Cryptocurrencies like Chainlink, Pyth Network, and Mina Protocol compete for best crypto to buy today Image by cryptonews.com
Whilst most major cryptocurrencies remain lower in the past 24 hours, the market is attempting a rebound on Thursday, with Monero (XMR), Ronin (RON) and ApeCoin (APE) looking like the best crypto to buy now.
Blue chip cryptocurrency markets dipped on Wednesday following a hawkish Fed policy announcement.
While the Fed left interest rates unchanged at 5.25-5.5%, Fed Chair Powell argued a March rate cut would be unlikely.
Given investors had been pricing a good chance of a rate cut in March, this weighed on market sentiment.
Bitcoin (BTC) subsequently fell briefly as low as the $41,800s.
But it has since rebounded by around $1,000, shrugging off stronger-than-expected US ISM Manufacturing PMI numbers.
That’s because, while a Fed rate-cutting cycle might not start as soon as some traders want, its definitely coming.
Investors are still betting that rate cuts start by May, with macro likely to remain a strong tailwind in 2024.
While major cryptos like Bitcoin and Ether (ETH) struggle to get into the green, a few major altcoins are outperforming.
Here are some of the best crypto to buy now on the 1st of February 2024.
Best Crypto to Buy Now
Inter-blockchain connectivity and data sharing network Chainlink (LINK) is looking like one of the best crypto to buy today.
The cryptocurrency is up around 6% in 24 hours, as per CoinMarketCap.
LINK is pushing to the top of its multi-month range.
A break above resistance in the $17 area could open the door to a fast move higher towards late 2021 highs in the $36-38 area.
That could mean short-term gains in the region of 2x.
That would take the cryptocurrency’s gains from January lows to 150%.
Pyth Network (PYTH)
Another inter-blockchain connectivity and data sharing network Pyth Network (PYTH) could be another of the best crypto to buy today.
PYTH is up around 6% in 24 hours, as per CoinMarketCap.
The protocol is designed to provide real-time, off-chain financial data to smart contracts and dApps on multiple blockchains.
PYTH is currently teasing a breakout above $0.44 resistance.
This could open the door to a swift move higher towards record highs around $0.55.
Zero-knowledge proof powered layer-1 blockchain Mina (MINA) could be one of the best crypto to buy now.
The cryptocurrency is up around 5% in 24 hours, as per CoinMarketCap.
MINA has been gaining bullish momentum since its strong bounce from key support at $0.97.
Having broken back above its 21 and 50DMAs, MINA could soon retest recent highs near $1.70.
The prospect of quick potential near-40% gains make MINA one of the best crypto to buy today.
Crypto Alternatives to Consider
All of the above coins offer potential investors a great chance to make 10x gains.
But, for those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilize affiliate links within our content, and receive commission.