While the latest US labor market report wasn’t that bad on the face of it, traditional financial markets and major cryptocurrencies appear to be pricing in rising recession risk, with crypto traders asking which might be the best crypto to buy now to shelter themselves from losses.
Bitcoin (BTC) hit its lowest level since early August in the low $53,000s, dropping over 5% as per TradingView.
Other major cryptos like Ethereum (ETH), Solana (SOL) and BNB (BNB) lost 2-5% over the last 24 hours, per CoinMarketCap.
The losses in crypto come as Wall Street heads towards steep weekly losses and US bond yields decline.
While some analysts pushed back against the notion that the US economy is on the verge of recession, financial market indicators all point towards a rising risk.
Even though the Fed is expected to start cutting interest rates later this month, risk appetite could remain dour for the foreseeable future.
Its no surprise then that investors are scouring the altcoin markets for the best crypto to buy now.
Here are some names that are holding up despite the broader market’s malaise.
Are These Strong Performers the Best Crypto to Buy Now?
Sui (SUI), Helium (HNT) and Dogs (DOGS) are all trading in the green in the past 24 hours, despite most other major coins being in the red.
Does that mean that these coins are the best crypto to buy now?
Well, starting with Sui (SUI), the innovative layer-1 protocol is trying to hold above its 50DMA.
If it can hold above here as the broader market stabilizes, that could be a good foundation for a push higher.
A rebound above $1.0 to test recent highs and the 200DMA could be on the cards.
That would mark near-term gains of nearly 25%. SUI could be one of best cryptos to buy now, as a result.
DePIN wireless network token Helium (HNT), meanwhile, continues to make progress back towards a retest of its yearly highs as social media buzz surrounding its growing network rises.
Mobile networks are increasingly turning to Helium for carrier offload purposes.
HNT was last trading near $8.30, but could soon hit $11.
HNT’s strong performance recently has come despite the bearish market. That suggests it could be one of the best crypto to buy now.
Finally, new play-to-earn meme coin Dogs (DOGS) is attempting to rebound after falling substantially from is post-Binance listing highs.
DOGS was last around $0.001060, still down 40%.
DOGS believers might see the current dip as an opportunity to load up.
But its tough to say it would be one of best cryptos to buy now.
Crypto Alternative to Consider – Crypto Presales
The above-noted coins could all be considered as the best crypto to buy now. Some might even go as far as posting 10x gains this bull market.
For investors hunting for bigger returns, however, an alternative investment strategy to consider is presale investing.
New web3 projects often sell their native tokens at a big discount to early investors to fund development.
Presale investing is risky, as all investing in crypto is. But if investors can reliably identify high-potential projects, they stand to net massive gains.
Analysts at Cryptonews.com keep a close eye on the presale market. Here are some of their top picks right now.
19 Best Crypto Presales to Invest In Now
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