Joel Frank
Last updated:
July 11, 2024 at 15:16 GMT+3
| 3 min read
Best Crypto to Buy Now July 11 - Stacks, Aave, Wiener AI / Source: Cryptonews
As major cryptos trade with a positive bias as markets await the release of US CPI data for June shortly, investors are weighing up what might be the best crypto to buy now for quick gains.
Recent macro developments have been bullish for traditional financial markets.
The S&P 500 and tech-heavy Nasdaq 100 indices vaulted to fresh record highs this week on Fed rate cut bets.
That rally came after dovish comments from Fed chair Jerome Powell.
And this has helped shield Bitcoin (BTC) from downside amid elevated selling from various large market participants.
These include the German state of Saxony, which has dumped most of its 50,000 BTC stash onto exchanges.
Bitcoin spot markets are also thought to be absorbing elevated sell pressure from miners struggling post halving.
Mt Gox repayments might also be adding to the sell pressure.
Bitcoin was last trading in the mid-$58,000s.
Sell pressure from these sources could remain elevated for some time. But once these sell narratives ease, a strong rebound could be in store.
Bitcoin has had a good correlation to US equity indices, as well as the S&P 500/Nasdaq ratio in recent years.
Both are at record levels, pointing to a Bitcoin price in the $70,000s.
As sell pressure eases, the Fed starts cutting and (presumably) Trump retakes the white house, the bulls could regain control.
Speaking of Trump, he is scheduled to speak at a major Bitcoin conference later this month.
A rally towards $100,000 later this year is on the cards, making Bitcoin potentially the best crypto to buy now.
That said, some investors are looking for bigger gains than Bitcoin is likely to deliver this bull market.
They tend to turn to smaller, lesser-known alt-coins that have 5-10x potential.
Here are a few strong performers on Thursday they will be watching.
Best Crypto to Buy Now.
Stacks (STX).
Bitcoin Layer-2 protocol Stacks (STX) is enjoying a decent pump, up over 10% in the past 24 hours.
That’s according to CoinMarketCap, who put its price at last around $1.66.
Stacks just rebounded from the lower bounds of its medium-term downtrend.
It may now attempt to push back towards $2.0 per token. A break above here, and the recent downtrend, would...
[ Ссылка ]
#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #bestcrypto #bestcryptonews #bestcryptonewstoday #bitcoin #bitcoinnews #bitcoinnewstoday #btc #btcnews #cryptonewsalerts
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple
