Crypto markets are mixed on Thursday, as Bitcoin (BTC) and Ether (ETH) succumb to profit-taking in the wake of hotter-than-expected US PPI inflation figures. Other major altcoins like Solana (SOL) and Dogecoin (DOGE) are pushing higher, however, and investors are assessing the market as they ponder the best crypto to buy today.
Bitcoin was last trading at just under $71,000, and Ether was around $3,900, weighed somewhat by rising USD and US yields.
Both rose on Thursday as macro traders reduced bets on Fed rate cuts this summer following the latest inflation figures.
At least some of the profit investors pulled out of these coins appear to have been reallocated.
That could explain why Solana has been up over 5% in the past 24 hours and why the likes of Dogecoin and Polkadot are up a similar amount.
While major coins like Bitcoin are probably overdue a pullback at this point, investors should expect pullbacks to remain shallow.
Bitcoin ETF inflows have remained very strong in recent sessions. Institutional investors seem keen to continue hoovering coins up ahead of the April halving.
Bitcoin remains odds on to hit $100,000 in 2024, or even ahead of the halving.
The prospect of another 50% price jump in the coming months means Bitcoin definitely ranks amongst the best crypto to buy today.
But many investors will be hoping to bag much larger gains in this bull market, perhaps in the 5-10x region.
These investors will be scouring the market for smaller, lesser-known coins with a lot of upside potential.
Young meme coins with strong communities fit this bill perfectly.
Let’s take a look at the top three that investors will be monitoring on Thursday.
Best Crypto to Buy Today
Dogwifhat (WIF)
Launched last November to rival Bonk, dogwifhat (WIF) is a new spin on the Shiba Inu dog meme coin.
Namely, it features a Shiba Inu dog looking cute in a hat. And, of course, the meme coin investing community has gobbled WIF up.
As per DEXTools, WIF has a $3.2 billion market cap and over 83,000 on-chain holders.
Given that it also trades across dozens of crypto exchanges, it likely has many money holders.
WIF is up 22% in the past 24 hours, making it the best-performing top 100 crypto on Thursday.
With a market cap still 6x less than Dogecoin’s, however, WIF still has a lot of upside potential.
That’s why it ranks as possibly the best crypto to buy today.
Pepe (PEPE)
Launched back in April 2023 to end the era of dog meme coins, Pepe (PEPE) is performing well in 2024.
Of course, it hasn’t ended dog meme coins, which are still as popular as ever. But it has put a dent in their share of the meme coin market.
Up 12% in 24 hours on Thursday as per CoinMarketCap, Pepe’s market cap was last around $4.1 billion.
Pepe represents the legendary Pepe the Frog internet meme and could yet gain major traction.
That’s why it’s amongst the best crypto to buy today.
Bonk (BONK)
Bonk (BONK), the first major Solana meme coin success story, is also performing well on Thursday.
As per CoinMarketCap, the meme coin was last up around 10% in 24 hours, with a market cap reaching $2.1 billion.
Bonk has been surpassed by its younger Solana-based meme coin rival dogwifhat.
But Bonk can still do very well. Indeed, the meme coin holds a sentimental place in the hearts of many Solana users.
That’s because it was launched via an airdrop around the time of Christmas 2022 to breathe life back into the struggling Solana ecosystem, which was still under pressure following the collapse of FTX and Alameda (a major Solana user and supporter).
Bonk’s successful launch in late 2022 helped pump optimism into the Solana ecosystem and helped keep things afloat.
Bonk has yet to catch up with Dogecoin and Shiba Inu. That makes it potentially one of the best crypto to buy today.
Crypto Alternatives to Consider
The above meme coins offer investors a great chance to make solid gains.
While the future is always uncertain in crypto, these names could be among the best crypto to buy today.
However, those looking for a better probability of near-term gains should consider an alternative high-risk, high-reward investment strategy—getting involved in crypto presales.
Presales offer investors a routine to get involved in a project at its very early stages, and thus potentially make returns of as much as 100x.
If investors can identify projects with solid foundation, the risk/reward of their investment is very good.
Analysts at Cryptonews spend a lot of time examining new presale projects.
Here are 14 of the best presales of 2024, according to the team at Cryptonews:
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