As major cryptocurrencies trade in the red, with the likes of Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) trading with losses of between 1.5-3% in the past 24 hours per CoinMarketCap, traders are monitoring altcoin markets as they hunt for the best crypto to buy now to benefit from the market dip.
What had looked like a promising crypto rally was cut short after the US government’s BTC wallet movements on Monday.
Fears that a possible US government sale of around $2 billion BTC might add to near-term sell pressure continued to weigh on the market on Tuesday.
Bitcoin was last trading around $66,000, down over 5% from Monday’s highs above $70,000.
ETH was last just under $3,300, and Solana was close to $180.
Traders will continue to monitor US government wallet movements closely.
Some fear the Biden administration might seek to sell BTC ahead of the election in the wake of ex-US President Donald Trump’s pledge to set up a strategic BTC reserve if he returns to office.
US Government: “If we sell our 200,000 Bitcoin before Trump gets into office then he has no Bitcoin to hold in a strategic reserve.” pic.twitter.com/G13bgLORP2
— Autism Capital 🧩 (@AutismCapital) July 29, 2024
Other major events include a Fed rate decision and Friday’s US jobs report.
The Fed is expected to announce a rate cut for September, which would likely be a net positive for risk assets.
Jobs data could also support risk appetite, assuming it doesn’t push back against the Fed rate cut narrative.
Time to Buy Bitcoin as It Remains Stuck Under $70,000?
US government sales may keep BTC stuck below $70,000 for a while yet.
But this should be seen as an opportunity to accumulate.
BTC could hit $100,000 later this year on Fed rate cuts, strong ETF inflows, and a (currently likely) Trump election victory.
Me and the boys when Bitcoin hits 100K in 2024pic.twitter.com/4Q4QrXqerj
— naiive (@naiivememe) July 28, 2024
As always, Bitcoin remains a strong candidate for the best crypto to buy now.
Some investors will be looking for higher potential returns, however.
They will thus be turning to higher beta assets in the altcoin market.
Here are some strong-performing coins that might be the best crypto to buy now.
Best Crypto to Buy Now
Book of Meme (BOME)
A rising meme coin called Book of Meme (BOME) is pumping again on Tuesday despite the bearish market.
Per CoinMarketCap, the token has gone up 7% in 24 hours and traded at nearly $0.01070.
The meme coin has gained momentum since breaking above a key long-term downtrend.
A swift 3x surge back to record highs in the $0.030 area is possible. That’s why BOME is potentially the best crypto to buy now.
Mog Coin (MOG)
Another meme coin called Mog Coin (MOG) is also performing well on Tuesday.
Per CoinMarketCap, MOG was up 7.2% in the past 24 hours, trading near $0.0000020.
MOG has been moving higher within the confines of an upward trend channel in recent months.
A recent strong technical bounce likely explains the crypto’s resilience.
A surge to new record highs above $0.0000030 is possible in the coming weeks.
MOG could thus be the best crypto to buy now.
AIOZ Network (AIOZ)
DePIN crypto AIOZ Network (AIOZ) is another strong performer on Tuesday, gaining over 4% in 24 hours, per CoinMarketCap.
The crypto recently broke back to the north of its 50 and 200DMAs.
Last at $0.62, 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 the best crypto to buy now.
Alternative to Consider – Meme Coin Presales
Meme coins like those noted above could hand investors impressive gains in this bull market.
However, they already have somewhat bloated market caps, reducing their upside potential.
Smaller and lesser-known meme coins sold via presale could offer bigger upside potential.
Meme coin 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 new meme coin presales to invest in right now.
15 Best New Meme Coins to Buy in July 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
