As traders digest the implications of the latest Fed policy announcement and what it means for the outlook for Fed rate cuts later this year, traders are hunting for opportunities in the altcoin market and weighing up what might be the best crypto to buy today.
Bitcoin (BTC) was last trading in the $57,000s, down over 4% in the past 24 hours.
Ether (ETH) was last trading about 1% lower just to the south of $3,000.
The sell pressure comes as Bitcoin ETF outflows pick up and US economic data points to sticky inflation.
As per The Block, US ETFs have seen outflows now for five straight days.
Bitcoin isn’t the best crypto to buy today, with ETFs seeing five days of consecutive outflows. Source: The Block
This has dampened the outlook for Fed rate cuts, with most now expecting nothing until late 2024.
Bitcoin bears are now targeting a test of support in the $53,000. This could be a compelling area to buy the dip.
Bitcoin would have fallen around 30% from its March highs at this point. Assuming we are in a bull market, many long-term bulls might view a 30% retracement as a great time to get back in.
That suggests Bitcoin could soon be the best coin to buy, but it isn’t yet.
Investors looking to bank quick gains will have to be more selective, finding altcoins with strong momentum.
Here are some strong-performing altcoins on Wednesday that could be the best crypto to buy today.
Best Crypto to Buy Today
Wormhole (W)
Investors monitoring altcoins markets for which crypto to invest in on Wednesday should check out Wormhole (W).
Wormhole is the top-performing coin in the top 100 by market cap on Monday, as per CoinMarketCap.
W was last up 11% in 24 hours and is probing two-week highs around $0.68.
Wormhole is a multi-chain protocol that facilitates the movement of assets and data between blockchains.
If it can break above recent highs in the $0.70 area, a quick rally back towards $1.0 is possible.
Wormhole might be the best crypto to buy today. Source: TradingView
Optimism (OP)
Layer-2 Ethereum scaling solution Optimism (OP) is pushing back towards weekly highs above $2.70.
It was last up 7.5% in the past 24 hours as per CoinMarketCap, making it a top-performing coin on Wednesday.
OP is currently in a short-term uptrend. But bulls won’t be celebrating until it can break to the north of resistance around $2.85.
But given it recently broke above a downtrend from the March highs, OP’s outlook is strong.
Given it recently broke above a downtrend from the March highs, OP’s outlook is strong. Source: TradingView
It could soon pump back to $4.0 or above. The prospect of quick gains makes it potentially the best crypto to buy today.
Axelar (AXL)
Web3 interoperability platform Axelar (AXL) is pumping on Wednesday, up 8.5% in 24 hours as per CoinMarketCap.
Last at $1.15, the cryptocurrency has found strong support above $1.0 this week.
Traders will be hoping this bounce could be the start of a more than 2x push higher back above $2.0.
If this is the start of a new AXL run, it could well be the best crypto to buy today.
But first, it will need to surpass $1.30 resistance.
Alternative Investment Strategy to Consider – Presales
If traders can reliably identify altcoin gems, they can make a lot of money.
But the over-looked strategy of investing in presales can potentially net even higher gains if done correctly.
Web3 projects/protocols often sell their native tokens at a discount to early investors to fund development.
If investors can reliably identify projects that, thanks to their strong vision, use case and competent team, end up gaining traction in the market, they can make big profits.
Knowing where to start is one of the biggest barriers to entry in the daunting presale market.
That’s why Cryptonews put together a list of their top picks.
20 Best Crypto Presales to Invest In
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