Best Crypto to Buy Today May 8 – Ethereum Classic, Tron, Kaspa

Last updated: May 8, 2024 at 5:30 p.m. EDT | 4 minutes of reading

With various cryptocurrencies exhibiting significant movements, Ethereum Classic, Tron, and Kaspa have recently attracted investor interest due to their price action and recent developments, leading some analysts to tout them as the best crypto to buy now.

As blue-chip cryptocurrencies trade with a bearish bias on Wednesday, Bitcoin (BTC) falls back to $62,000 after finding resistance at its 50DMA earlier this week. With a stagnant market outlook for larger-cap coins, traders are scanning the altcoin markets to look for the best crypto to buy today that could generate rapid upside.

At current levels around $62,500, Bitcoin is down nearly 5% from its Monday high of $65,500.

However, the cryptocurrency is still up more than 10% from last week’s lows.

Near-term macroeconomic challenges eased last week following weaker-than-expected U.S. jobs data, allay fears of an overly hawkish Fed.

Spot Bitcoin ETF Entries have also returned, although they have since run out of steam again.

The short term Bitcoin the price outlook seems very tilted towards consolidation in recent ranges.

While the Fed’s rate cuts are still far away and ETF Feed Not providing much momentum, Bitcoin lacks short-term price narratives.

Consolidation in the coming months would match Bitcoin’s typical seasonality of 4-6 months after the halving and into the summer.

That said, Bitcoin’s long-term prospects are stronger than ever.

THE the hash rate of the blockchainor computing power, has quadrupled since Bitcoin was at its current price level in 2021.

If Bitcoin can get back above its 50DMA in the coming weeks, this could be a buy signal, according to an analysis by Bitcoin Archivewho calls it a “mega-bullish” event.

With Bitcoin on track to challenge $100,000 this year or next, it is potentially the best crypto to buy today.

But for investors looking for more upside potential than Bitcoin, altcoins could be more attractive.

Here are some of Wednesday’s best performing altcoins that could be the best crypto to buy today.

Best Crypto to Buy Today

Ethereum Classic (ETC)

Ethereum Classic (ETC), the token of the original, non-forked Ethereum blockchain, outperforms its sister on Wednesday.

It was last up 5% in 24 hoursaccording to CoinMarketCap, and is trading at almost $28.

ETC fell below its 2024 uptrend last month. But after briefly hitting a low of $23, it is making a comeback.

If it manages to break north of the $28-$29 resistance zone, where its 50DMA also resides, it could indicate that the bulls have regained control.

As hype and FOMO in the market builds and investors become more and more irrational, ETC could reclaim these spikes, making it a good candidate for the best crypto to buy now. Source: TradingView

Ethereum Classic is a highly speculative game. There is not a fraction of the adoption of Ethereum. According to DefiLlama, Ethereum has a TVL of $133 billionwhile Ethereum Classic has barely $600,000.

But ETC has generated as much as $175 in 2021, a 6.5x increase from current levels.

As hype and FOMO in the market builds and investors become more and more irrational, ETC could reclaim these spikes, making it a good candidate for the best crypto to buy now.

Tron (TRX)

The price of Tron (TRX) rose rapidly on Wednesday, rising nearly 3% despite the market decline.

After breaking north of its 21 and 50DMA, TRX eyes a breakout above key resistance at $0.1250.

If it can break above here, a rapid rise to yearly highs around $0.1450 is possible.

Tron could be the best crypto buy today if it can break north of this key resistance level. Source: TradingView

The prospect of rapid potential gains of 20% makes TRX one of the best cryptocurrencies to buy today.

Kaspa (KAS)

The outlook for Kaspa (KAS) just took a major turn for the better, resulting in an improvement in KAS.

According to CoinMarketCap, KAS price increased by 9% in the last 24 hours and is trading around $0.123.

The door could now be open for a rapid return to its yearly highs at $0.19.

The door could now open for a rapid return to its yearly highs at $0.19, making KAS the best crypto to buy today. Source: TradingView

The prospect of a 50% upside in the near term makes KAS potentially one of the best cryptos to buy today.

Crypto Alternatives to Consider

Although the coins above offer the potential to return up to 5x this bull market, many investors will be looking for even bigger gains in the short term.

These investors may consider an alternative high-risk, high-reward investment strategy – get involved in crypto presales.

A presale occurs when an upcoming web3 protocol sells its native token at a discounted price to fund development.

Pre-sales are risky because projects can fail. But if they keep their promises, the benefits can be huge: 100 times or more.

If investors can reliably identify high-potential pre-sales, they can realize a significant return.

With so many pre-sales vying to attract investor funds, knowing where to start can be daunting.

That’s why the Cryptonews.com team put together a list of what they consider to be the best crypto presales.

See all 20 Crypto Presales

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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