Altcoins
Best Crypto to Buy Today March 22 – APT, ICP, FTM
Last updated: March 22, 2024, 1:01 p.m. EDT | 3 minutes of reading
As Bitcoin (BTC) continues to struggle in the face of continued high outflows from Grayscale’s Bitcoin Trust ETF (GBTC), traders looking for quick returns are analyzing the altcoin markets to find the best crypto to buy today ‘today.
After temporarily surpassing $68,000 on Wednesday following a dovish Fed meeting, BTC has since slipped to $63,000.
Spot Bitcoin ETFs saw outflows every day this week. This is due to a slowdown in inflows at companies like BlackRock’s IBIT and a increase in GBTC outflows.
Thursday saw the biggest Bitcoin ETF inflows in 3 days: aside from constant outflows from GBTC which will end once the fund hits 0, no other funds were selling and IBIT surged (BITO is a futures contract ). pic.twitter.com/hBG8Aok2xK
– zero cover (@zerohedge) March 22, 2024
According to Zerohedge, GBTC has now fallen to 356,000 BTC from 619,000 BTC just two months ago.
GBTC only has 356,000 bitcoins left to liquidate, compared to 619,000 two months ago.
– zero cover (@zerohedge) March 21, 2024
Traders have been abandoning GBTC since its conversion to a spot ETF. This is due to 1) relatively high fees (of 1.5%), 2) traders who purchased GBTC at a significant discount to the NAV in 2023 before converting it to a profit-taking ETF and 3) failed crypto companies (like FTX, Celsius, and BlockFi). ) liquidation of participations.
While GBTC selling pressure may persist in the short term, it is unlikely to pose a long-term headwind for the market.
Now may be the time to accumulate Bitcoin in the $60,000s, before it potentially hits $100,000 before the end of the year.
Bitcoin could easily be the best crypto to buy today.
Best Crypto to Buy Today
Aptos (APT)
The much-hyped Layer 1 blockchain protocol, Aptos (APT), is hitting its highest levels in over a year.
APT was up 10% Friday in the $16 range, according to CoinMarketCap.
The token is eyeing a quick retest of its 2023 highs above $20.
Aptos was developed by a team of well-connected former Facebook employees who were behind the failure of the social media platform’s Libra cryptocurrency.
Aptos could become a leading blockchain in the coming years.
This suggests that its market cap of $6.3 billion and fully diluted market cap of $17.5 billion may be undervalued.
Aptos might just be the best crypto to buy today.
Internet Computer (ICP)
Up almost 10% in 24 hours, Internet Computer (ICP) is one of the best performing cryptos on Friday.
For now, ICP remains stuck in its multi-week range of $10-16.
That still leaves it down more than 96% from its 2021 record highs, around $350.
Its modest market capitalization, currently just $6.2 billion, suggests there is plenty of room for growth.
ICP may not reach its 2021 highs anytime soon, but 10x gains are certainly possible. This means it could easily be the best cryptocurrency to buy today.
Ghost (FTM)
Layer 1 blockchain protocol Fantom’s FTM token is up 8% in the past 24 hours, according to CoinMarketCap.
Over the past 30 days, Fantom is up 180%. This makes it one of the top performing cryptocurrencies in the world.
Fantom’s upcoming “sonic” upgrade could be behind the recent outperformance.
Fantom: fees less than $0.01 today, fees less than $0.01 one year ago, fees less than $0.01 two years ago, fees less than $0.01 since 2019.
Happy to see the others catching up, when Sonic launches, that distance is multiplied by 100 again.
Let’s continue to move the space forward. pic.twitter.com/WX8fFS9eES
– André Cronje (@AndreCronjeTech) March 15, 2024
Last just above $1.10, FTM is still down over 70% from its 2021 highs.
Given that FTM could easily post 3x gains in this bull market, it is a good candidate for the best crypto to buy today.
Crypto Alternatives to Consider
All of the coins above offer potential investors an excellent chance of making 10x gains.
But, for those looking for a better probability of short-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of new crypto projects to help fund their development.
These tokens are almost always sold cheaply, and there is a long history of presales offering huge exponential gains to early investors.
Many of these projects have fantastic teams and a great vision behind them to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward ratio of their pre-sale investment is very good.
The Cryptonews team spends a lot of time going through pre-sale projects to help investors.
Here is a list of 14 of what the project considers to be the best crypto presales of 2023.