As concerns about Ether’s regulatory status in the US weigh on market sentiment on Tuesday, and one day after spot Bitcoin ETFs just saw their biggest daily outflow, traders are hunting for the best crypto to buy today to maximize their chances of securing quick gains.
The SEC is reportedly waging a campaign to classify Ether as a security in wake of its shift to proof-of-stake.
The SEC is probing crypto companies in Ethereum investigation as hopes for ETF dim. https://t.co/Q01ppur79K
— FORTUNE (@FortuneMagazine) March 20, 2024
That according to a Fortune article, which was released shortly after separate reports emerged that the Ethereum Foundation has been served by an unnamed state authority. Ether (ETH) was last trading around $3,300, still up around 4.7% on the day.
Bitcoin (BTC), meanwhile, was last trading in the $64,000s, up around 4% from earlier session lows under $62,000.
With the SEC looking to classify Ether as a security, spot ETF applications are likely to be rejected by the agency in May. Elevated US regulatory uncertainty suggests Ether is not the best crypto to buy today.
Bitcoin might not be either. That’s because profit-taking following it hitting new record highs above $73,000 last week might not be over.
Significant outflows from GBTC yesterday resulted in the largest daily net outflow (-5,039 BTC) for Bitcoin ETFs to date…
…but zooming out, the broader trajectory is clear. pic.twitter.com/tofg7U8oep
— Onramp (@OnrampBitcoin) March 20, 2024
However, there are some smaller altcoins demonstrating strong bullish momentum. Here are some of Wednesday’s best performers that could be the best crypto to buy today.
Best Crypto to Buy Today
KuCoin Token (KCS)
KuCoin exchange’s native utility token KCS leads the altcoin market on Wednesday, up 9% in 24 hours as per CoinMarketCap.
With a still very modest market cap of $1.3 billion, KCS has plenty of room to grow as KuCoin attracts more users this bull market.
KCS could easily 5x from here, making it amongst the best cryptos to buy today.
Stacks (STX)
As Bitcoin attempts to rebound from sub-$62,000 lows, one of its most promising layer-2 networks Stacks (STX) is pumping.
As per CoinMarketCap, STX was last up 7% in 24 hours.
STX was last trading around $3.13 and eyeing a rebound to recent highs in the $3.40 area.
With a market cap of only just over $4.5 billion, as the leading Bitcoin layer-2 protocol, Stacks potentially has a lot of room for valuation growth.
That could make STX one of the best crypto to buy today.
Toncoin (TON)
Private messaging app Telegram-affiliated cryptocurrency Toncoin (TON) has risen 5% in the past 24 hours, as per CoinMarketCap.
The crypto was last changing hands around $4.18, and is eyeing a retest of recently set all-time highs at $4.60.
TON’s market cap was last around $14.4 billion. Its fully diluted market cap is around $22.7 billion.
TON’s affiliation to Telegram, which positions it closely at the fingertips of the apps hundreds of millions of daily users, suggests it could be a leader this bull market.
Given that it could yet 3-5x from here, TON could easily be 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 13 of the best crypto presales of 2024, according to the team at Cryptonews.
See the 13 New Cryptocurrencies to Buy In 2024
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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