As bulls retake control of the crypto market on Friday, investors are assessing which might be the best crypto to buy now to make quick gains.
US Core PCE inflation data, the Fed’s preferred measure of inflation, for June, was largely in line with expectations.
Not so BREAKING! US Core #PCE #inflation came in at 2.6%, slightly above expectations, which is not such a big surprise as PCE data from yesterday’s #GDP report revealed a similar picture.
Overall level comfortable enough for the #FederalReserve to start cutting rates! pic.twitter.com/t60afeY5Xc— jeroen blokland (@jsblokland) July 26, 2024
That has confirmed expectations for the Fed to start cutting interest rates in September.
That is helping to lift sentiment across crypto, with Bitcoin (BTC) last up over 2.5% near $67,500.
Other positive headlines are also helping fuel optimism. On Friday, US Presidential Candidate Robert F. Kennedy Jr. spoke at a major Bitcoin conference.
He proposed that the US buy substantial amounts of Bitcoin to match its gold holdings.
He also noted that most of his net worth is still in Bitcoin and that he is fully committed.
🪙 Robert F. Kennedy Jr. reaffirms his commitment to Bitcoin at the 2024 conference, with Trump set to speak on Saturday. Discover the potential impact on their campaigns.#BitcoinConference2024 #USPresidentialElectionshttps://t.co/9HxAQEKhLA
— Cryptonews.com (@cryptonews) July 26, 2024
That’s helping to build excitement ahead of Trump’s appearance at the Nashville Bitcoin Conference on Saturday.
Some have speculated he may announce plans to buy Bitcoin as a reserve asset if elected US President.
BTC technicals are also looking good. The world’s largest crypto by market cap bounced strongly from its 50DMA this week, suggesting bulls are in control.
Meanwhile, Bitcoin is also eyeing a break above a downtrend that has been in play since the March record highs.
That could open the door to a near-term pushback above $70,000.
BTC could be the best crypto to buy now, with the Bitcoin rally likely to continue into the weekend.
Ethereum Lags – Could It Be The Best Crypto to Buy Today?
Ethereum (ETH), meanwhile, has been lagging. It was last around $3,250, down 8% for the week.
Net Ethereum ETF outflows of nearly $200 million since the ETF launch this week have weighed on the price.
Day 3 Recap of the ETHness stakes. Over 3 days these Ethereum ETFs have seen a net outflow of -$178 million. Total assets for the group sit just shy of $9 billion. pic.twitter.com/8d2VJD1SNT
— James Seyffart (@JSeyff) July 26, 2024
These outflows have been driven by Grayscale’s Ethereum Trust, which has already lost 14% of its AUM.
One analyst thinks this represents Ethereum ETF outflows, “front-running” outflows that came later for Bitcoin ETFs.
So far, the Ethereum ETFs have had a total outflow of $178.8 million, while the Bitcoin ETFs saw an inflow of $1.1 billion in the first three trading sessions.
The Ethereum ETFs front-run the outflow that came a little later for the Bitcoin ETFs. pic.twitter.com/uwVN6zN5GN
— Mads Eberhardt (@MadsEberhardt) July 26, 2024
Assuming these outflows slow soon, the stage could be set for an ETH price rebound.
And with ETH currently trading near its 200DMA, its price looks very favorable right now.
Assuming positive fundamentals (Ethereum ETF inflows, Fed rate cuts, US regulatory/adoption tailwinds) power ETH back towards record highs, Ethereum could be in for quick 50% gains in the coming months.
That could easily make it the best crypto to buy now.
Some crypto investors are looking for a bigger upside, however.
They may prefer to turn to the riskier alt-coin market.
Here are some strong performers that might be the best crypto to buy now.
Bittensor (TAO)
Decentralized machine learning network Bittensor (TAO) has just powered to its highest levels since early June.
TAO was last up 12% in 24 hours, per CoinMarketCap, making it the best performer in the top 100.
The AI crypto was last changing hands just above $360. A few days ago, it found strong support at its 50DMA, suggesting the bulls are in control.
A swift rebound to record highs above $700 could be on the cards.
The prospect of quick 2x gains means TAO could easily be the best crypto to buy now.
Brett (BRETT)
Ethereum layer-2 blockchain Base’s biggest meme coin Brett (BRETT) is another strong performer.
It was last up over 10% in 24 hours, per CoinMarketCap, and trading back above $0.13.
The meme coin is eyeing a retest of its 50DMA and downtrend from all-time highs.
A break above here could reignite the bullish trend and a quick 100% rally to the $0.20s.
As a leading meme coin, Brett is a strong candidate for the best crypto to buy now.
JasmyCoin (JASMY)
Internet-of-things protocol token JasmyCoin (JASMY) has also pumped over 10% in the past 24 hours.
Similarly to BRETT, it is eyeing a breakback above its 50DMA, which could trigger an accelerated upside.
JASMY is thus another candidate for the best crypto to buy now.
Crypto Presales – A Better Way to Diversify a Portoflio?
Altcoins like those noted above could hand investors impressive gains in this bull market.
However, smaller and lesser-known alt-coins sold in presales could offer bigger upside potential.
Web3 start-ups often conduct token presales to raise funds for development.
These tokens are normally sold at a favorable valuation versus a 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 buy this summer.
