As blue-chip cryptocurrencies consolidate within recent ranges, with Bitcoin (BTC) continuing to swing either side of $70,000, traders and investors are looking for the best crypto to buy now in the altcoin market that might offer the prospect of quick gains.
Major cryptocurrencies have been indecisive this week as traders weigh various themes.
Bitcoin, last trading in the upper $68,000s, has swing between lows around $67,500 and highs around $72,500 this week.
Traders continue to monitor themes such as easing GBTC outflows, the prospect of near-term spot Bitcoin ETF approvals in Hong Kong, hotter-than-expected US economic data pushing back on Fed rate cut bets and next week’s halving event.
BREAKING: Hong Kong set to approve spot #Bitcoin & Ethereum ETFs by Monday – Bloomberg
Up to $25 Billion in demand for Bitcoin from China is expected to be unlocked. pic.twitter.com/6h6zVuNkRq
— Radar (@RadarHits) April 12, 2024
There are some nerves about a short-term dip in the Bitcoin market in wake of the halving. But technicals paint a bullish picture for BTC.
Bitcoin has been consistently posting higher lows in recent weeks. Meanwhile, its price has continued to top out in the low $70,000s.
Bitcoin to $80,000 Next?
That means Bitcoin has been forming a bullish ascending triangle structure. Such structures generally form ahead of bullish breakouts.
If Bitcoin is to break convincingly to the north of its current 2024 highs near-$74,000, $80,000 could be next.
Bitcoin could be the best crypto to buy now, as it threatens a pennant breakout towards $80,000 / Source: TradingView
The bears could regain control and send Bitcoin back to the low $60,000s or even $50,000s. But such a retracement wouldn’t snap the thesis that BTC remains in a bull market.
Throughout its history, within a few months of the halving, Bitcoin has always pumped to new record highs.
Add to that picture that the US continues to run a big deficit, that rate cuts are coming sooner or later, that ETF demand should continue to act as a long-term tailwind, and that the 2024 Presidential election could see the US political and regulatory landscape shift in a more pro-crypto direction, $100,000 remains on the cards for later this year.
For investors looking to get involved in crypto, Bitcoin has to be one of the best crypto to buy now.
But some investors looking for bigger than 2x potential gains will be looking to smaller, lesser-known altcoins.
Indeed, many altcoins could post gains of as much as 5-10x this bull market.
Here are some strong performers on Friday that could be the best crypto to buy now.
Best Crypto to Buy Now
BitTorrent (BTT)
BitTorrent (BTT) is one of the few cryptos trading in the green on Friday as the BTC price turns lower.
It was last up 6.5% in 24 hours, as per CoinMarketCap, and trading in the $0.0000015s.
And BTT’s gains could be able to accelerate. The cryptocurrency appears to have formed an ascending triangle. A break above resistance could see it pump higher towards $0.0000022.
BTT’s gains could be able to accelerate, making it potentially the best crypto to buy now / Source: TradingView
As a result, in a broadly bearish market, BTT could be the best crypto to buy now.
Cronos (CRO)
Crypto.com’s EVM-compatible blockchain Cronos (CRO) is another crypto holding up well on Friday.
It was last trading with gains of roughly 2% in the past 24 hours near $0.15, as per CoinMarketCap.
Its low market cap of under $4 billion, despite its link to one of the world’s largest crypto exchanges, suggests plenty of room left for growth this bull market.
With 5x gains possible, CRO could be the best crypto to buy now.
BNB (BNB)
The world’s fourth-largest crypto BNB (BNB) is another strong performer on Friday, also up 2% in 24 hours.
As per CoinMarketCap, BNB was last trading just above $610, with its market cap hovering around $91.5 billion.
Like Bitcoin, BNB is forming an ascending triangle and could be about to pump higher. Its record highs around $700 could soon come into play.
Like Bitcoin, BNB is forming an ascending triangle and could be about to pump higher. Its record highs around $700 could soon come into play. It could thus be the best crypto to buy now / Source: TradingView
BNB could thus be the best crypto to buy now.
Crypto Alternatives to Consider
All of the above coins offer investors the opportunity to potentially make quick gains.
But some traders are on the lookout for much faster gains than major altcoins can offer.
These traders often turn to the shitcoin markets, looking for a quick 10x. But these markets are full of scams and pump-and-dump schemes.
A potentially much better way to make quick exponential gains in crypto is to invest in crypto presales.
Up-and-coming web3 projects often sell their native token at a big discount to early investors to fund development.
If crypto investors can identify project’s with a great use-case, vision and competent team, they may be able to flip their presale tokens for a big premium at a later date, assuming the project gains traction.
But with so many presales vying for investor funds, it can be difficult to know where to look first.
Luckily, analysts at Cryptonews spend a lot of time combing the presale market for promising projects.
Here are their 18 favorite presales right now.
Alternatively, check out this video from Cryptonews’ Crypto Arjay who discusses some of the best presales right now.
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