Altcoins
Best Crypto to Buy Today April 30 – Wormhole, Ethena, Cronos
Last updated: April 30, 2024, 6:14 p.m. EDT | 4 minutes of reading
As Bitcoin (BTC) seeks a breakout below $60,000 and Ether (ETH) pushes below $3,000, crypto investors are turning to the altcoin market as they search for the best crypto to buy today.
The crypto is trading today with a bearish bias, with Bitcoin And Ether down 5-6% in last 24 hours.
Altcoins, on the other hand, are a sea of red. Solana (SOL) was last down 7% and Dogecoin (DOGE) was last down 6%. Most other majors are down at least 3% in a 24-hour period.
A Disappointed debut to spot Bitcoin and Ether ETF trades in Hong Kong was a major catalyst for the decline.
❖ CRYPTOS DIVE AFTER ETFS LAUNCH IN HONG KONG
The world’s top cryptocurrencies continued their downward trend on Tuesday, with Bitcoin falling below $62,000 after Hong Kong launched its first crypto exchange-traded funds (ETFs).
All six Hong Kong ETFs missed the market…
– *Walter Bloomberg (@DeItaone) April 30, 2024
US economic data hotter than expected linked to wage inflation then contributed to this pessimistic mode.
Persistent underlying inflation…
The U.S. employment cost index rose 1.2% in the first quarter of 2024, an acceleration from a 0.9% increase in the previous three months and beating the market consensus growth of 1%.
Employment costs are those which have increased the most in a year, wages and… pic.twitter.com/SId678qKuT
– Ayesha Tariq, CFA (@AyeshaTariq) April 30, 2024
This latest data reinforces the likelihood that the Fed will continue to delay rate cuts. That’s a message investors expect from the Fed at tomorrow’s policy meeting.
ISM PMI and US employment data this week will also shed light on the Fed’s rate cut prospects.
The risks seem oriented towards the persistence of macroeconomic difficulties. Bitcoin it risks falling back towards support in the $53,000 area.
The prospect of a 12% decline from current levels suggests that Bitcoin is probably not the best crypto to invest in right now.
Investors looking to make quick gains will have to be much more selective and hunt altcoins with strong narratives/dynamics.
Here’s something altcoins which investors will likely be watching on Tuesday, which could generate quick gains.
Best Crypto to Buy Today
Wormhole (W)
The recently launched and much-hyped multi-chain protocol Wormhole (W) saw a significant pullback on Tuesday.
It fell more than 13% for the last time in 24 hours and traded below $0.60, after touching $0.70 earlier in the session.
W has been stuck between $0.50 and $0.70 for over two weeks. This comes after the token’s major pullback from post-launch highs above $1.80.
Despite the bearish price action, W could be a great buy right now. At current levels, W has a market cap of only about $1 billion.
Altcoins are likely to rally at some point as the bull market resumes. W could see gains of at least 10x from here, ranking it as potentially the best crypto to buy today.
Wormhole’s W token is now natively multichain using the Wormhole Native Token Transfers (NTT) framework 💥
Native W is now available in SPL format on @Solana and ERC20 format on @Ethereum, @arbitrum, @OptimismAnd @buildonbase. pic.twitter.com/pwaJohYGXT
– Wormhole (@wormhole) April 25, 2024
Ethena (ENA)
The new yield-bearing stablecoin protocol token Ethena (ENA) is also down on Tuesday.
Tokens are transferable
We love you
– Ethena Laboratories (@ethena_labs) April 29, 2024
At $0.80, ENA has a market cap of just over $1.1 billion. This represents a decline of almost 50% from its April highs above $1.50.
For those who believe in the long-term adoption of Ethena’s USDe stablecoin within the web3 ecosystem, this could be the perfect time to buy the dip.
USDe was quickly able to establish itself as one of the leading stablecoins. According to Lama DeFiits last market capitalization was $2.3 billion.
Its yield-bearing properties suggest that USDe could continue to increase its share over time. This will directly boost demand for ENA, which could be the best crypto to buy today.
Cronos (CRO)
Cronos (CRO), the token from Crypto.com’s blockchain of the same name, is the only top 100 coin exchange in the green on Tuesday.
CRO was last up 3% in the last 24 hours, according to CoinMarketCap.
The token continues to consolidate north of support at the $0.12 area.
If it manages to break out of its current descending triangle, CRO could quickly return to March highs around $0.18.
This could mean quick gains of 40% for CRO investors who get started now. CRO could be one of the best cryptocurrencies to buy today.
Crypto Alternatives to Consider – Presale Investment
Hunting for undervalued altcoin gems is a great way to make crypto profits.
But another strategy with great potential, often overlooked, is investing in crypto. ICOOr pre-sales.
Future web3 Projects/protocols often sell their native token at a deep discount to fund early development and build excitement.
Investing in pre-sales is risky, with a high risk that projects will fail to realize their vision or gain traction.
But presale investors can usually access a token at very favorable market caps.
This means that if a project gains traction, pre-sale investors can make big profits of 10x or more.
With so many presales vying to attract investor funds, it can be difficult to know where to start.
This is why Cryptonews analysts monitor the market. Here are some of their top picks.
19 Best Crypto Presales to Invest in 2024
Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.