Amid losses in major cryptocurrencies due to the tech-led decline in US equity markets, a steepening US yield curve, and unexpected rate cuts in China, investors are seeking the best cryptocurrencies to buy now to capitalize on the current market turbulence.
Bitcoin (BTC) recently traded just below $65,000, down around 1% for the session. The drop in the overstretched US tech market following big tech earnings, alongside the steepening US yield curve, has impacted crypto market sentiment. Despite solid US GDP growth figures suggesting a recession isn’t imminent, China’s abrupt rate cut adds to market uncertainty.
Ethereum (ETH) fell over 5% below $3,200, despite strong trading volumes for Ethereum ETFs. There have been significant outflows from Grayscale’s newly converted Ethereum Trust ETF, which might ease and facilitate a market rebound.
With US Presidential Candidate Donald Trump speaking at a major Bitcoin conference and key US Core PCE data expected, the market’s mini-pullback could present a great buying opportunity.
Here are some lesser-known altcoins that might be the best cryptocurrencies to buy now:
Aave (AAVE) Aave, a popular borrowing/lending protocol, is pumping despite broader market conditions, up 7.5% on the day. As one of the largest DeFi apps with $12.5 billion in TVL, Aave is set to remain a major leader in the growing DeFi market. Despite being under $100, Aave has the potential to 6.5x to return to its record highs, making it a strong buy.
SATS (1000SATS) The meme crypto SATS, based on the satoshi, is pushing higher with a $600 million market cap. If it can become a multi-billion dollar meme coin, SATS could be a lucrative investment. However, meme coins are risky, and investors should be cautious.
Tron (TRX) Tron is one of the few cryptos in the green, up 1% in the past 24 hours. With TRX eyeing a retest of yearly highs near $14.5, a rally to 2018 highs around $30 could be triggered, making Tron a potential top crypto to buy now.
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