On an ugly day that many are referring to as “crypto black Monday”, investors are looking for top crypto performers today that might shelter them from the market’s doom and gloom.
Major crypto prices crashed on Monday, with Bitcoin (BTC) last down over 7% near $55,000.
Ethereum (ETH) was last down a whopping 20% in 24 hours in the $2,300s, per CoinMarketCap. Many other major altcoins nursed similar losses.
The crypto market dump comes in wake of what some analysts called a “perfect storm” of negative catalysts.
Rising US recession risk is probably the biggest catalyst right now, though the unwind of the yen carry trade and Jump Crypto dumping holders are also major headwinds.
Nearly $3 trillion has been wiped from the US stock market due to growing fears of a global recession.
Today is the worst day for stocks since March 2020 when the world shut down for a pretend virus. pic.twitter.com/913CQAAToD
— Layah Heilpern (@LayahHeilpern) August 2, 2024
And the period of uncertainty when the US enters a recession is often a painful time for risk assets.
But a US recession would likely mean lots of Fed rate cuts and lots of new liquidity.
And that could be the catalyst to power many major cryptos back to new record highs, once the panic phase abates.
Popular analyst Miles Deutscher noted that traders should pay attention to the cryptos enjoying the strongest bounce from lows.
Bit of alpha for you.
Monitor the coins which are recovering the strongest on this bounce.
These will be the best altcoins to long if we get another retrace.$SOL, $ONDO, $TIA, $ZRO, $TAO just to name a few.
— Miles Deutscher (@milesdeutscher) August 5, 2024
Here are some top crypto performers today that might be able to protect investors amid the current downturn.
Top Crypto Performers Today
Celestia (TIA)
Modular blockchain project Celestia (TIA) is up over 10% on Monday despite it being “crypto black Monday”.
That makes it one of the top crypto gainers today in the top 100 by market cap.
Last at $5.22, TIA found strong support at its recent lows in the $4.0 area.
It could soon pump back to its recent range highs in the $7.70 area.
But that would require it to overcome its 50DMA which has acted as strong resistance in recent months.
Brett (BRETT)
The Ethereum layer-2 blockchain Base’s biggest meme coin Brett (BRETT) is up nearly 16% in the past 24 hours, per CoinMarketCap.
That makes it another one of the top crypto performers today in the top 100.
Last at $0.0867, BRETT could soon recover back towards its downtrend from June highs in the $0.13 area.
Ondo (ONDO)
Real-world asset tokenization protocol Ondo Finance (ONDO) is up 6% and over 44% from intra-session lows, per TradingView.
That shouldn’t come as a surprise. Ondo Finance is one of the most promising crypto protocols in the entire industry and is leading the charge to bring traditional financial assets on-chain.
Like BRETT, ONDO could soon bounce back to retest its recent downtrend.
Crypto Alternatives to Consider
The strong rebound from lows demonstrated by the above-noted altcoins suggests they could hold up better in this difficult period for the market.
But traders looking for a better probability of making near-term gains might want to consider an alternative investment strategy – presale investing.
Web3 startups often sell their tokens at an early bird discount in presales to fund development and build hype.
But with so many presales vying for investor funds, it can be tough to know where to start.
That’s why analysts at Cryptonews compiled this list of their top picks.
15 Best Crypto Presales to Invest In Now
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.
