Best Crypto to Buy Now April 9 – Fantom, Toncoin, Ethena
As major cryptocurrencies pulled sharply lower on Tuesday, with Bitcoin (BTC) and Ether (ETH) down around 4% in the past 24 hours, traders are now looking for the best crypto to buy to make quick gains.
Bitcoin was last trading just below $69,000, and Ether was back to around $3,500. Meanwhile, BNB, Solana, and Dogecoin each went down 2-7% over the same period.
The bearish price action fits with the crypto market’s rangebound trading conditions in recent weeks.
Amid a lack of conviction that prices are set to vault higher ahead of the April 20 Bitcoin halving, crypto market sell pressure has ramped up in the wake of Bitcoin approaching record highs above $72,000 on Monday.
Indeed, many traders think the halving could be a “sell-the-news” event. Thus, buying aggressively ahead of the halving makes little sense to many market participants.
Others, like well-known trader Arthur Hayes, think macro conditions are set to be a near-term headwind. US tax payments and Fed tightening will withdraw USD liquidity in the coming weeks, acting as a short-term headwind to the market.
📰 Just IN: Arthur Hayes predicts cryptocurrency market weakness mid-April to end of April due to U.S. tax payments and Fed tightening, but bullish trend expected in May with Fed easing and Treasury stimulus; warns of potential price plunge around Bitcoin halving; profits from…
— BitcoinWorld Media (@ItsBitcoinWorld) April 9, 2024
Due to fears of a prolonged drawdown of major crypto prices, traders want to position themselves in altcoins with better prospects.
Smaller and lesser-known altcoins can pump despite broader market conditions if they have strong bullish momentum/a strong bullish narrative.
Here are some strong performers on Tuesday that could be the best crypto to buy now.
Best Crypto to Buy Now
Fanton (FTM)
Fantom (FTM) bulls remain very much in control on Tuesday, despite the broader market’s downturn.
As per CoinMarketCap, FTM was last up around 8% in 24 hours, having recovered back above $1.
The token is eyeing an imminent retest of its 2024 highs above $1.20.
A break above here could open the door to a continued recovery to 2021’s record highs at $3.67.
FTM could still net investors 3-4x gains in this bull market. That’s why it ranks amongst the best cryptos to buy now.
Toncoin (TON)
Telegram-affiliated cryptocurrency Toncoin (TON) pumped hard to fresh all-time highs on Tuesday.
According to CoinMarketCap, TON was last up around 7% in 24 hours and its market cap is just over $22.5 billion.
Its affiliation with the world-leading private messaging application Telegram positions Toncoin as a potential leader in the 2024 bull market.
Anticipation that Tether will announce an expansion of its USDT stablecoin to the Toncoin network next week could be helping spur the action.
Its market cap could go much higher from here, with investors potentially set for 3-5x gains.
That’s why it could be the best crypto to buy now.
Ethena (ENA)
Ethena (ENA) hit new record highs to the north of $1.40 per token on Tuesday.
It has since pulled back to around $1.23, leaving it with a market cap of $1.16 billion.
ENA is a major talking point in crypto right now. Since its launch a week ago, it has rallied 4x.
Ethena is a decentralized finance protocol behind the issuance of the innovative yield-bearing USDe token.
The protocol recently added Bitcoin as a collateral option, further contributing to the hype.
Ethena seeks to repeat the success of the Terra blockchain’s UST cryptocurrency but without the spectacular blowup.
The protocol already has $2.27 billion in TVL per DeFi Llama. With Bitcoin as a collateral option, however, this could soon shoot up.
Ethena’s market cap could rise at least 5x this bull market. That’s why it’s one of the best cryptos to buy now.
Crypto Alternatives to Consider
Cryptocurrency presales, where investors invest in new projects before their official launch, have drawn attention as a potential path to major returns. This strategy entails purchasing tokens at early-stage prices to sell them for profit if the project gains traction in the market.
Presales can be riskier than investing in established cryptocurrencies. However, historical data indicates they can also yield substantial gains for those who successfully identify promising ones, however. Projects with strong leadership, clear objectives, and the potential to disrupt the cryptocurrency space may offer big upside.
The Cryptonews team provides resources and analysis to identify the most compelling presales within the cryptocurrency sector.
Here is a list of 16 of what the team deems as the best crypto presales of April.
See the 16 Crypto Presales for April
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
