On another bearish day in the crypto market that saw Bitcoin (BTC) knocking on the door of the $60,000 level and Ether (ETH) at the $3,000 level, crypto investors are scouring altcoins markets for coins that might be the best crypto to buy now.
The near-term outlook for major cryptocurrencies is downbeat due to recent bearish macro developments. Additionally, the upcoming Bitcoin halving has the potential to be a “sell-the-news” event.
So investors need to be more selective if they are to increase the likelihood that they bag near-term gains.
Here are some outperforming altcoins on Wednesday that could be the best crypto to buy now.
Best Crypto to Buy Now
Injective (INJ)
Decentralized trading protocol Injective (INJ) is trying to stage a rebound following its recent sharp price dip.
building
— Injective (@injective) April 12, 2024
INJ was last changing hands just above $27.50 and eyeing a rebound to resistance around $30.
A break above here could open the door to a push higher back to record highs above $52.
Despite declining nearly 50% from its recent highs, INJ is still up around 27x versus its 2022 lows.
A modest market cap of $2.5 billion leaves plenty of room for future growth. 5-10x gains remain a possibility in this bull market.
Sui (SUI)
The high-performance proof-of-stake layer-1 blockchain Sui ($SUI) launched in May 2023 and is attempting to rebound on Wednesday.
According to CoinMarketCap, SUI last changed hands around $1.30 after pumping 12% in the past 24 hours.
The pump comes after Sui announced a partnership with BytePlus, the technology arm of ByteDance, which owns TikTok.
BREAKING: BytePlus, the enterprise technology arm of ByteDance (the company behind @TikTok_US), is coming to Sui! pic.twitter.com/GtutYyFI5X
— Sui (@SuiNetwork) April 17, 2024
The crypto went as high as $2.18 at the end of March but has since dropped back by 40%. Investors now have a great opportunity to buy the dip.
With a still modest fully diluted market cap of around $12 billion, Sui could yet see 5x gains. That could make it the best crypto to buy now.
Bitget Token (BGB)
Centralized cryptocurrency exchange Bitget’s native token Bitget Token (BGB) is pushing back towards record highs.
Last at $1.24, BGB is up over 8% in 24 hours, up 11% from weekend lows. That leaves the token only around 10% down versus the record highs it hit earlier this month near $1.40.
With a modest market cap of $1.26 billion, BGB potentially has much more room to rally.
That’s assuming crypto exchange Bitget continues to attract strong user demand. As a result, BGB could be the best crypto to buy now.
Crypto Alternatives to Consider
While the aforementioned coins offer the potential for gains, investors seeking a higher probability of near-term returns might consider the high-risk, high-reward strategy of participating in crypto presales.
Crypto presales are events where investors can purchase tokens from up-and-coming crypto projects to provide funding for their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a pioneering crypto application or platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors.
Here is a list of 18 of what the project deems as the best crypto presales of 2024.
See the 18 Cryptocurrencies
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