ptoA surging US Dollar Index (DXY) and rising US government bond yields on Monday in wake of fresh hawkish commentary from the US Federal Reserve Chair Jerome Powell over the weekend and last Friday’s bumper US jobs report is capping gains in major cryptocurrencies on Monday, though Ethereum Name Services (ENS), Gnosis (GNO) and Chainlink (LINK) are still pumping, making them amongst the best crypto to buy now.
The Fed Chairman once again argued for patience on rate cuts in an interview aired on Sunday.
This is helping to cap the Bitcoin (BTC) price under $43,000, which was last around $42,600.
A much stronger-than-expected ISM Services PMI report released on Monday is also helping to cap the gains in crypto, as it gives the market further reasons to push off Fed rate cut bets.
As per the CME’s Fed Watch Tool, the money market-implied probability that the Fed cuts interest rates by 25 bps in March was last around 15%, down from closer to 50% one week ago.
But Bitcoin and the broader market remain fairly well underpinned.
BTC is for now easily holding above support in the $42,000 area.
That’s probably because net flows into spot Bitcoin ETFs have been strong in recent sessions.
As per CoinShares, Bitcoin ETFs attracted $700 million in net flows last week.
With major cryptos like Bitcoin consolidating, investors are hunting for the best crypto to buy now.
Here are some of the best-performing major altcoins that could be the best crypto to buy now.
Best Crypto to Buy Now
Ethereum Name Services (ENS)
Ethereum Name Services (ENS) is up an impressive 7% in the past 24 hours, as per CoinMarketCap.
That makes it the top-performing crypto in the top 100 by market cap.
The crypto’s latest pump has seen it push back towards $20 and above its 21DMA at $19.
If it can break above resistance at $20.70, it could quickly return to January highs near $28.
The prospect of potential quick 40% gains potentially makes ENS one of the best crypto to buy now.
The decentralized prediction market Gnosis (GNO) is pumping after rebounding from its 21DMA.
It was last up around 6% in the past 24 hours, as per CoinMarketCap.
Gnosis bulls are eyeing a quick pump back toward last December highs in the $290 area.
That could mean quick gains of over 25% from current levels under $230.
That makes GNO potentially one of the best crypto to buy now.
Chainlink (LINK) is enjoying a fresh push higher and is approaching $20 after confirming a break above multi-month resistance in the $16-$18 zone over the weekend.
The cryptocurrency was last up over 4% in the past 24 hours, as per CoinMarketCap.
LINK could quickly now pump back to its 2022 highs at $29 as the tokenization of real-world assets (RWAs) narrative gains ground.
That could mean quick gains in the region of nearly 50%.
Chainlink could thus be one of the best crypto to buy now.
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:
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.
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