Best Crypto to Buy Now February 6 – Dymension, Ethereum Name Services, Pendle
Major cryptocurrencies are nudging higher on Tuesday but still trading largely within recent ranges as investors are monitoring fresh commentary from Fed policymakers, who continue to hint at rate cuts later this year so long as inflation keeps easing. In the meantime, Dymension (DYM), Ethereum Name Service (ENS), and Pendle (PENDLE) are the biggest gainers in the past 24 hours, making them some of the best cryptos to buy now.
Bitcoin (BTC) is up 1% in 24 hours, as per CoinMarketCap, and trading to the north of $43,000.
Ether (ETH), meanwhile, was last up around 2.5% and above $2,350.
Crypto markets are monitoring themes such as flows into recently launched spot Bitcoin ETFs and US inflation.
Speaking of inflation, US Consumer Price Index (CPI) data is set for release next Tuesday.
It could well be the next major catalyst for the crypto market.
Bitcoin bulls are hoping that the Fed will ease interest rates later this year as inflation falls, spot Bitcoin ETF inflows and the upcoming halving event can inject upward momentum back into the price, and that BTC can retest its recent $49,000 highs in the upcoming months.
But with major cryptos stuck in recent ranges for now, investors looking for a better chance of near-term gains are looking up the crypto risk curve.
Here are some of the best-performing lesser-known altcoins that could be the best crypto to buy now.
Best Crypto to Buy Now
Dymension (DYM)
A new modular blockchain called Dymension (DYM) is the best-performing crypto in the top 100 on Tuesday according to CoinMarketCap with a 25% increase in the last 24 hours.
The token has already been able to reach a market cap of around $730 million, and continued hype about the coin could quickly drive it above the $1 billion mark to crypto unicorn status.
Ethereum Name Services (ENS)
Ethereum Name Services (ENS) is continuing to push higher after its jump on Monday.
Last trading near $22.50, ENS is up 13% in 24 hours and over 25% this week.
The cryptocurrency looks ready to retest its January highs at $27.50.
Given the potential for near-term gains of around 20%, ENS could be the best crypto to buy now.
Pendle (PENDLE)
Another crypto that is maintaining strong bullish momentum is Pendle (PENDLE).
Last up around 10% in 24 hours, Pendle could be one of the best crypto to buy now.
PENDLE has already gained over 200% in 2024.
But with a market cap still under $800 million, there is plenty of room for further upside.
Pendle is a protocol that enables the tokenization and trade of future yield.
As the tokenization of real-world assets (RWA) within crypto gains ground – tokenized versions of yield-bearing US government bonds are starting to gain traction – protocols like Pendle become very popular.
For example, imagine a world where US government bonds worth $100s of billions worth have been tokenized.
There would be a strong demand to trade the yield on these assets.
If Pendle was the go-to protocol, its market cap could easily be worth $10 billion.
Crypto Alternatives to Consider
All of the above coins offer potential investors a chance to make 10x gains.
But, for those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of startup crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a unique crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023:
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.
