As major cryptocurrencies nurse losses, despite a dovish reaction in traditional financial markets to the latest Fed policy announcement where the US central bank opened the door to a rate cut in September, traders are looking for which crypto to buy today to take advantage of the market’s latest dip.
Bitcoin (BTC) was last trading just to the south of $65,000, down around 2% on the day. Ethereum (ETH), meanwhile, was last trading in the mid-$3,200s.
That’s despite a major pump in US tech stocks and declining US bond yields amid rising dovish Fed bets.
Bitcoin is probably still struggling amid fears that the US government and Mt Gox creditors will dump on the market.
UPDATE: MT. GOX MOVES $3.1B BTC
Last night Mt. Gox addresses moved 33.96K BTC ($2.25B) to addresses we believe are most likely BitGo:
bc1q26tsxc0ge7phvcr2kyczexqf5pcj8rk79cqk90h34c30dn9dskeq3gmw3f
bc1q48a5tjhdjtkfv8zv6tj68767h8lgep9dpx0emrkx0yhhmum7wscs95ft36BitGo is the 5th… pic.twitter.com/XWNiZ2boAN
— Arkham (@ArkhamIntel) July 31, 2024
Ethereum, meanwhile, continues to suffer amid hefty ongoing outflows from Grayscale’s newly converted ETF product.
Ethereum ETF Flow
Only $120m $ETHE outflow today, rate of outflow seems to be in decline https://t.co/i61emvTUiJ pic.twitter.com/aAzebflcTP
— Farside Investors (@FarsideUK) July 30, 2024
Both of these headwinds are likely to be temporary. By the time September arrives, Mt Gox FUD might be in the rear-view mirror, and Grayscale’s Ethereum ETF might be fully drained.
That could set the stage for a major rally in both cryptos.
That’s because bullish narratives are building – Fed rate cuts are nearing, now avidly pro-crypto Donald Trump is likely to win November’s election, and BTC sell pressure is likely to fall as post-halving miner selling abates.
Bitcoin could hit $100,000 later this year, and Ethereum could hit new all-time highs above $5,000.
This massive #Bitcoin bull flag is about to breakout.
The price target is $100k+ pic.twitter.com/dwcM2MO6Bf
— Crypto Rover (@rovercrc) July 26, 2024
For traders assessing which crypto to buy today, either could be a good option.
But some investors with a higher risk tolerance will be looking for higher beta tokens that might deliver bigger upside.
Here are some smaller and lesser-known coins that are performing well on Tuesday and might be a good crypto to buy today.
Best Crypto to Buy Right Now
Beam (BEAM)
Privacy-focused blockchain protocol Beam (BEAM) is up 5.5% at $0.0185, per CoinMarketCap.
The crypto appears to have broken back to the north of its 50DMA.
That could open the door to a quick rally back to yearly highs above $0.044.
With BEAM shaping up for potentially quick 2.5x gains, it could be a great crypto to buy now.
Mog Coin (MOG)
Despite the broader market dropping, meme coin Mog Coin (MOG) keeps pushing higher.
It was last up 4.5% in the past 24 hours at $0.000002040, per CoinMarketCap.
MOG continues to appreciate within the confines of an upward trend channel.
Given it’s likely to soon push towards the $0.0000030s, it could be a good crypto to buy today.
Aave (AAVE)
Last up 4% in 24 hours to over $108 per token, Aave (AAVE) is a strong performer on Tuesday.
The decentralized lending/borrowing platform is probing for a test of resistance around $115.
A break above here could trigger a quick rally to yearly highs above $150.
Aave is a household name in DeFi, and is likely to remain a major market leader in the long term.
That, coupled with the prospect of quick 50% gains suggests it could easily be the best crypto to buy today.
Crypto Alternative to Consider – Crypto Presales
The above-noted coins all have 10x potential this bull market.
But some investors are hunting for even bigger returns of as much as 50x.
An alternative investment strategy they might want to consider is presale investing.
New web3 projects often sell their native tokens at a big discount to early investors to fund development.
Presale investing is risky, as all investing in crypto is. But if investors can reliably identify high-potential projects, they stand to net massive gains.
Analysts at Cryptonews.com keep a close eye on the presale market. Here are some of their top picks right now.
16 Best Crypto Presales to Invest In Now
The post Which Crypto to Buy Today 31 July – Beam, Mog Coin, Aave appeared first on Cryptonews.
#AltcoinNews #Bitcoin #btc #whichcryptotobuytoday [Source: CryptoNews]