Major cryptocurrencies are nudging higher on Tuesday but remain largely within recent ranges as investors monitor fresh commentary from Fed policymakers, who continue to hint at rate cuts later this year so long as inflation keeps easing, while Dymension (DYM), Ethereum Name Service (ENS) and Pendle (PENDLE) are the biggest gainers in the past 24 hours, making them probably the best crypto to buy now.
Bitcoin (BTC) was last up 1% in 24 hours, as per CoinMarketCap, and trading to the north of $43,000.
Ether (ETH), meanwhile, was last up around 2.5% and above $2,350.
Crypto markets continue to monitor themes such as flows into recently launched spot Bitcoin ETFs and US inflation.
Speaking of, US Consumer Price Index (CPI) data is set for release next Tuesday.
It could well be the next major catalyst for the crypto market.
Bitcoin bulls are hoping that bets that the Fed will ease interest rates later this year as inflation falls, spot Bitcoin ETF flows and the upcoming issuance rate halving can inject upward momentum back into the price, and that BTC can retest its recent $49,000 highs in the upcoming months.
But with major cryptos stuck in recent ranges for now, investors looking for a better chance of near-term gains are looking up the crypto risk curve.
Here are some of the best-performing lesser-known altcoins that could be the best crypto to buy now.
Best Crypto to Buy Now
Dymension (DYM)
A just-launched so-called modular blockchain called Dymension (DYM) is the best-performing crypto in the top 100 on Tuesday.
That’s according to CoinMarketCap, which clocks Dymension’s 24-hour gains at around 25%.
The crypto has already been able to garner a market cap of around $730 million.
But continued hype about the coin could quickly drive it higher to crypto unicorn status.
A crypto unicorn is a cryptocurrency with a market cap of over $1 billion.
Ethereum Name Services (ENS)
Ethereum Name Services (ENS) continues to push higher after its jump on Monday.
Last trading near $22.50, ENS is up 13% in 24 hours and over 25% this week.
The cryptocurrency looks odds on to retest its January highs at $27.50.
Given the potential for near-term gains of around 20%, ENS could be the best crypto to buy now.
Pendle (PENDLE)
Another crypto that is maintaining strong bullish momentum is Pendle (PENDLE).
Last up around 10% in 24 hours, Pendle could be one of the best crypto to buy now.
PENDLE has already been able to gain over 200% in 2024.
But with a market cap of still under $800 million, there is plenty of room for further upside.
Pendle is a protocol that enables the tokenization and trade of future yield.
As the tokenization of real-world assets (RWA) within crypto gains ground – tokenized version of yield-bearing US government bonds are starting to gain traction – protocols like Pendle become very popular.
For example, imagine a world where US government bonds worth $100s of billion have been tokenized.
There would be strong demand to trade the yield on these assets.
If Pendle was the go-to protocol, its market cap could easily be worth $10s of billions.
Crypto Alternatives to Consider
All of the above coins offer potential investors a great chance to make 10x gains.
But, for those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023:
See the 15 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Best Crypto to Buy Now February 6 – Dymension, Ethereum Name Services, Pendle appeared first on Cryptonews.
