As major cryptos trade with a positive bias as markets await the release of US CPI data for June shortly, investors are weighing up what might be the best crypto to buy now for quick gains.
Recent macro developments have been bullish for traditional financial markets.
The S&P 500 and tech-heavy Nasdaq 100 indices vaulted to fresh record highs this week on Fed rate cut bets.
That rally came after dovish comments from Fed chair Jerome Powell.
And this has helped shield Bitcoin (BTC) from downside amid elevated selling from various large market participants.
These include the German state of Saxony, which has dumped most of its 50,000 BTC stash onto exchanges.
Bitcoin spot markets are also thought to be absorbing elevated sell pressure from miners struggling post halving.
Mt Gox repayments might also be adding to the sell pressure.
Bitcoin was last trading in the mid-$58,000s.
Sell pressure from these sources could remain elevated for some time. But once these sell narratives ease, a strong rebound could be in store.
Bitcoin has had a good correlation to US equity indices, as well as the S&P 500/Nasdaq ratio in recent years.
Both are at record levels, pointing to a Bitcoin price in the $70,000s.
As sell pressure eases, the Fed starts cutting and (presumably) Trump retakes the white house, the bulls could regain control.
Speaking of Trump, he is scheduled to speak at a major Bitcoin conference later this month.
DONALD TRUMP TO SPEAK AT THE WORLD’S LARGEST BITCOIN CONFERENCE THIS MONTH
— *Walter Bloomberg (@DeItaone) July 10, 2024
A rally towards $100,000 later this year is on the cards, making Bitcoin potentially the best crypto to buy now.
Donald Trump is going to win the election and #Bitcoin is going to 150K next year.
Nothing stops this train. pic.twitter.com/m5dTMFmzyL
— The ₿itcoin Therapist (@TheBTCTherapist) July 11, 2024
That said, some investors are looking for bigger gains than Bitcoin is likely to deliver this bull market.
They tend to turn to smaller, lesser-known alt-coins that have 5-10x potential.
Here are a few strong performers on Thursday they will be watching.
Best Crypto to Buy Now
Stacks (STX)
Bitcoin Layer-2 protocol Stacks (STX) is enjoying a decent pump, up over 10% in the past 24 hours.
That’s according to CoinMarketCap, who put its price at last around $1.66.
Stacks just rebounded from the lower bounds of its medium-term downtrend.
STXUSD / Source: TradingViewIt may now attempt to push back towards $2.0 per token. A break above here, and the recent downtrend, would be needed to break the bearish trend.
That would open the door to a quick return to earlier yearly highs in the $3.80 area.
Stacks could post quick 2x gains, making it a good candidate for best crypto to buy now.
Aave (AAVE)
Lending/borrowing protocol Aave (AAVE) is another strong performer on Thursday, up 5% in the past 24 hours per CoinMarketCap.
Last around $92.40, AAVE is trying to continue a rebound from a double bottom in the $70 area.
It still needs to break out of a descending triangle pattern. This could open the door to a push back to the yearly highs above $150.
AAVEUSD / Source: TradingViewAave is one of the oldest and most trusted DeFi protocols. Its adoption has stalled somewhat since the 2021 bull market.
But it remains around 7x below its 2021 all-time highs. That’s a gap that theoretically could close during the current bull market.
That’s why AAVE could be the best crypto to buy now.
Wiener AI (WAI)
The above noted coins could post substantial gains this bull market.
But investors looking to book very fast exponential gains should check out new meme coins.
Meme coins are launched on DEXs every single day. But most fall flat.
More often than not, more successful meme coin launches start with a presale.
That means time to build up hype, and funds to spend on marketing.
Analysts at Cryptonews.com keep a close eye on the presale market.
And one new meme coin they like a lot is called Wiener AI (WAI).
Not only is it a fun Sausage-dog themed twist on a traditional Shiba Inu-dominated meme coin market, but it also has an exciting AI use case.
Here’s why Cryptonews.com’s in-house analyst Crypto Arjay is a big fan.
Learn More About WAI Here
The post Best Crypto to Buy Now July 11 – Stacks, Aave, Wiener AI appeared first on Cryptonews.
