On a day when cryptocurrency markets succumb to profit taking, investors are looking for the best cryptocurrencies to buy to take advantage of the recent market decline.
Bitcoin (BTC) last traded at $68,000, down about 3.5% over the past 24 hours. Meanwhile, Ethereum (ETH) fell approximately 4.2% over the same period and was trading near $3,700.
Both currencies continue to trade with 30-day gains of more than 30%, thanks mostly to huge demand for Bitcoin exchange-traded funds.
But ETF buyers were strong enough to support the market on Friday. More traders started taking profits in the latter half of the week thanks to the macro backdrop turning into a headwind.
The DXY index and US bond yields rose this week as macro traders scaled back their bets on Fed rate cuts in the wake of the latest CPI and PPI inflation numbers.
Some believe that $74,000 may have been the peak that Bitcoin reached before the halving. This suggests that it may not be one of the best cryptocurrencies you can buy today.
But other altcoins kept pumping. Here are some high-performing coins that traders will be watching and could be the best cryptocurrencies to buy today.
Best cryptocurrencies to buy today
Jupiter (JUP)
Jupiter (JUP), Solana's largest decentralized exchange, is pumping on Friday, having surged 23.5% in 24 hours according to CoinMarketCap.
The token just reached new highs above $1.2, giving it a market cap of $1.6 billion. The fully diluted market capitalization is $12.17 billion.
This is about $1 billion less than the fully diluted market capitalization of Uniswap, the most established DEX exchange.
For reference, Uniswap's traded market cap was around $7.8 billion. The cryptocurrency reached a market cap of $22.6 billion in 2021, so it could easily triple from here.
Jupiter, as the leader of Solana's ecosystem, could see even greater gains.
This is why it is classified as the best cryptocurrency you can buy today.
Conflux (CFX)
Conflux (CFX) is one of the best performing coins today, rising 18.5% in 24 hours according to CoinMarketCap.
CFX has its sights set on challenging the early 2023 highs at $0.49.
If it can break above this level, a rapid rally towards late 2021 highs at $0.84 is expected.
The potential for a 2x upside in the near term means CFX could easily be the best cryptocurrency to buy today.
Solana (Sunday)
Commensurate with the pump in the larger DEX token, Solana (SOL) also rose significantly on Friday.
SOL was last up about 7% over the past 24 hours, according to CoinMarketCap.
Finally above $180, SOL is heading towards 2021 highs in the $260 area.
Another 50% rally from current levels is easily possible for the token, making it the best cryptocurrency to buy today.
Encryption alternatives to consider
All of the above currencies provide potential investors with a great opportunity to make strong gains.
While the future is always uncertain in the cryptocurrency space, these names may be among the best cryptocurrencies to buy today.
However, those looking for a better potential for near-term gains should consider an alternative, high-risk, high-reward investment strategy – participating in cryptocurrency pre-sales.
Pre-sales provide investors with a routine to get involved in a project in its very early stages, thus potentially generating up to 100x returns.
If investors can identify projects with a solid foundation, the risk/reward of their investment is very good.
Analysts at Cryptonews spend a lot of time examining new pre-sale projects.
Here are 14 of the best prequels of 2024, according to the Cryptonews team:
See 14 cryptocurrencies
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
