With major cryptos under pressure on Monday and market sentiment nervous ahead of the Fed’s interest rate decision on Wednesday, investors are taking the time to consider what might be the best crypto to buy now.
Markets are nervous because the Fed could soon initiate a rate-cutting cycle with a 50bps cut.
And this could trigger investor fears that the US central bank could be worried about an impending recession, hence the rush to lower interest rates.
Bitcoin (BTC) was last trading lower by about 3% in the past 24 hours, near $58,000, per CoinMarketCap.
Ethereum (ETH), BNB (BNB), Solana (SOL), and Dogecoin (DOGE) were each down 3-5% over the same time period.
If the Fed does choose to cut interest rates by 50bps on Wednesday, the market could interpret this as an admission that they should have cut rates back in July or that their overly tight policy is raising recession risks.
Amid all the worries about a potential US recession in the wake of a potential Fed policy mistake, investors are weighing up what might be the best crypto to buy right now.
In times of fear, good cryptos often go on sale, and brave dip-buyers who can HODL through some volatility often book big gains.
So, which could be the best crypto to buy now?
Bitcoin – Always a Candidate for Best Crypto to Buy Now
Bitcoin is currently near $58,000, over 20% down from its March 2024 highs.
Macro fears could yet send the crypto much lower (e.g. if a US recession hits and the Fed is deemed too slow to react).
But investors who get in now will buy Bitcoin well below its recent peaks, with the crypto still likely in a longer-term bull market.
A Fed rate-cutting cycle is bound to become a major bullish driver for Bitcoin at some point.
The delayed impact of the BTC issuance rate halving in April will also likely kick in at some point.
And once US political uncertainty clears up following the November election, that could also set the stage for a rally, regardless of who wins.
Bitcoin is looking ready to hit $100,000 or above by the end of this year or next.
So investors who get in now, while potentially risking a 30% drawdown from current levels, could easily be looking at 70+% gains.
For those looking for medium-term gains, Bitcoin easily ranks as one of the best cryptos to buy now.
The value proposition is even stronger for those wanting to HODL for the long term.
Bitcoin is the oldest, best-known, most widely accepted and used, most secure, and most decentralized cryptocurrency in the world.
And that means it remains a strong candidate to eventually join gold as a global reserve asset.
Alternative Cryptos to Consider
Most major cryptos are looking quite bearish right now.
But there are a few exceptions. The New Solana meme coin Popcat (POPCAT), last trading just under $0.70, looks like it’s about to explode out of a long-term pennant structure.
That could see it quickly surge above $1.0 and beyond. It could be a strong bet for meme coin traders looking for quick gains.
Meanwhile, another altcoin with the potential to pop up in the near term is Fantom (FTM), a layer-1 blockchain protocol.
FTM, last at $0.52, is eyeing a break above a key long-term balance area around $0.53-55.
That could open the door to a swift move back above $1.0.
Alternatively, crypto presales might be the way to go for investors hunting bigger gains in the region of 10-20x.
Crypto start-ups often offer their native tokens at a discount to early investors to raise funds for development and marketing.
If investors can successfully identify high-potential projects, the returns can be huge.
Analysts at Cryptonews.com keep a close eye on the presale market. Here are some of their favorite coins right now.
17 Best Crypto Presales to Invest In Now
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