As cryptocurrency prices bounce on Thursday in wake of the bulls putting up a strong defense of the $60,000 Bitcoin (BTC) and $3,000 Ether (ETH) levels a day earlier, investors are hunting for smaller, lesser-known altcoins that could be the best crypto to buy now to deliver quick gains.
The world’s two largest cryptocurrencies Bitcoin and Ether were both threatening breakouts below key psychologically important levels earlier this week.
Many traders have become more pessimistic about the near-term outlook given rising macro and geopolitical headwinds ahead of the halving. But Bitcoin has since rebounded to near $64,000 and Ether to near $3,100.
In wake of Bitcoin’s strong bounce from $60,000 support, investors are hunting for the best crypto to buy now for quick gains. Source: TradingViewCrypto Defies Bearish Sentiment as Market Frothiness Declines
But crypto prices have a habit of moving in the opposite direction that the crowd expects.
As per research firm Santiment, “the #bullmarket has essentially come to an end after #Bitcoin’s -16% market value drop since the #AllTimeHigh of $73,600 hit back on March 14th”.
“At the same time, #bearmarket mentions are increasing,” Santiment continued in a research note.
Mentions of the “buy the dip” have also declined, which Santiment notes often market the end of downtrends.
#Crypto markets have seen a boost today, as #Bitcoin has jumped back to $63.8K with just over 36 hours until its #halving event. The crowd has maintained a consistently #bearish sentiment toward top caps, which strengthens the argument for more rising. https://t.co/fPmv7gAQli pic.twitter.com/mAIZa8c5jJ
— Santiment (@santimentfeed) April 18, 2024
Frothy sentiment in amongst retail trades has clearly subsided. That’s also evident when looking at futures market.
As per coinglass.com, the funding rate paid by traders taking out leveraged Bitcoin long positions recently dipped to multi-month lows. Open interest (i.e. the USD value of outstanding leveraged futures positions) has also declined substantially from recent highs.
A less frothy market suggests a more stable foundation from which the Bitcoin price can stage a rebound. That could explain the strength of Thursday’s rally, which has likely caught some off guard.
With many altcoins well down from recent highs but the market now rebounding, the potential is there for quick gains.
Here are some strong-performing altcoins on Thursday that could be the best crypto to buy now.
Best Crypto to Buy Now
Injective (INJ)
Decentralized trading protocol Injective (INJ) is gaining momentum as the market rebounds and is eyeing a retest of $30 resistance.
As per CoinMarketCap, the token was last up around 14% in 24 hours, with a $2.7 billion market cap.
Stake $INJ and Chill https://t.co/Uu8gAEkueD
— Injective (@injective) April 17, 2024
No specific catalyst appears behind the cryptos outperformance. However, news that the number of staked INJ tokens continues to rise is a good sign for the protocol.
Its modest valuation suggests there remains plenty of room for the crypto to 5 or 10x from here. It could easily be the best crypto to buy now.
Gala (GALA)
Play-to-earn blockchain gaming platform Gala (GALA) is attempting to continue a rebound from its recent dip.
Last at $0.04380, GALA is up 12% in 24 hours and 30% from last week’s sub-$0.033 lows.
The GALA price got crushed last week amid the broader market sell-off and after bearish pennant breakout.
GALA could be the best crypto to buy now if it can break above this key level. Source: TradingViewBut if GALA can overcome resistance at $0.050, a swift recovery back to early yearly highs near $0.088 is possible. GALA could well be the best crypto to buy now.
Akash Network (AKT)
Decentralized computing resource network Akash Network (AKT) is attempting to break out of its recent downtrend.
AKT was last trading near $4.0, up 11% in the past 24 hours. The token is still down around 40% from its yearly highs at $6.50, having been battered since late March.
But AKT is looking to break out of its recent downtrend. A break above the 21DMA at $4.20 could open the door to a pop higher to resistance-turned-support at $5.0.
As AKT eyes a retest of this key level, it could be the best crypto to buy now. Source: TradingViewThe prospect of quick potential gains means AKT could be the best crypto to buy now.
Alternate Investment Strategy to Consider
All of the above coins offer investors a great chance of making near-term gains. Indeed, altcoin investing can be very profitable if investors can reliably find undervalued projects and time the market well.
However, attempting to time the market comes with a lot of risks, given the high level of volatility in the altcoin market.
An alternative strategy that carries less risks relating to market volatility is investing in crypto presales or ICOs.
Up-and-coming web3 projects often conduct fund raising rounds to pay for early developments via the sale of their native token.
These tokens are normally sold at a very cheap valuation to attract intrepid investors.
Of course, presale investing is very risky too. A project may fail to deliver on its promises and roadmap, leaving investors out of pocket.
But if a project gains traction, presale investors frequently find themselves sat on 10x or more gains.
Here are some of the top presales being watched by analysts at Cryptonews.
19 Best Crypto Presale Projects for April 2024
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