The Bitcoin price continues to face steep correction, declining another 5% today on Thursday. The largest cryptocurrency has now dipped below $56,000 and faces a considerable risk of falling to the $52k mark.
Unsurprisingly, altcoins are faring much worse, with tokens like Dogwifhat, Chainlink and Brett down double digits.
CoinMarketCap’s Crypto Fear and Greed index is now leaning towards Fear, which accurately sums up the market sentiment.
However, despite the crypto market crash today, smart money traders believe that investors should be searching for the best crypto to buy rather than panic selling their holdings. Many have even proclaimed that the bottom is now in after Bitcoin’s downside move to $57,000.
Is The Bottom In For Bitcoin?
Popular crypto trader 941 (@level941), who has over 57k followers on X, claims that the Bitcoin price has hit its local bottom.
The bottom is in. 57.5k I stake my reputation on it.
— 941 (@level941) July 4, 2024
He is also not the only one. Several experts with a bearish stance even at $60k are now turning bullish at $57k. As far-fetched as it may sound, there are several reasons why the optimism of the bulls might not misplaced.
Firstly and most importantly, Bitcoin is now at the confluence of two very strong support levels - the 3-day 200 Moving Average and the 1-week 200 Moving Average. Experts believe that these levels have facilitated major bounces in BTC.
Bought some $BTC near 200d ma at 58.6k first btc buys in some time https://t.co/BDPJmSVqIm pic.twitter.com/JcXyyuAAwQ
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) July 4, 2024
The altcoins market capitalization chart is also turning surprisingly bullish as it nears a strong support zone. Michael van de Poppe of MN Trading believes that the altcoin capitulation is nearly over.
A few economists are also hinting at the possibility that the Federal Reserve could surprise the market by cutting its benchmark interest rate in the July FOMC, which would be a decidedly bullish scenario for the crypto market.
As a result, this could be the ideal opportunity for crypto investors to buy the dip.
7 Best Crypto To Buy Now
Experts believe that a few cryptocurrencies are better buys than others, considering their long-term potential.
Smart money traders are also eyeing presale tokens, considering they are not impacted by short-term price action.
In this article, we list the 7 best crypto to buy now that could deliver outsized returns in the upcoming weeks.
Solana (SOL)
The Solana price is down 20% over the past month and 10% today itself. And yet, there are plenty of reasons to be bullish on SOL.
For instance, VanEck and 21Shares recently applied for spot Solana ETFs, with strong speculation that TradFi giants BlackRock and Fidelity could be next.
In such as scenario, it would not be a surprise if SOL pushed towards new all-time highs on the BlackRock ETF news, similar to Bitcoin and Ethereum.
Similarly, there is an increasingly strong likelihood that the spot SOL ETFs would be approved, considering that the Republican and pro-crypto candidate Donald Trump is now the favourite to win the White House in November.
Finally, Solana has been the first cryptocurrency to bounce back up every time the crypto market has seen a bullish reversal this cycle. Consequently, it remains the top pick for the best cryptocurrency to buy despite the ongoing crypto market crash.
Dogwifhat (WIF)
Dogwifhat shows a strong correlation with Solana, being the top meme coin on the chain. Therefore, all the reasons to be bullish on SOL also apply to WIF.
However, WIF doesn’t only show a correlation to Solana, it acts as a beta play on it.
Consequently, experts believe that Dogwifhat could be one of the best large-cap crypto investments, especially if the Solana ETFs are approved.
Popular crypto trader Buntz, who accurately predicted WIF’s local top and the local bottom, believes that the Solana meme coin could trade as high as $10 by the end of this year.
don't be afraid to dream a little bigger.$WIF https://t.co/zWSk5xicri pic.twitter.com/7XxUJrWAzu
— Bluntz (@Bluntz_Capital) July 1, 2024
If true, it could mean that investors buying WIF today could see nearly 6x returns this year.
Base Dawgz (DAWGZ)
WIF isn’t the only meme coin in high demand. As previously mentioned, the interest in new presale meme tokens is on the rise, owing to their high long-term potential.
For instance, a new Base meme coin Base Dawgz has raised nearly $2.4 million in its ongoing presale.
Experts believe Base meme coins could pose a threat to their Solana counterparts once the bull market resumes. Indeed, only one meme token on the chain - Brett - has a market capitalization of over $1 billion while only two other tokens have a valuation north of $100 million.
Thanks to innovative concepts such as share-to-earn and staking rewards, smart money traders believe that DAWGZ is on its way to becoming the next big Base meme coin.
Additionally, the meme coin project has adopted multi-chain status, which means it will go live on Ethereum, Solana, BNB Smart Chain and Avalanche, along with Base. This strategy could boost its visibility amongst investors looking for the best crypto to buy now.
Pepe (PEPE)
Continuing with the theme of meme coins, experts continue to back Pepe as one of the best cryptocurrencies to invest in. In fact, its inclusion in the list should not be a surprise.
Pepe reached its all-time high market capitalization of $7.1 billion. Owing to the crypto market crash, its valuation currently stands at just $3.9 billion. This means that investors buying the dip on Pepe today could see 2x returns if the meme coin simply tests its all-time high again.
However, most experts believe that PEPE’s bullish trajectory would not stop there. Many are expecting to flip Shiba Inu during this bull cycle while also giving Dogecoin a run for its money.
After all, Pepe coin remains a beta play on Ethereum, similar to the relationship between WIF and Solana. Considering that ETH is about to see significant institutional investment once the spot Ethereum ETFs start to trade in mid-July, expect PEPE to deliver outsized returns as well.
Pepe Unchained (PEPU)
The correlation between cryptocurrencies cannot be dismissed and is often the best strategy to outperform the market.
For instance, Pepe’s bull rally would very likely lead to a significant bounce in other Pepe the Frog-themed tokens. However, most of these copycat tokens end up squandering all gains, considering the lack of retail investment in them. After all, it is costly to trade Ethereum-based meme coins.
On the contrary, Pepe Unchained is already seeing significant demand, from retailers and smart money traders alike. In fact, its ongoing presale has already raised over $2 million in a few short weeks.
The reason behind this optimism is Pepe Unchained’s native Layer-2 blockchain, which is expected to offer low trading costs, faster transactions and high staking rewards. Indeed, the PEPU staking protocol is currently offering an APY of over 800%.
Owing to its unique value proposition, experts are calling PEPU the best alternative to PEPE and one of the top crypto to buy now.
Chainlink (LINK)
Similar to Solana, Chainlink is one of the first altcoins to rally when the crypto market starts its bullish reversal. If the bottom is indeed in for Bitcoin, this could be one of the last opportunities to buy the dip on LINK.
In a crypto market that is quickly becoming saturated with meme coins, Chainlink’s bullish strength is largely a result of its strong fundamentals.
It continues to offer a wide range of next-gen technology for other crypto projects. In fact, its Cross-Chain Interoperability Protocol (CCIP) is being used by top TradFi companies including SWIFT and the ANZ Banking Group.
Consequently, experts such as Michael van de Poppe believe that LINK could be one of the top-performing cryptocurrencies over the next few months.
$LINK has been seeing the same pattern over and over again. First six months downwards.Second six months bull market.We're in the second six month part and are slowly grinding upwards. Good times ahead. pic.twitter.com/PhQfs808n7
— Michaël van de Poppe (@CryptoMichNL) July 2, 2024
99Bitcoins (99BTC)
Chainlink’s success has showcased the importance of strong fundamentals in the crypto market. For the same reason, smart-money traders are bullish on a new BRC-20 token - 99Bitcoins - and are hinting at the possibility of 10x returns.
One of the reasons behind this optimism is 99Bitcoins’ established community backing. Indeed, its crypto educational platform was launched even before Ethereum and now has close to 3 million subscribers across its website and YouTube.
If even half of these subscribers turn into token holders, 99BTC could emerge as one of the top-performing cryptocurrencies.
Token holders are eligible for a plethora of perks, including high staking rewards, alpha trading signals and access to exclusive VIP groups. They can even participate in the 99Bitcoins airdrop, which will award over $1000 in Bitcoin to 99 lucky winners.
Consequently, 99BTC is already in high demand and has raised over $2 million during its presale.
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.
