On a day that crypto markets succumb to profit-taking, investors are hunting for the best crypto to buy in order to benefit from the recent market dip.
Bitcoin (BTC) was last trading in the $68,000s, down about 3.5% in the past 24 hours. Ether (ETH), meanwhile, was last down about 4.2% over the same period and trading near $3,700.
Both cryptos continue to trade with 30-day gains of over 30%, thanks mostly to huge spot Bitcoin ETF demand.
But the ETF buyers were strong enough to hold up the market on Friday. More traders started taking profit in the latter half of the week thanks to the macro backdrop turning into a headwind.
The DXY and US yields have pushed up this week as macro traders downsized bets on Fed rate cuts in wake of the latest CPI and PPI inflation figures.
Some think that $74,000 may have been the pre-halving peak for Bitcoin. That suggests it probably isn’t one of the best crypto to buy today.
But other altcoins have continued to pump. Here are some top performers that traders will be watching and could be the best crypto to buy today.
Best Crypto to Buy Today
Jupiter (JUP)
Jupiter (JUP), Solana’s biggest decentralized exchange, is pumping on Friday, having rallied 23.5% in 24 hours as per CoinMarketCap.
The token just hit fresh record highs above $1.2, giving it a market cap of $1.6 billion. It’s fully diluted market cap is $12.17 billion.
That’s about $1 billion lower than Uniswap’s fully diluted market cap, the most well-established of the DEXs.
For reference, Uniswap’s circulating market cap was last around $7.8 billion. The cryptocurrency hit a market cap $22.6 billion in 2021, so could easily 3x from here.
Jupiter, as the Solana ecosystem leader, could see even larger gains.
That’s why it ranks as potentially the best crypto to buy today.
Conflux (CFX)
Conflux (CFX) is one of the top performers today, up 18.5% in 24 hours as per CoinMarketCap.
CFX has its sights set on challenging the early 2023 highs in the $0.49 area.
If it can break above here, a quick surge towards late-2021 highs around $0.84 is on the cards.
The prospect of near-term 2x upside means CFX could easily be the best crypto to buy today.
Solana (SOL)
In fitting with the pump in the token of its largest DEX, Solana (SOL) is also up big on Friday.
SOL was last higher by about 7% in the past 24 hours, as per CoinMarketCap.
Last above $180, SOL is bearing down on its 2021 highs $260 region.
Another 50% rally from current levels is easily possible for the token, ranking it as potentially the best crypto to buy today.
Crypto Alternatives to Consider
All of the above coins offer potential investors a great chance to make solid gains.
While the future is always uncertain in crypto, these names could be among the best crypto to buy today.
However, those looking for a better probability of near-term gains should consider an alternative high-risk, high-reward investment strategy—getting involved in crypto presales.
Presales offer investors a routine to get involved in a project at its very early stages, and thus potentially make returns of as much as 100x.
If investors can identify projects with solid foundation, the risk/reward of their investment is very good.
Analysts at Cryptonews spend a lot of time examining new presale projects.
Here are 14 of the best presales of 2024, according to the team at Cryptonews:
See the 14 Cryptocurrencies
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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