Major crypto prices have been fluctuating within weekly ranges as traders react to stronger US economic data and comments from Fed policymakers indicating a reduced likelihood of rate cuts in 2024. As a result, investors are reconsidering their bets on Bitcoin (BTC) and exploring alternative cryptocurrencies for potentially higher returns. Bitcoin’s price dropped significantly after a strong US labor market report and Fed policymakers downplayed the need for rate cuts. This could complicate the outlook for BTC, given that expectations for Fed easing have been a driving force behind its recent price increases.
Despite Bitcoin’s uncertain future, altcoins are still seen as offering better chances for short-term gains. Altcoins have the potential to pump regardless of broader market conditions based on their own bullish narratives. Some strong performers on Friday included NEAR Protocol (NEAR), Toncoin (TON), and Bitcoin Cash (BCH). NEAR Protocol, an Ethereum rival, saw a 6% increase in its native token price, while Toncoin, affiliated with Telegram, consolidated close to record highs. Bitcoin Cash, a Bitcoin alternative, also showed positive performance on Friday, suggesting potential gains in the near future.
Investors looking for high-risk, high-reward opportunities may want to consider getting involved in crypto presales. In a presale, investors purchase tokens of upstart crypto projects to help fund their development. These tokens are typically sold at a low price, offering the opportunity for exponential gains to early investors. Many of these projects have strong teams and innovative visions, making presale investments potentially lucrative. The team at Cryptonews has compiled a list of 14 of the best crypto presales of 2024 for investors to consider.
The recent surge in gold prices due to geopolitical risks has made investors view gold as increasingly similar to Bitcoin. While gold’s record highs may be a tailwind for cryptocurrencies, altcoins still present attractive investment opportunities for quick returns. NEAR Protocol, Toncoin, and Bitcoin Cash are among the altcoins showing strong performance on Friday, indicating the potential for significant gains in the short term. As traders navigate the uncertainty in BTC prices and Fed policy, exploring alternative cryptocurrencies could be a wise investment strategy for those seeking high returns.
Bitcoin ETFs saw over $200 million in net inflows on Friday, suggesting renewed interest in the cryptocurrency. The decision by GBTC whales to stop selling may indicate a positive turnaround for Bitcoin. The relationship between Bitcoin and gold, as noted by Coinbase, further underscores the potential for continued growth in the cryptocurrency market. Despite the recent price drop in Bitcoin and uncertain Fed policies, long-term prospects, such as strong spot Bitcoin ETF demand and the upcoming halving, suggest that the price risks for Bitcoin are still skewed to the upside. Investors should carefully consider their investment strategies in the volatile crypto market.
