The cryptocurrency market has recently experienced a significant pullback, triggered by US economic data that reignited fears of stagflation and hawkish commentary from Fed policymakers. As a result, traders are on the lookout for altcoins with strong bullish momentum that could potentially be the best cryptocurrencies to buy now. With Bitcoin dipping back to the low $61,000s from earlier highs near $64,000, the market sentiment is bearish on Friday.
Impact of US Economic Data
The latest US economic data revealed that consumer sentiment has slumped to six-month lows while inflation expectations have spiked. This development, along with other indicators of a slight stagflationary trend in the economy, has raised concerns among Fed policymakers. There is uncertainty regarding whether financial conditions in the US are tight enough to address stubbornly high inflation, leading to a more hawkish stance from the Fed.
In light of the hawkish remarks from Fed officials and the increased likelihood of no rate cuts by September, cryptocurrencies are facing pressure in the market. Historically, cryptocurrencies tend to perform better in environments with easing financial conditions, which makes the current situation challenging for traders. As a result, Bitcoin’s price could continue to trade sideways within the range of $56,000 to $70,000 in the coming months.
Despite the overall bearish market sentiment, there are some altcoins showing strong momentum and potential for growth. Toncoin (TON) has surged by 50% since its early May lows and is currently trading above $6.70. The launch of the Telegram-based GameFi token Not Coin (TON) on the TON blockchain has fueled optimism among investors, suggesting that TON could retest April’s highs soon. Another promising token is Render (RNDR), which has experienced a 60% increase from its monthly lows and is trading near $11. Render’s protocol OctaneX was recently featured in an Apple keynote, contributing to its bullish narrative.
For investors seeking greater upside potential, exploring presale investing in Web3 projects could offer significant gains. By investing in projects at a discounted rate during presales, early investors can capitalize on the project’s growth once it gains traction in the market. One notable project is Mega Dice Casino, which has launched a presale of its utility token, DICE. Investors in the presale can benefit from cashback rewards on wagers, passive income through staking, and a $750,000 airdrop for early participants.
Risk Disclaimer
It is essential to recognize that investing in cryptocurrencies carries inherent risks due to the volatile nature of the market. This article is for informational purposes only and should not be construed as investment advice. Investors should conduct thorough research and consider their risk tolerance before making any investment decisions in the crypto space.
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