The article, written by Joel Frank and last updated on September 12, 2024, discusses the current state of the cryptocurrency market. Major crypto prices are gradually increasing as investors consider the possibility of the start of a new Fed interest rate cutting cycle. Bitcoin, the world’s largest cryptocurrency, saw a more than 11% rebound from last week’s lows, reaching above $58,000 on Thursday. However, Bitcoin, along with most other major cryptocurrencies, remains constrained within recent ranges, with technical indicators not necessarily pointing to a bullish outlook.
For long-term investors, Bitcoin continues to be a leading option as it is the most well-known, decentralized, and trusted cryptocurrency in the world. Despite this, risks related to the upcoming US election and a potential economic recession in the US could mean that near-term volatility remains high. As a result, investors may want to consider alternative coins, or altcoins, with strong bullish momentum as potential investment options. This article aims to highlight some of the best-performing altcoins on Thursday that could be the best crypto to buy now.
One of the leading altcoins on Thursday is Sui (SUI), a Layer-1 blockchain protocol, which rallied 15% in the past 24 hours. Grayscale recently launched its Sui Trust for accredited investors, causing a surge in the crypto’s price. SUI is currently trading around $1.03 and is poised to test its 200-day moving average, which has historically acted as a resistance level. If SUI breaks above this level, it could continue to outperform and potentially double in value to above $2.00, making it one of the best cryptos to buy at the moment.
Two other altcoins that have shown positive momentum on Thursday are BinaryX (BNX), a GameFi platform, and Popcat (POPCAT), a Solana meme coin. BNX is up 12%, while POPCAT is up 10% in the past 24 hours. Both altcoins have recently moved back above their 50-day moving averages and are potentially eyeing retests of their yearly highs. With signs of positive momentum, either BNX or POPCAT could be considered as candidates for the best crypto to buy now. Additionally, presale investing in upcoming crypto projects that offer their native tokens at a discounted rate to early investors could be a high-risk high-reward option for investors seeking potentially higher gains, according to the article.
In conclusion, the article provides insights into the current state of the cryptocurrency market, highlighting Bitcoin’s recent rebound and discussing potential altcoins that could outperform in the near future. While Bitcoin remains a solid option for long-term investors, the article suggests considering altcoins with strong bullish momentum as well as exploring presale investing for higher risk-reward strategies. Investors are advised to conduct thorough research and consider the high-risk nature of the cryptocurrency market before making any investment decisions.
