Top Crypto Performers Today September 3 – MANTRA, BSV, dogwifhat 

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Joel Frank

Author

Joel Frank

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology…

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Last updated:

September 3, 2024 12:28 EDT

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On Tuesday, as risk assets retreat and major cryptocurrencies lose a substantial portion of Monday’s gains, traders are searching the altcoin markets for today’s top crypto performers to potentially protect against further losses.

Renewed strength in the Japanese yen has become a focal point, alongside a potential continuation of the unwinding of the “carry trade,” following hints from the Bank of Japan governor regarding further interest rate hikes.

An increase in the yen interest rate has undermined the foundation for this pro-risk trade, as global traders have funded trillions of dollars in risk asset investments by borrowing the historically low-interest-rate yen.

With the decline in US equity markets on Tuesday, Bitcoin (BTC) and other major cryptocurrencies have also faced downturns.

BTC was last trading in the upper $57,000s, down 2.5% for the day, according to TradingView.

Meanwhile, Ethereum (ETH), BNB (BNB), and Solana (SOL) showed mixed or flat performance in the past 24 hours, as reported by CoinMarketCap.

The bulls hope that upcoming economic data, such as the ISM PMI and US jobs reports due later this week, will bolster market sentiment.

Ideally, this data would strengthen narratives of a soft landing and prompt a series of interest rate cuts by the Federal Reserve, expected to begin later this month.

However, these cuts will likely only be beneficial for risk assets if accompanied by solid US economic growth.

As markets await these key data releases, it’s no surprise that investors are pre-positioning themselves in altcoins that could outperform the broader cryptocurrency market.

Here are some top crypto performers today that traders will be considering.

Top Crypto Performers Today: MANTRA, BSV, and dogwifhat

MANTRA (OM)

MANTRA (OM), a real-world asset (RWA)-focused layer-1 blockchain, sits atop the list of top crypto performers today.

According to CoinGecko, OM was last trading up more than 8% in the past 24 hours, challenging the $1.0 mark once again.

OM bulls are optimistic that recent technical developments might pave the way for a swift rally back towards recent highs in the $1.40s.

With a market cap of just over $800 million, OM has the potential for growth depending on market trends.

The focus on Real World Assets (RWA) is gaining attention in crypto, and OM offers an option for those looking to gain exposure.

Bitcoin Satoshi Vision (BSV)

Elsewhere, Bitcoin Satoshi Vision (BSV), a Bitcoin fork, is another one of the top crypto performers today.

Per CoinGecko, BSV was last up around 4.5% in the past 24 hours, challenging its 50-day moving average (50DMA) around $44.

A break above this level might lead to a retest of the range highs around the $57 mark, drawing notable interest from traders.

However, BSV may not be ideal for long-term investors due to its lack of a strong adoption narrative.

dogwifhat (WIF)

The final name among the top crypto performers today is dogwifhat (WIF), one of the leading Solana meme coins.

WIF was last up around 2% in the past 24 hours, trading around $1.53. Bulls are eyeing a retest of recent highs and the 50DMA in the $1.85-$2.0 area.

As the market anticipates a new cycle of Federal Reserve rate cuts, which could improve financial market liquidity, there is speculation about a potential revival in meme coin activity.

As a leading Solana meme coin, dogwifhat might benefit significantly from any resurgence in meme coin trading.

Its current market cap of $1.5 billion leaves room for growth, although for those seeking more substantial gains, smaller and newer meme coins may be worth exploring.

Opportunities in Meme Coin Presales

For investors interested in higher risk-reward scenarios, meme coin presales could offer an opportunity.

Analysts at Cryptonews.com have identified some meme coin presales worth monitoring in September 2024.

However, traders must remember to perform their due diligence and never invest more than they can afford to lose.

By staying informed and strategically positioning themselves, traders can navigate the volatile crypto market more effectively, making the most of the current conditions.

17 Best New Meme Coins to Buy in September 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.