As crypto markets rebound thanks to a softer-than-expected US labor market report, with Bitcoin (BTC) last up nearly 5% on the day in the upper $61,000s, traders are weighing up opportunities in the altcoin market as they hunt for the best crypto to buy today.
The US economy added 175,000 jobs in April, below the Wall Street consensus for a 240,000 job gain. Meanwhile, the unemployment rate jumped to 3.9%, above the expected 3.8%.
TIMIRAOS SAYS US JOBS DATA NOT GAMECHANGER; NO ‘UNEXPECTED’ WEAKNESS
— *Walter Bloomberg (@DeItaone) May 3, 2024
As per the CME, the odds that the Fed will have cut interest rates more than once before the end of 2024 rose to around 62% from around 50% one day ago.
As investors priced in a higher likelihood of more rate cuts this year, crypto markets were buoyed. Major altcoins like Solana (SOL), Dogecoin (DOGE) and Toncoin (TON) bounced between 4-11% in the past 24 hours.
Here are some top-performing smaller altcoins that could be the best crypto to buy today.
Best Crypto to Buy Today
ORDI (ORDI)
As Bitcoin pushes back to the north of $60,000, the Ordinals protocol (ORDI) token is pumping.
Ordinals protocol is built on top of the Bitcoin blockchain and allows for the minting of NFTs and other assets.
ORDI was last up 16% in the past 24 hours, as per CoinMarketCap.
The token, last at $41.30, is eyeing a test of its 21DMA at $43.50. If it can break through here, the recent bearish trend might be over.
If ORDI can recover back towards its 2024 highs in the $90s, that could mean quick more than 2x gains. Hence, ORDI could be one of the best crypto to buy today.
Pendle (PENDLE)
Pendle (PENDLE), a future yield tokenization and trading protocol, is pumping hard on Friday.
Last at $5.13, PENDLE has pushed up over 25% from Wednesday lows near $4.0.
As per CoinMarketCap, PENDLE’s 24-hour gains stand at around 13%, with its market cap near $1.2 billion.
Its TVL was last just over $4.5 billion and still rising exponentially, as per DeFi Llama. That suggests that risks remain tilted towards a continued recovery of the price.
$PENDLE fud selling getting bought back as quickly as it was sold. What @pendle_fi is bringing to DeFi is a $500T market in tradfi and they are non stop shippers.
Imagine being bearish a protocol that 100x’d its TVL in the last year and is run rating $47MM in protocol revenue pic.twitter.com/rO1OGgASf7
— Austin Barack (@AustinBarack) May 3, 2024
Pendle’s modest valuation leaves plenty of room for 10x or more gains as the asset tokenization narrative gains ground. That potentially makes PENDLE one of the best crypto to buy today.
Hedera (HBAR)
HBAR, the token that powers the decentralized, open-source, proof-of-stake Hedera public ledger, has been rallying on Friday.
It was last up 13% in 24 hours, as per CoinMarketCap, and was last trading around $0.11.
HBAR spiked up as high as $0.18 earlier this month on optimism about BlackRock launching a fund on the blockchain.
But that optimism has since faded. That’s because it was soon revealed that BlackRock has no commercial relations to Hedera. Moreover, BlackRock wasn’t involved in Archax and Ownera’s decision to tokenize its ICS Treasury Fund on Hedera.
That being said, Hedera will still be the home of a BlackRock tokenized fund. That suggests the blockchain is attracting real-world adoption and could yet pump a lot this bull market.
The hype behind the misinterpreted $HBAR x BlackRock RWA tokenization may be gone…
But one point still stands,
Theres now a BlackRock fund tokenized on Hedera Hashgraph.
No amount of retail FUD or downwards price action will EVER change that.
Hedera positioning to be the… pic.twitter.com/jEvmJIz2Du
— Kyren (@noBScrypto) May 2, 2024
HBAR could well be the best crypto to buy today.
Alternative Crypto Investment Strategy to Consider – Presales
Investing in smaller, lesser-known altcoins is a great way to make a quick crypto profit.
However, investors looking to increase their risk profile shouldn’t neglect another highly profitable strategy: investing in new crypto ICOs.
Up-and-coming web3 start-ups often look to raise funds in their infancy by selling their native protocol token.
These sales are almost always conducted at a steep discount to the project’s potential. For example, most presales will sell their token at a price that gives them a market cap of $10-30 million.
If a good project gains traction, it can easily reach a market cap in the hundreds of millions. So, presale investors can often make as much as 10x or more gains.
Of course, investing in new crypto ICOs comes with many of the same risks as traditional start-up investing. The success of a project relies heavily upon the competency of management and execution.
With so many new crypto ICOs to choose from, getting started can be a daunting task.
Luckily, the experienced team at Cryptonews has already done a lot of digging. Here are 18 of their favorite projects:
See the 18 Cryptocurrencies
Alternatively, check out this video by Cryptonews’ Crypto Arjay, who goes through his top three presales.
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