As crypto markets succumb to sell pressure on Tuesday as US markets reopen following the longer Memorial Day holiday weekend amid jitters about the sale of Mt Gox Bitcoins, traders are hunting for altcoins gems that could still provide short-term upside and be the best crypto to buy now.
Bitcoin (BTC) was last trading around $68,000, down 2% on the day.
Mt. Gox distribution has been started.
Almost $7 billion worth of #Bitcoin has been moved in the last few hours 👀 pic.twitter.com/0NxzZJJGe3
— Vivek⚡️ (@Vivek4real_) May 28, 2024
Mt Gox was the first major Bitcoin exchange but went bankrupt in 2014 following a major hack.
The fallen exchange owes its creditors 142,000 BTC (worth over $9 billion), which needs to be paid out before 31 October 2024.
Mt. Gox owes creditors 142,000 #Bitcoin ($9.6B).
The repayments will be made in installments, with the deadline set for Oct 31, 2024.
We’ll be tracking all the Bitcoin movements closely at Flow State. Stay updated by subscribing here: https://t.co/BVFbKVqvq8
— Thomas | heyapollo.com (@thomas_fahrer) May 28, 2024
Mt Gox wallet movements tend to trigger short-term market angst as traders worry about a sudden supply dump.
Ignore the Mt Gox FUD?
Some commentators played down the risk that these tokens would be dumped onto the market, however.
X user spoonman, who claims to be a Mt Gox creditor, expects 80% of credits to hold their BTC.
I’m a Mt.Gox creditor and have followed the bankruptcy/civil rehabilitation for 10yrs+ now.
I’d say 80%+ will hold.
I’m selling Bitcoin Cash the minute I receive it, but will hold #Bitcoin.
— spoonman (@spoonmvn) May 28, 2024
Analyst James Van Straten, meanwhile, noted that the market absorbed 1 million BTC of sell pressure in five months.
340,000 of this came out of the GBTC ETF. A further 660,000 came from long-term holders. Mt Gox will only be slightly more than 10% of this, and not all creditors will immediately sell.
Just remember the market absorbed roughly 1M #Bitcoin worth of sell pressure in five months.
GBTC = 340k BTC
LTHs = 660k BTCMt Gox. will be around a tenth of that, not everyone will sell. https://t.co/qI3ygaQ1H5 pic.twitter.com/YZ0cSgkbAe
— James Van Straten (@jvs_btc) May 28, 2024
With the Bitcoin price slipping on Mt Gox FUD, now might be a good time to buy the dip.
Indeed, there are many reasons to be long crypto right now. The political and regulatory landscape in the US is becoming more pro-crypto.
US Presidential candidate Trump has come out swinging in favor of crypto. And the SEC just made a major u-turn on its anti-Ethereum stance, approving Ethereum ETFs last week.
US Core PCE inflation data set for release on Friday will also likely show that the disinflation trend continues.
Under $68,000, Bitcoin could easily be the best crypto to buy now. The same can be said for Ethereum (ETH) under $3,900 or Solana (SOL) under $170.
Solana, for what it’s worth, could be the next major crypto to secure an ETF, with rumors growing.
But smaller and lesser-known altcoins could be a better bet for traders hunting quick gains.
Here are a few names trading with strong momentum that might be the best crypto to buy now.
Best Crypto to Buy Now
Notcoin (NOT)
Recently launched crypto token Notcoin (NOT), which powers a viral Telegram-based play-to-earn game, is pumping hard on Monday.
Up 29% in the past 24 hours, as per CoinMarketCap, NOT’s market cap is now more than $900 million. It also now ranks as the 94th largest crypto on the market.
Missed Notcoin?
No, you didn’t actually pic.twitter.com/GkmxezDZGZ— Notcoin Ø (@thenotcoin) May 25, 2024
Notcoin might not stay at a sub-$1 billion market cap for long.
It has the support of the TON Foundation (NOT is issued on the Ton blockchain) and already has a huge user base.
In just its first week following the game’s launch in January, it attracted over 5 million players.
5x or 10x gains for NOT are very possible, which is why it could be the best crypto to buy now.
Celestia (TIA)
Celestia (TIA) is showing positive signs of snapping a downtrend that has been in play since early February.
TIA was last up 14% in 24 hours, as per CoinMarketCap, and trading around $10.75.
TIA appears to be breaking convincingly to the north of its 21 and 50DMAs, signaling a potential trend shift.
If the door opens to a quick 2x rebound to 2024 highs at $21, TIA could be the best crypto to buy now.
Chiliz (CHZ)
Chiliz (CHZ), the token that powers the sports and entertainment-focused crypto platform Socios, is also pumping on Tuesday.
CHZ was last up 8.5% in 24 hours and trading just under $0.15 – its highest level since early April.
The token could soon retest its yearly highs in the $0.16s. And a break above here could ignite further momentum into the altcoins recovery.
CHZ is still down 83% from its record highs. If it can return to these record highs, that would mean easy 5x gains for investors.
That’s why CHZ is potentially the best crypto to buy today.
Alternative Crypto Investment Strategy to Consider – Presales
Altcoins is a great way to make a quick crypto profit if traders can identify undervalued gems.
One often overlooked high-risk/reward strategy could also deliver fast gains: investing in new crypto presales.
New crypto start-ups often raise funds by selling their native protocol token. These sales are almost always conducted at a steep discount to the project’s potential.
Indeed, most presales will sell their token priced at a market cap of $10-30 million.
If a good project gains traction, however, it can easily reach a market cap in the hundreds of millions. That means presale investors can easily bag 10x gains or more gains.
Of course, investing in upcoming ICOs comes with many of the same risks as traditional start-up investing. A project’s success relies heavily upon the competency of management and execution.
The experienced team at Cryptonews has compiled a list of their favorite presales in the market.
22 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.
Read the full article here
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