As major cryptocurrency prices consolidate ahead of Friday’s key speech from Fed Chair Jerome Powell, traders are turning to top crypto performers today in the altcoin market as they hunt for upside volatility.
Bitcoin (BTC) was down around 1% in the past 24 hours near $60,500, CoinMarketCap data showed.
Ethereum (ETH), BNB (BNB), Solana (SOL) and XRP (XRP), meanwhile, were mostly flat over the same time period.
Fed Chair Jerome Powell is expected to signal an incoming series of interest rate cuts over the coming year on Friday, with the first rate cut to come next month.
That will be the first time that the Fed has cut interest rates since they peaked at multi-decade highs above 5% in mid-2023.
And lower rates should mean an easing in global liquidity conditions. This has historically been very bullish for risk assets like crypto.
Ahead of Powell’s speech, it no surprise that traders have been pre-positioning.
Here are some top crypto performers today that they will be monitoring.
Top Crypto Performers Today – Which Are They?
Leading meme coin Floki Inu (FLOKI) is up 8.5% in the past 24 hours to $0.00014, per CoinMarketCap.
That means it sits at the top of the pile of top crypto performers today.
FLOKI remains wedged in a downtrend from its June highs at $0.00035.
But it if can break above this downtrend, plus its 50 and 200DMAs, a swift rally could come.
The prospect of quick 2-3x gains could make FLOKI the best crypto to buy now.
The next best performers are web3 gaming-focused Ethereum layer-2 protocol Immutable (IMX) and interoperability-focused layer-1 blockchain Flare (FLR).
Both are up between7-8% in the past 24 hours, per CoinMarketCap, ranking them with the top crypto performers today.
Last at $1.30, IMX is probing for a breakout above its 50DMA.
That could open the door to a rally towards key resistance at $1.67.
FLR, meanwhile, was last at $0.16, over 3x below its yearly peaks at $0.55.
FLR has been in a downtrend now for many months. It may not be the best crypto to buy now.
An alternative investment strategy that crypto traders might want to consider is investing in meme coin presales.
These are riskier than the aforementioned altcoins but provide much bigger upside potential.
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
The post Top Crypto Performers Today – Floki, Immutable, Flare appeared first on Cryptonews.
