Today’s crypto market crash has resulted in Bitcoin and large-cap altcoins squandering much of this week’s gains.
The Bitcoin price fell to $63,800, down nearly 6% from this week’s high of $68,100. The altcoins are faring much worse, with the Ethereum price down over 9% today.
Nevertheless, most experts remain confident that the crypto market is on the cusp of a major bull run. Indeed, smart money traders are searching for the best crypto to buy during the dip.
Just one more scam nuke across the market to rinse out everyone with zero conviction before the real heart of the bull run kicks off.
— K A L E O (@CryptoKaleo) July 25, 2024
Why Are Crypto Prices Crashing Today?
Several factors are contributing to the weakness in the cryptocurrency market.
The recently approved spot Ethereum ETFs saw $133 million in net outflows, sparked by $326 million worth of withdrawals from Grayscale’s ETHE ETF.
As in the case of Bitcoin spot ETFs, experts believe that Grayscale will continue to record heavy outflows, owing to its high management fees. Consequently, the Ethereum price could adopt a bearish stance over the coming days before a bullish recovery.
Additionally, the sell-off in the broader equities market is adding to the selling pressure on crypto prices. Bitcoin has historically displayed a strong correlation with tech stocks, which are currently seeing a major correction.
Finally, presumptive Democratic nominee Kamala Harris’s overperformance in the latest polls is also taking a toll on the market. While pro-crypto Donald Trump should still be the favourite to win a second term in the November US Presidential elections, a closer-than-expected race has made investors jittery.
5 Best Crypto To Buy The Dip
The short-term bearishness hasn’t managed to shake the conviction of the bulls, and for good reason.
As previously mentioned, the market will soon price in the Grayscale outflows, paving the way for a bullish recovery. The Bitcoin price reached a local bottom after the launch of its ETFs. The bottom could form much sooner in the case of Ethereum, now that investors are well-versed with the playbook.
Similarly, the Federal Reserve remains poised to cut interest rates in September, a decidedly bullish scenario for the crypto market.
Consequently, today’s crypto crash is simply another opportunity for investors to buy the dip.
We list the 5 best crypto to buy that can deliver outsized returns once the market starts its bull run.
Pepe (PEPE)
Today’s crypto crash provides yet another opportunity for investors to buy Pepe on the cheap. The popular meme coin is still trading 33% below its all-time high, however, not for long.
The Pepe coin shows a strong correlation with the Ethereum price. Once the market prices in the Grayscale outflows, both ETH and PEPE could print a substantial bullish recovery.
There is also a growing speculation that the meme coin could secure a listing on Coinbase. Considering that Pepe already sees impressive 24-hour trading volume, a Coinbase listing could prove to be a game changer.
A growing number of analysts also believe that PEPE can flip Shiba Inu during this cycle to become the second-largest meme coin on the market. Some are even projecting the token to reach a market capitalization of $50 billion, which would mean a 10x growth from its current valuation.
Pepe Unchained (PEPU)
Meme coins tend to move in unison and Pepe’s growth is expected to provide a major boost in other frog-themed tokens. Tokens such as PeiPei, LandWolf and APU have already displayed considerable strength.
However, some smart money traders believe that Pepe Unchained could be the best alternative to PEPE, thanks to its native Layer-2 blockchain.
This novel approach is more than just a marketing ploy. The Layer-2 chain is expected to offer extremely low trading costs and high staking rewards - the perfect formula for driving heavy retail investments.
For instance, PEPU holders can stake their holdings and already start to earn attracting yields, currently at an APY of 360%.
Unsurprisingly, this new meme coin is in high demand, having already raised over $5.3 million during its ongoing presale. Crypto influencers are also bullish on its upside potential, with some calling it one of the best crypto to buy before the bull market.
Brett (BRETT)
Base meme coins are in high demand, however, none more than Brett. Meme coins on the Base chain enjoy the same advantages as their Solana counterparts - low trading fees and high retail investment.
Brett - the top meme token on Base - already has a market capitalization of $1.1 billion. After all, the token has its roots in Matt Furie’s popular The Boy’s Club webcomics, similar to Pepe.
Brett is one of the best cryptocurrencies to buy after today’s crash, considering it is trading nearly 40% below its all-time high. A few crypto analysts even believe that it is the safest bet in the meme coin space, alongside Pepe.
The bulls remain optimistic that the top Base meme coin will reach a $20 billion market capitalization during this market cycle.
Base Dawgz (DAWGZ)
DAWGZ is another Base meme coin that experts are bullish on.
They have identified that Base ecosystem tokens are highly undervalued. Except for Brett, no meme coin has a valuation of over $100 million.
Base Dawgz could fill this vacuum and emerge as the next big Base meme token, following in the footsteps of Brett.
DAWGZ has adopted innovative concepts such as share-to-earn and refer-to-earn to separate itself from the crowd and gain strong community backing. For instance, investors can share DAWGZ-related content on social media and earn airdrop points.
Additionally, Base Dawgz is a multi-chain meme coin that is live on Base, Solana, Ethereum, Avalanche and BNB Smart Chain. Investors can enjoy high staking rewards on any of these networks, currently at an APY of over 1100%.
Owing to its unique value proposition, the DAWGZ presale has already raised over $2.7 million, with several deep-pocketed investors amongst the early buyers.
XRP (XRP)
XRP is perhaps the most undervalued large-cap altcoin on the market, trading nearly 82% below its all-time high.
However, the trend appears to be shifting. XRP is now outperforming Bitcoin over the past month, rallying by nearly 27% as compared to BTC’s 3% growth.
There is growing speculation that a settlement between Ripple and the SEC could be near, especially as the Biden administration is adopting an increasingly pro-crypto stance to counter Donald Trump’s growing influence over the industry.
The odds of an SEC appeal against Judge Analisa Torres’s original ruling are also decreasing, considering Chairman Gary Gensler could call it quits in case of a Trump presidency.
If Trump’s lead continues to balloon as the US Presidential elections draw near, the XRP price could see a major breakout to $1 and higher.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
