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Joel Frank
Author
Joel Frank
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Major cryptos are moving sideways on Tuesday, with Bitcoin (BTC) still stuck between the $68,000 and $60,000 levels and the Ethereum (ETH) rally that saw it rise above $2,750 on Monday easing, with traders instead turning to altcoin markets in their hunt for top crypto performers today.
Despite US PPI data coming in softer than expected, bolstering the case for rapid Fed interest rate cuts this year, most major cryptos were in the red over the past 24 hours.
Bitcoin was down 1%, Ethereum down 1.5%, Solana 1.8%, Toncoin 3.3% and Dogecoin 2.2% per CoinMarketCap.
That’s probably because traders are keeping their powder dry ahead of US CPI data, which comes out on Wednesday.
CPI has a much bigger impact on Fed policy expectations that PPI.
So any optimism about falling inflation and Fed cuts in wake of today’s PPI data could quickly reverse tomorrow, if CPI figures come out hotter-than-expected.
That said, most analysts seem to expect tomorrow’s US CPI data to support the rapid Fed rate cut narrative. So risks may be tilted towards a crypto rally in the second half of this week.
In the meantime, traders hunting for top crypto performers today are turning to altcoin markets.
Here are some top performing coins on Tuesday that could be the best crypto to buy now.
Top Crypto Performers Today
1000SATS (SATS)
Satoshi-inspired meme coin 1000SATS (SATS) is up an impressive 9% in 24 hours, per CoinMarketCap.
That makes it one of the top crypto performers today. But its running into heavy resistance ahead of the long-term $0.00034-36 balance zone.
A break above here could open the door to a swift move back towards late-2023 record highs above $0.0009.
Maker (MKR)
DeFi token Maker (MKR) is attempting to push up from recent lows and has reclaimed $2,000.
Up 5% in the past 24 hours, per CoinMarketCap, MKR is one of the top crypto performers today.
The outperformance comes as crypto asset manager Grayscale launches a MKR investment product.
This could help spur institutional investment into the DeFi token.
But the modest recovery from lows doesn’t mean the bulls have regained control of the MKR market.
MKR remains nearly 2x down from March/April highs. And given it remains well below its major moving averages, the bears remain in control. MKR rallies remain at risk of being sold.
Akash Network (AKT)
Decentralized compute marketplace Akash Network (AKT) is another top crypto peformer today, up 5% in 24 hours, per CoinMarketCap.
However, while AKT has been able to recover an impressive 70% from last week’s low, its bearish trend might not yet be over.
AKT remains well below its 50 and 200DMAs. And both are likely to present strong resistance.
Alternative to These Top Crypto Performers Today – Meme Coin Presales
The above noted top crypto performers today could all appreciate in value a lot in the coming years.
But traders may have to wait some time for altcoin season to return.
As per famous crypto analyst and entreprenuer Arther Hayes, altcoin season will recommence when Bitcoin surpasses $70,000 and Ethereum $4,000.
A high risk alternative to altcoin investing that can deliver fast gains to consider is meme coin presale investing.
Cryptonews.com’s in-house presale analyst Chester outlines a few must-know projects below.
See Cryptonews.com’s list of the best meme coin presale to invest in this August here.
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.
