cryptonews.com
In wake of a wild day of Bitcoin price action that saw the BTC price hit new all-time highs above $69,000 before profit-taking then drove it briefly back below $60,000, investors are reassessing the market and mulling what could be the best crypto to buy today.
Bitcoin pushed as high as the $69,300s on Coinbase, but this seemingly triggered a wave of profit-taking.
The prior all-time highs at $69,000 were undoubtedly a major profit target for many investors and traders.
However, the scale of the profit-taking appeared to catch some market participants off guard.
As per Coinglass, Tuesday saw the liquidation of nearly $900 million in leveraged long futures positions. Total liquidations rose above $1 billion.
The forced closure of leveraged long positions in the futures market triggered intense, though short-lived, sell pressure in the spot market, driving BTC as low as $60,000 intra-day.
But the Bitcoin bulls were waiting eagerly to secure their bag at sub-$60,000 levels again.
And the Bitcoin price has since rebounded nearly as quickly as it fell to the $64,000s.
Traders will be watching to see whether BTC can continue its recovery and close convincingly above $69,000 this week.
In the meantime, if they have been taking profit on their BTC bag, investors will be scouring the altcoin markets for new opportunities.
Here are some of the best-performing coins that could be the best crypto to buy today.
Starknet (STRK)
Ethereum layer-2 scaling protocol Starknet has pumped up over 25% in the past 24 hours, as per CoinMarketCap.
The sudden price pump comes two weeks on from the protocol’s initial STRK token airdrop.
With a still modest market cap of just over $1.6 billion, STRK could have plenty of room left to run to the upside.
That’s assuming the new protocol continues to attract lots of hype and new users.
5x gains could easily be on the cards, making it amongst the best cryptos to buy today.
Theta Network (THETA)
Novel “dual network” Theta Network is one of the best-performing cryptos on Tuesday, up 18% in 24 hours.
THETA’s price pumped to as high as $ 3.30 earlier, its highest since May 2022.
It has since retraced to around $2.80 per token.
But since pushing above $2.30 resistance, there is a clear path to resistance at $4.50.
Theta Network combines a smart-contract-enabled layer-1 blockchain with a data and storage network.
With a market cap of only around $2.8 billion, THETA has plenty of upside left for this bull market.
That’s why THETA could be the best crypto to buy today.
Optimism (OP)
Leading Ethereum layer-2 scaling protocol Optimism (OP) is pumping hard on Tuesday, last up more than 15% in 24 hours.
Optimism hit fresh all-time highs on Tuesday at $4.68.
With OP seemingly on the verge of breaking a long-term pennant structure, the upside could only just be getting started.
A fully diluted market cap of under $20 million (and an actual market cap of around $4.5 billion) suggest Optimism has plenty of room for valuation growth.
It is, after all, the seventh-ranked blockchain by TVL, as per CoinGecko, with a TVL of over $1 billon.
3-4x gains are certainly a possibility for OP.
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 14 of what the project deems as the best crypto presales of 2023.