As cryptocurrency markets push higher on Monday, with Bitcoin (BTC) surpassing $68,000 as traders look ahead of this week’s Fed meeting minutes release, Nvidia earnings and the SEC’s decision on spot Ethereum ETFs, investors are hunting for the best crypto to buy now that might hand them quick gains.
Mood at $68,000 #Bitcoin today pic.twitter.com/fIBrDUcGny
— Bitcoin Munger (@bitcoinmunger) May 20, 2024
While upcoming risk events could scupper sentiment, crypto markets maintain strong momentum amid macro tailwinds and following technical breakouts.
Bitcoin just pushed convincingly above late-April highs. Back above all of its major moving averages, the next upside target for Bitcoin is its April highs at $72,800.
Bitcoin could soon return to $72,800, making it potentially the best crypto to buy now. Source: TradingViewk
Having found support at its 2024 uptrend, Ether (ETH), meanwhile, is looking to break above key resistance around $3,150-3,200.
That could open the door to a quick run higher towards $3,700.
Source: TradingView
Solana (SOL), meanwhile, has been enjoying strong momentum ever since breaking out of its mid-April to mid-May $120-$160 range. A return above $200 in the near future is very likely.
While blue-chip cryptocurrencies look set to do very well in the short term, some impatient traders are hunting even faster gains.
Smaller and lesser-known altcoins with lower market caps stand a better chance of deliver quick 2x or more gains.
Let’s have a look at some candidates for best crypto to buy now.
Best Crypto to Buy Now
Fantom (FTM)
Layer-1 blockchain competitor to Ethereum and Solana Fantom (FTM) is pumping hard on Monday, up 13.5% in 24 hours.
That’s according to CoinMarketCap, which puts its market cap at $2.68 billion.
Since breaking resistance around $0.80, FTM looks set up for a quick retest of its 2024 highs around $1.23.
If this is the start of a new push higher, FTM could quickly 3.5x to return to its 2021 record highs above $3.50. That’s why it might be the best crypto to buy now.
Fantom will continue to pump & is going to leave everyone p*ssed off for all the right reasons.
You don’t understand how bullish I am.
— hoeem (@crypthoem) May 20, 2024
Injective (INJ)
Another flashy layer-1 blockchain altcoins Injective (INJ) is also pumping hard, up 11% in 24 hours as per CoinMarketCap.
If Injective can break to the north of its 50DMA, a quick retest of resistance at $30 becomes likely.
A break above here would open the door to a quick return to March highs above $52.
Injective could quickly 2x if it can break above short-term resistance levels, making it potentially the best crypto to buy now. Source: TradingView
Given it could quickly enjoy 2x gains, INJ could be the best crypto to buy today.
Sui (SUI)
On a day when layer-1 altcoins are leading the market higher, Sui (SUI) is another token performing well.
As per CoinMarketCap, it was last up 10% in 24 hours at $1.13, its market cap around $2.6 billion.
Like Injective, SUI might be able to quickly 2x to return to yearly highs.
But that depends on its breaking above key resistance, such as around $1.40.
Crypto Alternatives to Consider
Altcoins are a great way to make quick gains in crypto. But most of the above-mentioned coins are already too well-established to provide traders with gains of upwards of 10x.
For those bigger gains, traders will need to get in super early on newer coins.
For risk-tolerant investors looking to add upside exposure to their portfolios, presale investing is potentially a good strategy.
Web3 startups often sell their token at an early discount in presales to fund development and build hype.
With so many presales on the market, it can be tough to know where to start. Here are some of Cryptonews’ top picks.
21 Best Crypto Presales to Invest In Now
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