Altcoins
Best Crypto to Buy Today April 29 – Wormhole, Sei, Helium
Last updated: April 29, 2024, 1:34 p.m. EDT | 4 minutes of reading
Major cryptocurrencies are trading with a bearish bias on Monday, as traders consider the possibility that the U.S. economy could slide into “stagflation,” which would generally be bearish for risk assets. Traders looking for best crypto to buy are looking to the altcoin markets for opportunities.
Bitcoin (BTC) fell to a new 10-day low on Monday below $62,000, down nearly 7% from last week’s highs.
It has since rebounded to $63,000, but a short-term downtrend remains in play.
Last week’s US GDP report for the first quarter showed growth slowing to 1.6% annualized, compared to 3.4% in the fourth quarter of 2023.
But at the same time, inflation accelerated in the first quarter, as shown in the latest US Core PCE report.
We are moving a little towards stagflation. A difficult place for politics. pic.twitter.com/N4VHFp0toa
–Joseph Wang (@FedGuy12) April 25, 2024
This could force the The Fed will keep interest rates high despite a slowdown in the economy.
Bitcoin traders will be closely watching US economic events this week, including the Fed’s policy announcement, ISM PMI reports in the manufacturing and services sector, and April employment data.
The Fed will likely stick to its hawkish message that it will wait for further progress on inflation before cutting rates.
Economic data, for their part, will shed more light on the stagflation debate.
The risks appear to be tilting towards Bitcoin testing the lower bounds of its recent $60,000-$70,000 range.
So Bitcoin may not be the best crypto to buy today for investors looking for quick gains. So if it’s not Bitcoin, which part is better to buy now?
Investors will have to be more selective in their choices altcoins with strong narratives.
Here are some performers Monday that could be the best crypto to buy today.
Best Crypto to Buy Today
Wormhole (W)
Investors thinking about which crypto to invest in on Monday should check out Wormhole (W).
Wormhole is the best-performing coin in the top 100 by market capitalization as of Monday, according to CoinMarketCap.
W was last up 14% in 24 hours and just hit a two-week high above $0.69.
Wormhole is a multi-chain protocol that facilitates the movement of assets and data between blockchains.
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
The token was launched in early April and peaked at $1.85.
W could post 3x gains if it manages to return to its past highs. This means it could be the best crypto to buy today.
Sei (SEI)
The finance-focused Sei (SEI) blockchain also performed well on Monday, up 6% in 24 hours.
The parallelization of the EVM does not stop when Sei v2 is launched. It’s time to think even bigger.
As part of Sei Labs’ mission to scale EVM, the company is creating an open source framework for parallelized, peak-performance L2 chains.
Presentation: the parallel stack.…
—Sei 🔴💨 (@SeiNetwork) March 13, 2024
According to CoinMarketCap, SEI was trading at $0.64 with a market capitalization of $1.8 billion.
SEI is attempting to establish its presence above the resistance around $0.60, where its 21DMA also resides.
Assuming SEI can push above this level, a return to recent highs above $1.10 is possible.
Bulls are hoping that Thursday’s strong performance will mark the start of a pullback toward 2024 highs around $11.0.
The prospect of quick 80% gains means SEI could be the best piece to buy now.
Helium (HNT)
Of pine The Helium Project (HNT), a network that operates a decentralized global network of wireless hotspot providers and also serves as miners, is booming on Monday.
According to CoinMarketCap, HNT increased by 12% in 24 hours, trading around $5.70. The token had even reached $6.0 during recent trading.
HNT’s market capitalization was approximately $920 million. This is still an advantageous valuation for those who believe in the value of the project. DePIN long-term vision.
If HNT manages to break above its 50DMA at $5.70, a return to 2024 highs above $11 is possible. Given that it could quickly be 2x, HNT could be the best crypto to buy right now.
Alternatives to Consider – Crypto Presales
Investors looking to add risk to their portfolios should look to an often overlooked but often profitable crypto investment strategy: investing in pre-sales.
Future web3 projects are often carried out ICO in order to raise funds for the development of the project.
To attract early interest/investors for their project, they usually sell these tokens at a very low market capitalization.
This offers pre-sale investors the opportunity to make big gains.
Of course, pre-sale investing is not without risk. The success of a project depends heavily on its management team.
Pre-sale investors could lose their entire initial investment if something goes wrong.
But if they can reliably identify projects with great teams and a strong use case, the pre-sales investment can yield significant profits.
With so many projects vying for investor funding, it can be difficult to know where to start.
Fortunately, Cryptonews.com analysts spend a lot of time scouring the altcoin market for projects with high potential.
Here are some of their favorite picks on the market right now.
21 Best Crypto Presale Projects for April 2024
You can also check out Cryptonews analyst Crypto Arjay’s top picks in the video below.
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.