As the Bitcoin (BTC) price tumbles after hitting resistance at $70,000 and amid concerns about US government Bitcoin wallet activity, traders are assessing which might be the best cryptos to buy now to make quick gains.
Bitcoin was last changing hands around $67,000 after a US government wallet moved $2 billion worth of BTC tokens.
Analysts noted that these movements typically occur ahead of an OTC sale by the government.
The timing of the US government’s decision to move BTC tokens is suspicious, many X users felt.
Why are we dumping👇?
The US 🇺🇸 moved $2 billion worth of Bitcoin to a new address.
Two days ago, Trump proposed a national Bitcoin stockpile, pledging to retain 100% of government-owned Bitcoin if elected. pic.twitter.com/sCt4d4zKeD
— Ted (@TedPillows) July 29, 2024
That’s because just two days ago, former US President Donald Trump promised to establish a strategic stockpile of BTC and never sell.
That announcement sent Bitcoin as high as $70,000 on Monday, its highest since early June.
Crypto billionaire and Gemini founder Tyler Winklevoss lambasted the wallet movements. “Great look and a great way to reset with out industry.
On Saturday, @realDonaldTrump pledged to never sell any of the US government’s bitcoin. Two days later, the Biden-Harris Administration moves $2 billion of Silk Road bitcoin. Great look and great way to reset with our industry. 🤡
— Tyler Winklevoss (@tyler) July 29, 2024
Some X users fear that the Biden/Harris administration might dump Bitcoin now ahead of the election to spite Donald Trump and the broader crypto industry, which is very much now on team Trump.
Underlying fundamentals for Bitcoin remain strong. Fed rate cuts are coming, post-halving selling is likely to soon ease, Mt Gox repayments have gone out, the German government has finished dumping its stash.
And betting markets favor a Trump victory in November, which will presumably usher in a new pro-crypto era in the US.
But the US government holds over $12 billion in BTC. And if they decide to dump it, that would be a huge surge in sell pressure.
So, amid significant market uncertainty, investors are looking to altcoin markets as they hunt for the best crypto to buy now.
Here are some strong performing altcoins that investors will be watching on Monday.
Best Crypto to Buy Now
Bitcoin SV (BSV)
Bitcoin SV is staging a strong comeback on Monday, gaining 14% in 24 hours per CoinMarketCap.
That’s helped the crypto rise back above $51. But the bulls can’t claim victory just yet.
BSV remains stuck below a key resistance level around $56.
If it can clear this, the door will open for a return to yearly highs in the $125 area.
And BSV is ripe for a short-squeeze. That’s because many analysts and traders were recommending shorting BSV against BTC amid the Mt Gox payouts.
The logic was that the Mt Gox payouts would have a bigger impact on the BSV market relative to BTC.
But now its BTC that is suffering amid potential US government selling. Meanwhile, BSV is defying expectations.
That could be why BSV is the best crypto to buy now.
Book of Meme (BOME)
Meme coin Book of Meme (BOME) is pumping hard on Monday, up 13% in 24 hours per CoinMarketCap.
Last back above $0.010, BOME is pumping after breaking a downtrend from its all-time highs.
A 3x rally back towards these record highs around $0.030 could now be on the cards.
That’s why BOME potentially ranks as the best crypto to buy now.
AIOZ Network (AIOZ)
DePIN crypto AIOZ Network (AIOZ) is another strong performer on Monday, gaining over 10% in 24 hours, per CoinMarketCap.
The crypto recently broke back to the north of its 50 and 200DMAs.
Last at $0.60, the door is open for a quick 2x rally back to yearly highs in the $1.10 area.
That’s why AIOZ is another candidate for best crypto to buy now.
Crypto ICOs – A Better Alternative to Altcoins?
Altcoins like those noted above could hand investors impressive gains in this bull market.
However, smaller and lesser-known cryptos sold via ICOs could offer bigger upside potential.
Web3 start-ups often conduct token presales to raise funds for development.
Usually these start-ups sell their token at a big discount versus the project’s potential.
Presale investing is risky, but if done intelligently, it can be one of the best ways to make quick gains.
Here are some of Cryptonews.com’s favorite presales to invest in right now.
