With major cryptocurrencies trading with a bearish bias on Friday, investors are scouring altcoins markets for the best crypto to buy now for quick gains.
Bitcoin (BTC) was last trading with losses of around 1%, just below $64,000. Ether (ETH), meanwhile, is stuck in the mid-$3,100s.
Another US data release pointed to sticky inflation pressures in the country, emphasizing the Fed won’t be cutting rates soon.
Here is Powells favourite inflation gauge.
PCE Core Service Less Housing MoM up almost 0.6%
TOO much.. End of discussion pic.twitter.com/yEBlWeV1MA
— Andreas Steno Larsen (@AndreasSteno) February 24, 2023
Unsurprisingly, the US dollar and US government bond yields continue to trade close to multi-month highs versus most of its major counterparts.
The macro backdrop, thus, is still a headwind for crypto assets.
As ETF inflows turn to outflows, and post-Bitcoin halving optimism fades, BTC is at risk of falling below $60,000.
As ETF inflows turn to outflows, and post-Bitcoin halving optimism fades, BTC is at risk of falling below $60,000. That suggests it probably isn’t the best crypto to buy now. Source: TradingView
In such an environment, investors need to be highly selective when selecting which altcoin to buy.
Here are some strong performers on Friday that could be the best crypto to buy now.
Best Crypto to Buy Now
Litecoin (LTC)
Despite the market’s broader weakness, Litecoin (LTC) is attempting to break higher.
LTC was last trading in the $88s, above its 21DMA. If it can hold above its 21DMA, it would be one of the only major cryptos trading above this key short-term moving average.
At current levels, LTC is up more than 25% versus earlier monthly lows.
As per CoinMarketCap, its 5% gain in the past 24 hours makes it a top crypto gainer today.
Litecoin bulls will be hoping this latest push higher marks the start of a new challenge of the highs of its multi-year range.
Litecoin could be the best crypto to buy now, as it sees a potential return to multi-year highs. Source: TradingView
Litecoin has been locked within a $60-$115 range since the start of 2023.
If it can break above this range, the door opens to a return to 2021 highs around $300.
LTC could still post 3.5x gains in this bull market, making it potentially the best crypto to buy today.
Neo (NEO)
Neo (NEO), the cryptocurrency of the up-and-coming smart contract blockchain NEO, is performing well on Friday.
According to CoinMarketCap, the price of NEO has increased by 5% in the past 24 hours to $20 per token.
The rally has lifted its market cap to around $1.3 billion, leaving NEO still over 7x below its 2021 peaks, and 10x under its early 2018 peaks.
Price history suggests that NEO usually posts exponential gains from its current subdued levels.
NEO could still be 5x in this bull market, making it a candidate for the best crypto to buy now.
Ethereum Classic (ETC)
Ethereum Classic (ETC), the unforked version of the original Ethereum blockchain, is attempting to push higher on Friday.
It was last up 4% in 24 hours, as per CoinMarketCap, and trading near $28.
ETC broke below its 2024 uptrend earlier in the month. But after reaching briefly as lows as $23, ETC is mounting a comeback.
ETC snapped its 2024 uptrend earlier in the month. But after reaching briefly as lows as $23, ETC is mounting a comeback. Source: TradingView
If it can break to the north of the $28-29 resistance area, where its 21DMA also resides, that could signal that the bulls have regained control.
Ethereum Classic is a highly speculative play. It doesn’t even have a fraction of the adoption of its sister chain Ethereum – as per DeFi, Ethereum has a TVL of $133 billion. Ethereum Classic has barely $500,000.
But ETC did pump as high as $175 in 2021 – up 6.5x versus current levels.
As hype and FOMO in the market build and investors become more irrational, ETC could reclaim these peaks, making it a good candidate for the best crypto to buy now.
Crypto Alternatives to Consider
The above coins offer the potential for investors to make 5-10x gains.
However, investors hunting ever-stronger near-term gains should consider an alternative high-risk, high-reward investment strategy – getting involved in crypto presales.
