As major cryptos nurse losses while they attempt to recover from earlier session lows on worries related to the ongoing tech-led drop in US equity markets, a steepening US yield curve and surprise rate cuts in China, investors are looking for the best crypto to buy now to benefit amid the current turbulent market conditions.
Bitcoin (BTC) was last changing hands just below $65,000, having dipped to the mid-$63,000s earlier in the day. That left the world’s biggest crypto down around 1% for the session.
Big tech earnings earlier in the week catalyzed a drop in the perhaps over-stretched US tech market. This has hit crypto market sentiment.
The steepening US yield curve has also perhaps triggering some jitters.
US Yield Curve Steepens as Bond Traders See #Fed Cuts Looming – Bloomberghttps://t.co/JycVDRoJ0e pic.twitter.com/juvCH14jUW
— Christophe Barraud (@C_Barraud) July 25, 2024
When the US 2-year yield falls back below the US 10-year yield following a protracted spell above it, this has historically been a signal of an imminent recession.
That said, solid US GDP growth figures this week suggest that a recession isn’t coming just yet.
It remains to be seen how China’s precarious economic situation will affect things – their central bank just took the market by surprise with an abrupt rate cut.
PBoC rate cuts were a sign of weakness, and investors can sense it.
The Shanghai Composite index fell -1.65% today to the lowest level since mid-Feb. Shenzhen index fell -2.97%, the worst decline since Oct 2022.#china #stocks pic.twitter.com/azPG9p9kfD
— MTS Insights (@MTSInsights) July 23, 2024
Ethereum (ETH), meanwhile, dumped over 5% back below $3,200.
That’s despite what appears to have been a strong start to life for Ethereum ETFs this week.
Ethereum ETF trading volumes topped $1 billion on both Tuesday and Wednesday, per The Block data.
But that hides the fact that there have been big net outflows from Grayscale’s newly converted Ethereum Trust ETF product.
Second day of the Ethereum ETF –> big outflow.
Why?
Grayscale’s Trust.
The outflow of $800 million is currently comparable to 8% of the actual trust.
Once this massive amount of outflow stagnates or goes sub $100 million, the markets are reversing up. pic.twitter.com/qFSpeGy7Wg
— Michaël van de Poppe (@CryptoMichNL) July 25, 2024
Bulls are hoping these flows will soon ease, facilitating a market rebound.
Could that make Ethereum the best crypto to buy now? Possibly.
But Bitcoin is likely to be in bigger focus later this week, with US Presidential Candidate Donald Trump speaking at a major Bitcoin conference on Saturday.
Prior to that, investors will be monitoring Friday’s US Core PCE data. This is expected to shore up bets that the Fed will cut rates starting in September.
These two events could help facilitate a market rebound, as could strong stablecoin market growth. This signifies inflows into the crypto sector, and is generally associated with price appreciation.
Stablecoin Market Cap Growth equals #Bitcoin price growth… pic.twitter.com/kdmiSRJE6d
— Crypto Rover (@rovercrc) July 25, 2024
As a result, the market’s latest mini-pull back could be a great opportunity for investors to make some quick gains.
Here are some smaller and lesser-known altcoins that might be the best crypto to buy now.
Best Crypto to Buy Now
Aave (AAVE)
Despite the market’s broader tame conditions, popular borrowing/lending protocol Aave (AAVE) is pumping.
AAVE was last up 7.5% on the day and 4% in 24 hours, per CoinMarketCap.
Aave is one of the oldest and biggest DeFi apps. As per DeFi Llama, it has around $12.5 billion in TVL.
That’s up 3x since late 2022, and down only around 40% from its 2021 record highs above $20 billion.
Aave is primed to remain a major leader as DeFi markets grow. And grow is exactly what they are likely to continue doing in wake of the US Ethereum ETF launches.
Despite this, Aave’s price remains stuck under $100. It went above $650 briefly in 2021.
AAVEUSD / Source: TradingViewAave could 6.5x to return to record highs. That could easily make it one of the best cryptos to buy today.
SATS (1000SATS)
A meme crypto called SATS (1000SATS) is pushing higher and has claimed a $600 million market cap, per CoinMarketCap.
1000SATS is based on the satoshi, the smallest unit of division of Bitcoin.
In a meme coin market dominated by dogs and cartoon characters, its a fun spin.
If it can become a multi-billion dollar meme coin, it could be the best crypto to buy now.
But meme coins are very risky, and investors mustn’t risk more than they are willing to lose.
Tron (TRX)
Leading crypto Tron (TRX) is one of the only cryptos in the green on Thursday, per CoinMarketCap.
It was last up 1% in the past 24 hours at around $13.5. TRX is eyeing a retest of earlier yearly highs near $14.5.
This could trigger a rally back to 2018 highs around $30. That could make Tron the best crypto to buy now.
Alternative to Consider
All of the above coins have potential to deliver exponential gains to investors in the coming year.
But for investors hunting a rags to riches story, i.e. 50-100x gains, they will need to invest in smaller and lesser known coins.
New meme coins, whilst highly risky, are a great way to add upside risk to a portfolio.
Analysts at Cryptonews keep a close eye on the meme coin market.
Here are some of their top picks this summer.
16 Best New Meme Coins to Buy in July 2024
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