With Bitcoin (BTC) nearing the $48,000 mark and leading a widespread rally in the cryptocurrency market, investors with an appetite for higher risk have been delving into the markets of smaller-cap altcoins, searching for the best crypto to buy today.
Bitcoin is up 6% in 24 hours after strong inflows into newly launched spot Bitcoin ETFs on Thursday.
Continued upside in the US stock market, positive seasonality around the time of the Chinese New Year, and building FOMO are likely also supporting upside in the BTC market.
Bulls are targeting a near-term retest of yearly highs in the $49,000 area.
Ether (ETH) was last up just over 3% in 24 hours and above $2,500 as per CoinMarketCap.
Solana (SOL), Cardano (ADA) and XRP (XRP) were up between 2-3%.
But smaller altcoins often experience much larger intra-day moves, offering traders/investors the prospect of faster gains.
Let’s take a look at Friday’s best performers and assess whether they might be the best crypto to buy today.
Best Crypto to Buy Now
Solana’s largest and most popular meme coin Bonk (BONK) suddenly pumped up 20% on Friday.
BONK was last around $0.0000127 and probing for a breakout above its late-January highs.
A break above the 50DMA at $0.000013 could open the door to a swift move back to yearly highs around $0.000018.
Given its current market cap of approximately $800 million, BONK presents itself as a meme coin with further growth potential in the ongoing bull market.
As a result, BONK could well be the best crypto to buy today.
Decentralized gaming network Beam (BEAM) is up over 15% in the past 24 hours, as per CoinMarketCap.
That pump has seen the token reclaim a market cap of more than $1 billion.
BEAM was last around $0.0215, with bulls looking for a retest of yearly highs in the $0.023s.
A break above here could open the door to a retest of record highs near $0.028.
The prospect of near-term 30% gains could make BEAM the best crypto to buy today.
High-performance proof-of-stake layer-1 blockchain Sui ($SUI) that launched back in May 2023 hit fresh all-time highs on Tuesday.
SUI just hit $1.76 for the first time since its launch last year after pumping 15% today.
That means it’s now up nearly 400% versus last October’s lows around $0.36.
With a still modest fully diluted market cap of around $17 billion, Sui could yet see 5x gains.
That could make it the best crypto to buy today.
Crypto Alternatives to Consider
All of the above coins offer potential investors a chance to make 10x gains.
But, for those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of startup crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a unique crypto application/platform.
If an investor can identify such 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 out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023:
See the 15 Cryptocurrencies
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.
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