The recent pullback in the crypto market due to US economic data reigniting fears about stagflation and hawkish commentary from Fed policymakers has traders looking for altcoins with strong bullish momentum that might be the best crypto to buy now. However, finding strong performing altcoins in the current bearish market is proving to be difficult. Bitcoin dipped back to the low $61,000s on Friday from earlier highs near $64,000 as US consumer sentiment slumped to six-month lows and inflation expectations spiked. Fed policymakers have raised concerns about whether financial conditions in the US are tight enough to address high inflation, leading to speculation about potential rate cuts.
The money market implied likelihood of no Fed rate cuts by September jumped to 39% from 31%, indicating a more hawkish stance from the Fed. Bitcoin and crypto typically perform better in an environment of easing financial conditions, so the recent hawkish remarks from Fed officials have weighed on the market. Uncertainty regarding when the Fed will start interest rate cuts, along with subsiding Bitcoin ETF demand and the typical summer market lull, suggest that the Bitcoin price could trade sideways within a range of $56,000-$70,000 in the coming months. Traders looking for the best crypto to buy now for quick gains must be selective when choosing altcoins.
Toncoin (TON) is one altcoin that is trading with strong momentum despite the broader bearish market. It is up 7.5% in the past 24 hours, trading above $6.70 fueled by optimism surrounding the launch of the Telegram-based GameFi token Not Coin (TON) on the TON blockchain. Another altcoin, Render (RNDR), is also bucking the market trend with a price increase of 60% from earlier monthly lows and a recent feature in an Apple keynote for its OctaneX protocol. Its market cap could be much higher than its current $4.25 billion, making it a potential candidate for the best crypto to buy now.
Investors looking for even greater upside potential should consider presale investing in Web3 projects like Mega Dice Casino, which is a well-established crypto casino launching a presale of its utility token, DICE. DICE holders can earn cashback benefits on their wagers and generate passive income through staking. The casino is also running a $750,000 airdrop to reward early presale investors. The presale has already raised $880,000, and the price of DICE will increase once the $1 million milestone is hit. Potential investors should act quickly, as the project has the potential for exponential gains and is considered one of the best cryptos to buy now. Investors should note that crypto is a high-risk asset class, and this information is provided for informational purposes only and does not constitute investment advice.
