Market Attempting a Rebound with Top Cryptos to Buy Now
The cryptocurrency market is making a recovery after a dip in the past 24 hours. Monero (XMR), Ronin (RON), and ApeCoin (APE) are emerging as the best cryptos to buy now.
Hawkish Fed Policy Announcement Causes Market Dip
Blue chip cryptocurrency markets experienced a decline following the hawkish announcement by the Federal Reserve regarding its policy. Although interest rates remained unchanged, Fed Chair Powell indicated that a rate cut in March is unlikely. This news affected market sentiment, as investors were anticipating a rate cut.
Bitcoin Rebounds Despite Strong US ISM Manufacturing PMI Numbers
Bitcoin initially fell to around $41,800 but has since bounced back by approximately $1,000. The cryptocurrency shrugged off stronger-than-expected US ISM Manufacturing PMI numbers. Traders believe that while the rate-cutting cycle may not start as soon as desired, it is inevitable and likely to begin by May, providing a positive outlook for 2024.
Best Crypto to Buy Now
Chainlink (LINK)
Chainlink (LINK), an inter-blockchain connectivity and data sharing network, is currently one of the best cryptocurrencies to buy. It has seen a 6% increase in the past 24 hours and is approaching its multi-month range’s top. If it breaks above resistance at $17, it could experience a significant surge towards its late 2021 highs, potentially resulting in short-term gains of around 2x.
Pyth Network (PYTH)
Pyth Network (PYTH), another inter-blockchain connectivity and data sharing network, is also considered one of the best cryptos to buy today. With a 6% increase in the past 24 hours, PYTH is designed to provide real-time financial data to smart contracts and dApps on multiple blockchains. It is currently close to breaking above the $0.44 resistance level, which could lead to a rapid rise towards record highs around $0.55.
Mina (MINA)
Mina (MINA), a layer-1 blockchain powered by zero-knowledge proofs, is another top crypto to consider. It has experienced a 5% increase in the past 24 hours and has gained bullish momentum after bouncing from key support at $0.97. MINA has broken above its moving averages and may soon retest recent highs near $1.70, offering the potential for quick gains of nearly 40%.
Crypto Alternatives to Consider
While the above cryptocurrencies offer significant potential for investors, another high-risk, high-reward strategy to consider is participating in crypto presales. These presales involve purchasing tokens of emerging crypto projects to support their development. Historically, presale investments have yielded exponential gains for early investors. The Cryptonews team extensively researches and identifies promising presale projects that align with investors’ risk/reward preferences.
Hot Take: Explore Promising Crypto Presales
If you’re seeking better odds of near-term gains, exploring crypto presales can be an alternative investment strategy worth considering. These projects often have exceptional teams and visionary goals for revolutionary crypto applications/platforms. By identifying promising presale opportunities, you can potentially benefit from the risk/reward dynamics associated with these investments. Cryptonews offers insights into 15 of the best crypto presales of 2023.
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilize affiliate links within our content and receive commission.
The post Best Crypto to Buy Now Feb 1 – LINK, PYTH, MINA appeared first on Cryptonews.
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