Altcoins
Best Crypto to Buy Today April 30 – Wormhole, Optimism, Axelar
Last updated: May 1, 2024 at 6:59 p.m. EDT | 3 minutes of reading
As traders digest the implications of the Fed’s latest policy announcement and what it means for the prospects of a Fed rate cut later this year, traders are looking for opportunities in the altcoin market and assessing whether might be the best crypto to buy today.
Bitcoin (BTC) was last trading in the $57,000s, down more than 4% in the past 24 hours.
Ether (ETH) was last trading down about 1%, just south of $3,000.
Selling pressure comes as Bitcoin ETF outflows resume And US economic data points to persistent inflation.
According to The Block, US ETFs have seen outflows for five consecutive days.
This has dimmed the Fed’s rate cut outlook, with most now not expecting anything until the end of 2024.
Bitcoin bears are now targeting a test of support around $53,000. This could be an interesting area to buy the dip.
At this point, Bitcoin is believed to have fallen about 30% from its March highs. Assuming we are in a bull market, many long-term bulls might view a 30% retracement as the perfect time to get back there.
This suggests that Bitcoin could soon be the best part to buybut this is not yet the case.
Investors looking to cash in on quick gains will need to be more selective, noting altcoins with strong dynamics.
Here are some of the best performers altcoins on Wednesday, this could be the best crypto to buy today.
Best Crypto to Buy Today
Wormhole (W)
Investors monitoring altcoin markets for which to invest in crypto should check out Wormhole (W).
Wormhole is the best performing coin in the top 100 by market cap on Monday, according to CoinMarketCap.
W was last up 11% in 24 hours and hitting a two-week high around $0.68.
Wormhole is a multi-chain protocol that facilitates the movement of assets and data between blockchains.
If it manages to surpass the recent highs of the $0.70 area, a quick return towards $1.0 is possible.
Optimism (OP)
Ethereum layer 2 scaling solution Optimism (OP) is pushing back towards weekly highs above $2.70.
It increased by 7.5% in the last 24 hours, according to CoinMarketCapmaking it a top performing play on Wednesday.
OP is currently in a short-term uptrend. But bulls won’t celebrate until they can break north of resistance around $2.85.
But given that it recently broke out of a downtrend from March highs, OP’s outlook is strong.
It could soon return to $4.0 or more. The prospect of quick gains potentially makes it the best crypto to buy today.
Axelar (AXL)
Web3 interoperability platform Axelar (AXL) is up on Wednesday, up 8.5% in 24 hours according to CoinMarketCap.
Finally, at $1.15, the cryptocurrency found strong support above $1.0 this week.
Traders are hoping that this rebound could be the start of a more than 2x surge above $2.0.
If this is the start of a new AXL run, it might just be the best crypto to buy today.
But first it will need to move above the $1.30 resistance.
Alternative Investment Strategy to Consider – Pre-Sales
If traders can reliably identify altcoin gems, they can make a lot of money.
But the overlooked strategy of investing in pre-sales can potentially yield even higher gains if done correctly.
Web3 projects/protocols often sell their native tokens at a discount to early investors to fund development.
If investors can reliably identify projects that, thanks to their strong vision, use case and competent team, eventually gain traction in the market, they can make big profits.
Knowing where to start is one of the biggest barriers to entry into the dreaded pre-sale market.
That’s why Cryptonews has put together a list of its top picks.
20 Best Crypto Presales to Invest in
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.
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