Best Crypto to Buy Today, May 8 – Ethereum Classic, Tron, Kaspa

Last updated: May 8, 2024 5:30 pm EDT | 4 minutes of reading

With several cryptocurrencies exhibiting significant movements, Ethereum Classic, Tron, and Kaspa have recently piqued investor interest due to their price action and recent developments, leading some analysts to call them the best crypto to buy now.

While blue chip cryptocurrencies trade with a downtrend on Wednesday, Bitcoin (BTC) is falling back towards $62,000 after encountering resistance at its 50DMA earlier this week. Traders are scanning the altcoin markets for the best crypto to buy today that can provide a quick edge.

At current levels around $62,500, Bitcoin is down nearly 5% from Monday’s high of $65,500.

However, the cryptocurrency is still up more than 10% compared to last week’s lows.

Short-term macro headwinds eased last week following weaker-than-expected U.S. employment data, easing fears about an overly aggressive Fed.

Identify Bitcoin ETF Entries also returned, although they have since sold out once again.

The short term Bitcoin the price outlook appears very tilted towards consolidation within recent ranges.

With the Fed’s rate cuts still some way off and ETF Flows Not providing much momentum, Bitcoin lacks short-term price narratives.

Consolidation in the coming months would fit with Bitcoin’s typical 4-6 months post-halving and summer seasonality.

That said, Bitcoin’s long-term prospects are stronger than ever.

O blockchain hash rateor computing power, has quadrupled since Bitcoin reached its current price level in 2021.

If Bitcoin can return above its 50DMA in the coming weeks, this could be a buy signal, according to an analysis by Bitcoin Archivewho calls it a “mega-optimistic” occasion.

With Bitcoin poised to challenge $100,000 this year or next, it is potentially the best cryptocurrency to buy today.

But for investors looking for a greater upside than Bitcoin’s 2x potential, altcoins may be more attractive.

Here are some of Wednesday’s top-performing altcoins that could be the best crypto to buy today.

Best crypto to buy today

Ethereum Classic (ETC)

Ethereum Classic (ETC), the original, unforked Ethereum blockchain token, is outperforming its sibling on Wednesday.

It was the last 5% increase in 24 hoursaccording to CoinMarketCap, and traded near $28.

ETC broke below its 2024 uptrend last month. But after briefly hitting lows of $23, it is making a comeback.

If it manages to break north of the $28-29 resistance area, where its 50DMA also resides, it could signal that the bulls have regained control.

As hype and FOMO in the market increase and investors become more irrational, ETC could recover these highs, making it a good candidate for the best crypto to buy now. Source: TradingView

Ethereum Classic is a highly speculative game. It doesn’t have a fraction of the adoption of Ethereum. According to DefiLlama, Ethereum has a TVL of $133 billionwhile Ethereum Classic has only $600,000.

But ETC reached US$175 in 2021 – a 6.5x increase compared to current levels.

As hype and FOMO in the market increase and investors become more irrational, ETC could recover these highs, making it a good candidate for the best crypto to buy now.

Tron (TRX)

The price of Tron (TRX) rose rapidly on Wednesday, rising close to 3% despite the market decline.

Having broken north of its 21 and 50 DMAs, TRX is eyeing a break above key resistance at $0.1250.

If it can break through here, a quick move towards yearly highs around $0.1450 is possible.

Tron could be the best crypto buy today if it manages to break north of this key resistance level. Source: TradingView

The prospect of potential quick 20% gains makes TRX one of the best cryptocurrencies to buy today.

Kaspa (KAS)

The outlook for Kaspa (KAS) has just changed for the better, with KAS pumping as a result.

According to CoinMarketCap, KAS price increased by 9% in the last 24 hours and is trading around $0.123.

The door may now be open for a quick return to its yearly highs of $0.19.

The door could now open for a quick return to yearly highs of $0.19, making KAS the best cryptocurrency to buy today. Source: TradingView

The prospect of a 50% rally in the short term makes KAS potentially one of the best cryptocurrencies to buy today.

Cryptographic Alternatives to Consider

While the above coins offer the potential to return up to 5x this bull market, many investors will be looking for even stronger gains in the short term.

These investors may consider an alternative high-risk, high-reward investment strategy – engaging in crypto presales.

A presale occurs when an upcoming web3 protocol sells its native token at an early discount to fund development.

Pre-sales are risky as projects may not be delivered. But if they deliver, the upside could be huge – 100x or more.

If investors can reliably identify high-potential pre-sales, they can make a big return.

With so many pre-sales competing for investor funds, knowing where to start can be daunting.

That’s why the Cryptonews.com team has compiled a list of what they consider to be the best crypto presales.

See the 20 Cryptocurrency Presales

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.

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