In the current subdued crypto market, traders are looking for top crypto performers that could generate quick gains. Bitcoin and Ethereum are down nearly 3% and 4% in the past 24 hours, respectively, while other major altcoins like BNB, Solana, XRP, and Toncoin are also down 2-6%. Traders are monitoring US economic data, such as CPI and retail sales numbers, to assess the likelihood of a Fed rate cut next month. Decent US economic data has eased recession fears, providing a good macro backdrop for risk assets like cryptocurrencies.
Crypto traders are also keeping an eye on other themes, such as the US Presidential election. Decentralized betting market Polymarket suggests that pro-crypto candidate Donald Trump is the underdog with a 44% chance of winning, compared to Democrat nominee Kamala Harris at 53%. Additionally, there have been larger outflows from spot Bitcoin ETF products versus inflows since late July. Technical analysis shows that key resistance levels for major cryptos like Bitcoin and Ethereum have not been broken, leading to subdued markets. As a result, traders may turn to altcoin markets in search of top crypto performers today.
Among the top crypto gainers today is Tether Gold (XAUt), which has rallied 1.5% in the past 24 hours. XAUt is a tokenized version of gold designed to mimic changes in the gold price, which recently hit a new record high near $2,500. Other top crypto performers today include Layer-1 blockchain Tron (TRX) and decentralized machine learning network Bittensor (TAO), each up 1% in the past 24 hours. For traders looking for opportunities during a subdued market, crypto presales offer a chance to invest early at a potentially low valuation.
Investing in crypto presales carries significant risk, as with any form of crypto investing. Traders should conduct thorough due diligence and never risk more than they can afford to lose. Despite the potential for exponential gains, presale investing requires careful consideration and risk management. Overall, the current state of the crypto market presents challenges for traders seeking quick gains, with subdued conditions persisting until clean breaks above key resistance levels occur. As traders continue to monitor economic data and other factors, altcoin markets may offer opportunities for those looking for top crypto performers today.
