Best Crypto to Buy Now February 7 – Dymension, Synthetix, Conflux
While blue-chip crypto markets are choppy mid-way through the US trading session, the best-performing names today are smaller altcoins Monero (XMR), Dymension (DYM) and Conflux (CFX), which could be the best crypto to buy now.
Bitcoin (BTC) hit new one-week highs in the $43,600s and is preparing for a break back above $44,000 resistance.
Meanwhile, Ether (ETH) just pushed above $2,400 for the first time in over two weeks.
ETH’s gains on the week now stand at 5% following a series of successful testnet upgrades.
Developers are now expected to deploy the Dencun upgrade on the Ethereum mainnet within a few weeks.
Fed policymakers talking up the prospect of rate cuts later this year could be giving general market sentiment a boost.
The next major macro event to watch is next week’s US CPI figures.
While major cryptos are performing well, investors looking for the best crypto to buy now will move to smaller altcoins.
Owing to their lower levels of liquidity, smaller altcoins often experience larger gains over shorter periods.
Meanwhile, their smaller market caps mean there is more room for exponential growth.
Let’s take a look at coins that could be the best crypto to buy now.
Best Crypto to Buy Now
Monero (XMR)
News that the world’s largest exchange Binance plans to delist Monero (XMR) on Tuesday caused a huge 36% price dip.
Binance is delisting Monero privacy coin
XMR dropped 30% today on the newsbinance said its because it no longer meets their standards, which seems like a lame excuse
they are probably worried about government regulations because Monero facilitates anonymous payments
I think… pic.twitter.com/qUMjtC1Nt2
— Crypto Tea (@CryptoTea_) February 6, 2024
XMR fell as low as $101 per token, down from around $166.
But the token is currently experiencing a dip buying demand, with a 26% bounce on Wednesday.
While Binance’s decision to delist the token is a blow to its demand from the retail crowd, Monero is set to stay a favorite amongst crypto purists, who love the token for its decentralization, security, and anonymity features.
Despite having recovered to the $130s, XMR may still be a strong buy on the dip.
As the crypto bull market matures, XMR is likely to retest recent highs in the $180 area.
The prospect of near-term 37% gains means XMR could be the best crypto to buy now.
Dymension (DYM)
Newly launched layer-1 blockchain Dymension (DYM) is continuing to pump following its $350 million airdrop on Tuesday.
$𝟑𝟓𝟎,𝟎𝟎𝟎,𝟎𝟎𝟎𝟎 𝐀𝐈𝐑𝐃𝐑𝐎𝐏 🤑🤑
Yesterday, the crypto market witnessed the 2nd largest #crypto airdrop of 2024.
@dymension, which is a modular blockchain that airdopped 𝟕% of its total supply to its community.It got listed on major exchanges like#Binance… pic.twitter.com/BmbCgXwRR3
— Wise Advice (@wiseadvicesumit) February 7, 2024
DYM was last trading around $6.0, up around 25% in 24 hours as per CoinGecko.
Built using Cosmos technology and the Inter Blockchain Communication (IBC) protocol, Dymension is a “RollApp” network that allows its users to build multi-blockchain dApps.
DYM already has a fully diluted market cap of around $6 billion.
The hype surrounding the project means it could be one of the best crypto to buy now.
Conflux (CFX)
Having retested its 21 and 50DMAs earlier in the week, Conflux (CFX) is pumping, up over 13% on Wednesday.
Often referred to as “the Chinese Ethereum”, CFX looks on course to retest multi-month highs above $0.25 soon.
A break above here would open the door to a push higher toward 2023 highs in the $0.50 area.
Last trading at $0.23, the prospect of quick 2x gains means CFX could be the best crypto to buy now.
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.
