 4.64% drop in the last 24 hours. This represents a 26.71% decline from its all-time high of $1.48 on June 1, 2024. Regardless, BGB offers traders an alternative investment option. Similar to our best crypto projects to invest in 2024, BGB presents more opportunities for short-term investors looking to generate massive returns due to its low price and utility tied to the Bitget exchange.
Polkadot (DOT)
DOT is the native token of the Polkadot network, a decentralized platform that enables multiple blockchains to transfer any data or asset types trust-free. The network’s major strength is the connection and security of diverse blockchains, allowing multiple chains to be interoperable. DOT is used for transactions, governance, staking, and more in the Polkadot ecosystem. At press time, DOT trades at $5.63 per token, down to 1.67% in the past 24 hours and 89.72% from its all-time high of $55 on November 4, 2021. An analysis of the RSI indicates that DOT is approaching oversold territory, having retreated to 32.70, down from its previous level of 35.86. Although this signals a bearish trend, the discounted price of DOT presents a prime opportunity for traders to capitalize on a potential rebound. With its use cases expanding, DOT is projected to surpass its all-time high by the end of 2024, offering a promising outlook for traders.
Exploring Presales as an Alternative Investment Strategy
Traders seeking high returns often overlook presales, a lucrative opportunity for gains. Web3 projects sell native tokens at discounted rates to early investors to raise capital for development. Despite the potential rewards, exploring the presale market can be daunting. It requires thorough research into a project’s fundamentals, including its use cases, team experience, market presence, and technological viability. CryptoNews has curated a list of top presales with strong profit and growth potential to assist investors.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
