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As major cryptocurrencies succumb to sell pressure in wake of the latest US Core PCE inflation data release, traders are parsing through the altcoin markets for coins with strong bullish momentum that might be the best crypto to buy now.
Bitcoin (BTC) fell back to $67,000 on Friday, dropping 1.5% in the past 24 hours as per CoinMarketCap.
Most other major cryptos were flat to trading slightly negative, with sentiment dampened as US equities drop.
The drop in US equities comes despite the latest US inflation figures sending a reassuring message that disinflation continues.
Core PCE came in at 0.2% MoM in April, as expected, down from 0.3% in March. A full year of 0.2% monthly prints would see Core PCE just above 2.0% and basically back to the Fed’s inflation goal.
The data was thus interpreted by economists as bolstering the case for Fed interest rate cuts later this year.
#FOMC members, ‘Start your rate-cutting engines!’US Market-based PCE Core #inflation (inflation based on actual transactions) fell to 2.5% in April.This is the lowest level in three years! pic.twitter.com/ap2RlqeRUV
— jeroen blokland (@jsblokland) May 31, 2024
Markets currently price a slightly more than 50% chance that the first-rate cut comes before September.
That’s according to the CME Fed Watch tool which monitors how US interest rate futures markets are priced.
Bitcoin is back to trading close to its 21DMA. If investors believe the latest dip back from recent highs above $70,000 is temporary, this could be a good time to buy.
As Bitcoin retests its 21DMA, could it be the best crypto to buy now? Source: TradingView
Most analysts think Bitcoin remains somewhere in the middle of its current bullish cycle.
Rate cuts are coming. The halving just took place in April. Politics is also a headwind as pro-crypto forces in the US seemingly gain the ascendency.
How does this make you feel? #Bitcoin pic.twitter.com/atg78jWGUw
— Thomas | heyapollo.com (@thomas_fahrer) May 31, 2024
Bitcoin remains odds on to rise above $100,000 in the coming year or two. For investors new to crypto, its definitely the best crypto to buy now.
But for investors who have experience in the space, and who are hunting higher gains, altcoins might be better.
Here are some top-performing altcoins on Friday that could be the best crypto to buy now.
Best Crypto to Buy Now
JasmyCoin (JASMY)
Decentralized Internet of Things (IoT) protocol JasmyCoin (JASMY) is pushing higher, up 9% in 24 hours.
Last at $0.0309, JASMY is now up over 900% (or over 10x) versus its 2023 lows of around $0.003.
According to CoinMarketCap, JASMY is still down around 99% from its all-time high price of late 2021.
That suggests it’s still very early to get back into the coin, assuming it continues to pump with the broader market. JASMY is thus a candidate for the best crypto to buy today.
Beam (BEAM)
Decentralized gaming network Beam (BEAM) is up over 7% in the past 24 hours, as per CoinMarketCap.
That pump has seen the token claim a market cap of nearly $1.4 billion. BEAM was last at $0.28, but hit new record highs earlier in the session near $0.38.
That spike was triggered by the token’s listing on Upbit.
PUMP OF THE DAY:$BEAM is up 25% in the last 24 hours.
The main catalyst for this pump is the listing on Upbit the largest CEX in South Korea.
($STG pumped 80% yesterday after getting listed on Upbeat)
Are exchange listings a buy-the-news event again? pic.twitter.com/tGLzpAtRln
— Crypto Stream (@CryptoStreamHub) May 31, 2024
BEAM could easily hit a market cap of $5 billion or more. The prospect of 3-4x gains could make BEAM the best crypto to buy today.
Pepe (PEPE)
Leading meme coin is eyeing a retest of the record highs it set on Monday.
PEPE was last around $0.000015, a 16% jump from Thursday’s lows. Its market cap was last around $6.44 billion.
But Pepe could someday challenge the likes of Dogecoin, which has a market cap of $23.5 billion.
PEPE could yet 5x this bull market. As an established meme coin leader, it could be the best crypto to buy now.
Crypto Alternatives to Consider
The above coins could all do very well this bull market. However, their upside potential is limited to maybe a maximum of 10x.
Some crypto investors will be hunting much bigger gains of 50x or more.
An alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
In a presale, an investor buys the tokens of a crypto startup to help fund their development.
Presale tokens are nearly always sold at very cheap valuations. And there is a long history of presale delivering huge gains to early investors.
If investors can identify high-potential projects, they stand to potentially bag big gains.
To help investors get started, Cryptonews has curated a list of 15 of the best crypto presales of 2024:
22 Best Crypto Presales to Invest In Now
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