With major cryptos in a somewhat upbeat mood in wake of US economic data revisions that showed the bumper labor market of 2023 wasn’t actually quite as strong as thought at the time, investors are turning to altcoin markets as they hunt for top crypto performers today that might be able to deliver quick gains.
Bitcoin (BTC) was about 1% higher on the day, per TradingView, in the mid-$59,000s on Wednesday.
Ethereum (ETH), Solana (SOL) and BNB (BNB), meanwhile, were roughly flat in the past 24 hours, per CoinMarketCap.
Data released on Wednesday showed the US economy added 818,000 fewer jobs than initially thought in the 12 months to March 2024.
That should give the Fed more confidence that it can lower interest rates from their current multi-decade highs without over-stimulating the economy.
Fed Chair Jerome Powell is expected to signal an incoming series of interest rate cuts at a speech on Friday.
The rate cut narrative is seen as a positive tailwind for risk assets like stocks and crypto.
Pro-crypto Republican Presidential Nominee Donald Trump’s odds of winning the November election are also rising, per Polymarket.
The rise came following news emerging that independent Robert F. Kennedy may drop out of the race to join forces with Trump.
The stars could be aligning for major cryptos to soon rally back and test their recent highs.
Traders anticipating upside in major cryptos often look to position themselves in smaller, lesser-known altcoins with a higher beta, that might be able to deliver them faster gains.
Here are some top crypto performers today that they are likely to be watching.
Top Crypto Performers Today – Which Are They?
DeFi lending/borrowing giant Aave (AAVE) is one of the top crypto performers today once again.
Up nearly 10% in the past 24 hours, per CoinMarketCap, the token looks on course to test recent yearly highs in the $150s.
Last at $136, AAVE recently burst above resistance in the $114-117 area.
Aave’s outlook this bull market is very strong, with the protocol set to remain a major DeFi leader.
It could easily 4-5x from here to hit new record highs above $600. That makes it potentially one of the best cryptos to buy right now.
Speaking of industry stalwarts, two other relatively old and well-established cryptos Polygon (MATIC) and Fantom (FTM) are also top crypto performers today.
Both were up between 7-9% in 24 hours, per CoinMarketCap, to roughly $0.48 and $0.41 respectively.
Fantom is an innovative layer-1 protocol that experienced explosive growth back in 2021.
Polygon, meanwhile, is a fast Ethereum-layer 2 protocol, which also enjoyed explosive growth in 2021.
Both remain over 80% below their 2021 peaks. But both remain highly relevant and innovative crypto projects.
Their outlooks in the coming years are strong. And as risk-taking euphoria returns to crypto markets, as interest rates move lower, both could 5x or more from current levels.
But some highly risk-tolerant traders may be looking to secure bigger than 5x gains this bull market.
Such traders often turn to meme coin investing. They often make the mistake of investing in already established meme coins with limited upside potential or going to on-chain DEX markets and investing in new meme coins that end up being scams.
An alternative, potentially better, strategy is to invest in meme coin presales.
Cryptonews.com keeps a close eye on the presale market. Here are some of their favorite meme coin presales this August.
16 Best New Meme Coins to Buy in August 2024
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