As blue-chip cryptocurrency markets remain subdued despite growing tailwinds from traditional asset markets, traders hunting for top crypto performers today are turning to smaller and lesser-known altcoins that might be able to deliver strong gains.
AIOZ Network (AIOZ), Aave (AAVE) and Helium (HNT) are the three best-performing cryptos in the top 100.
Major cryptos like Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), meanwhile are nursing losses.
As per CoinMarketCap, these cryptos are down 3-7% in the past 24 hours.
Major cryptos are struggling despite the Fed indicating at Wednesday’s meeting that a cut could be coming in September.
The US ISM Manufacturing report released on Thursday supported the rate cut narrative, and the Bank of England also cuts rates for the first time.
That has sent US yields to their lowest levels since early 2024 and helped support a powerful rebound in US equities.
The yield on the US 10-year government bond is trading below 4% as several drivers continue to come together including:
High market expectations that a September Fed rate reduction will be part of a notable cutting cycle;
Higher-than-expected weekly jobless claims adding to… pic.twitter.com/b5LIezWoWP— Mohamed A. El-Erian (@elerianm) August 1, 2024
However, major cryptocurrencies failed to partake in the rally. The overhang of supply from the US government (who recently saw large wallet movements), Mt Gox creditors, and Grayscale’s Ethereum ETF appears to dampen market sentiment.
Concerns about escalation between Iran and Israel are likely also weighing on the crypto market.
IRAN ASSESSING VARIOUS MEANS OF REVENGE AGAINST ISRAEL: ISNA
— *Walter Bloomberg (@DeItaone) August 1, 2024
In times of geopolitical strife, investors tend to flock to safe-haven assets. Cryptocurrencies, even Bitcoin, are still considered risk assets by most investors.
As blue-chip cryptos struggle, it’s no surprise that investors are looking for higher-risk alternatives that might deliver faster gains.
Here are the three top-performing altcoins that investors will be monitoring today.
Top Crypto Performers Today
AIOZ Network (AIOZ)
According to CoinMarketCap, the DePIN crypto AIOZ Network (AIOZ) gained 5% in 24 hours to hit $0.63.
The crypto recently broke back above its 50 and 200DMAs and has been finding support.
Assuming AIOZ continues to hold above key support, the door is open for a quick 2x rally back to yearly highs in the $1.10 area.
Aave (AAVE)
Up 3.5% so far today as per CoinMarketCap, decentralized lending/borrowing platform Aave (AAVE) is another top crypto performer today.
AAVE is probing for a test of resistance around $115. A break above here could trigger a quick 37% rally to yearly highs above $150.
Aave is a household name in DeFi, and is likely to remain a major market leader in the long term.
For market observers looking for more cryptocurrencies to buy, AAVE is making its case as one of the top crypto performers today
Helium (HNT)
DePIN project Helium (HNT), a network that leverages a decentralized global network of wireless hotspot providers and doubles up as miners, is holding up despite the struggling market and is roughly flat in the past 24 hours.
As per CoinMarketCap, HNT was up by 2% so far today, trading close to $4.86.
HNT’s market cap was last around $766 million. This is still a bargain valuation for believers in the project’s long-term vision.
Bulls hope HNT will soon break above its 20DMA and return to yearly highs of around $11.
Crypto Alternatives to Consider
The above-noted coins could return investors as much as 10x this bull cycle.
However, those looking for a better probability of near-term gains might want to consider an alternative high-risk, high-reward investment strategy – crypto presales.
A crypto presale allows investors to buy tokens of an upstart crypto project at early-bird prices.
These projects then put these funds to use, powering the development of their nascent protocols.
Of course, presale investing is risky. But there is a long history of presales delivering huge exponential gains to early investors.
If an investor can identify high-potential projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors.
Here is a list of 16 of what the project deems as the best crypto presales of 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.
