Major cryptocurrencies are trading in bearish territory as the global crypto market cap is on the verge of falling below the crucial $1 trillion mark.
Bitcoin has corrected 2% on the daily time frame and hit an intraday low of $24,900 while altcoins like Arbitrum, ApeCoin and Pepe are all down over 6% over the past day.
After an extended period of sideways trading, CPI and PPI inflation data is also set to be revealed this week. Experts believe that a bad inflation report could lead the Federal Reserve to continue with another interest rate hike, which could be put further pressure on the market.
Furthermore, the reports of FTX dumping all their crypto holdings have added fuel to the fire, especially for altcoins like Solana.
Best Cryptocurrency To Buy Now
However, despite the current bear market, there are a few crypto assets that may present excellent buying opportunities. In this article, we dive into eight tokens including new presale projects that are backed by experts to outperform the wider crypto market.
Bitcoin BSC ($BTCBSC)
Despite Bitcoins bearish trend, a new BTC clone is getting investors excited due to its tremendous growth potential – the Bitcoin BSC token is offering an improved, more powerful version of BTC, all at a nominal price of just $0.99.
The tokens $0.99 price also has a special significance – it denotes Bitcoins value in early 2011 when the largest cryptocurrency was trading below the $1 mark and was the opportunity of a lifetime for those lucky enough to get in early.
However, for those who missed out, the new $BTCBSC token could be their ticket to replicate Bitcoins meteoric 2,580,000% rally.
The token is also gaining strong traction amongst retail investors, thanks to its highly lucrative stake-to-earn mechanism which is currently offering an astonishing 450% APY.
Furthermore, the Bitcoin BSC token is built on the flexible BNB Smart Chain, resulting in faster and cheaper transactions as compared to Bitcoin. Similarly, its BEP-20 design ensures that beginner traders can easily store and trade the token through familiar dApps like MetaMask and Trust Wallet.
Due to its unique value proposition, the Bitcoin BSC token has already surged past the $1 million milestone in its ICO in less than a week.
Wall Street Memes ($WSM)
Meme coins are have been among the best cryptos to buy in 2023, delivering exponential returns. The Wall Street Memes token is one such project that is getting the backing of deep-pocketed investors, with one whale investing over $1 million into it.
Thanks to such massive investor demand, $WSM has raised over $26 million in its presale in just over 3 months and is set to list on multiple Tier-1 exchanges on the 27th of September.
The tokens launch is generating tremendous FOMO amongst meme coin enthusiasts – this could be their last chance to grab the token at the cheap price of $0.0337 as popular traders such as Crypto Dose are predicting it to display a 10x bull rally after the launch.
Wall Street Memes is our pick for the best crypto to buy now as it has all the makings of being the next big thing in the meme coin market. It enjoys a strong community backing due to its ties with the legendary Wall Street Bets Reddit, the group which inspired the ground-breaking GameStop bull run in 2021.
The Wall Street Memes group also has over a million social media followers, with even Elon Musk a fan of its Twitter account.
Due to this massive support, the Wall Street Memes token is aiming to be the next meme coin to hit the $1 billion market capitalization and can outperform the struggling crypto market in the short term.
Solanas inclusion on this list of best cryptocurrencies to buy now may seem counterintuitive – after all, the token has plummeted close to 9% over the past 3 days after the news broke that the defunct crypto exchange FTX may soon dump all its $SOL holdings.
However, according to experts, the market may have overreacted to this FUD – analyst @TheDeFinvestor reveals that while FTX holds a large portion of the $SOL supply, most of it is locked and would be sold off over 5 years.
Popular trader @DaanCrypto believes that this overreaction may have created an excellent buying opportunity for the bulls. He reveals that a surge to the $19 price mark could lead to a significant short-squeeze, and even a correction to the $15 – $16 price range could result in a strong price reversal.
Furthermore, Solana also appears to be the blockchain of choice for many Web2 giants entering the Web3 space – Shopify recently announced that it would integrate Solana Pay for USDC payments. Similarly, Visa announced that it would use the Solana blockchain to boost its USDC settlement capabilities.
As a result, $SOL could be a safe long-term bet for this year, with a possibility of huge returns during the next bull run.
Chainlink has emerged as a trailblazer in the Web3 space and is pushing the boundaries of blockchain technology. It recently partnered with the interbank telecommunication system SWIFT and 12 major banks to test the connectivity and interoperability across public and private blockchains.
Its launch of the Cross-Chain Interoperability Protocol (CCIP) in July is also being touted as a major step in bridging blockchains with banks.
As a result, $LINK has become one of the top tokens of choice for smart-money traders, with whales accumulating over $24 million worth of $LINK in just 10 days.
On-chain data firm Santiment also revealed that the number of shark-tier investors that hold between 10K – 100K $LINK tokens has reached its highest point since December 2022.
Chainlink is currently trading just below the $6 mark, which analyst Michael van de Poppe of MN Trading believes to be an excellent entry point for the long term.
Bitcoin Cash ($BCH)
The US SECs anti-crypto stance has become the overarching narrative of the crypto industry. The SECs lawsuits against Binance and Coinbase have labelled several major altcoins like Cardano and MATIC as unregistered securities.
However, the SECs hawkish stance has presented an excellent opportunity for BTCs hard fork, Bitcoin Cash. In an earlier speech, SEC chairman Gary Gensler stated that BCH is one of the 4 tokens, including BTC, ETH and LTC, that he would not consider to be securities.
Genslers analysis has already provided a massive boost to the BCHs long-term prospects. It is one of the four tokens that is offered by the EDX crypto exchange, which is backed by TradFi giants like Fidelity and Charles Schwab.
BCH is currently heavily outperforming other major tokens as it is up 40% over the past year as compared to 16% for BTC and -11% for Ethereum.
Stellar Lumens ($XLM)
Stellar Lumens has emerged as one of the surprising winners in the crypto market as the token is up 4% over the past week despite the broader capitulation. XLM is also seeing a strong continuation as it has surged 1.5% over the past hour itself and is currently trading at the $0.127 mark.
Popular crypto trader Andrew Griffiths believes that the $0.127 level is now acting as support for the token, with the $0.145 mark as its possible bullish target. @CryptoTony__ also highlights that a 4-hour closure above the supply zone at $0.13 could see the token surge to $0.14.
It is worth noting that XLM has historically shown a strong correlation to XRP and could receive a major boost from it. Ripple is currently dealing with the SECs appeal against its recent victory which granted XRP a non-security status.
However, lawyer John Deaton reveals that the chances of another Ripple victory are extremely high, which could lead to a major bull rally in XRP and consequently, XLM.
Render is another token that is displaying enormous strength despite the prevailing bearish forces elsewhere in the market. The GPU rendering platform has surged 4% over the past week and is currently trading at the $1.4 mark.
However, trader @ChristiaanDefi believes that the token can soon hit the $1.65 price level as it has broken the major downtrend that has persisted since May. Analyst @CryptoTony__ highlights that there is a strong possibility that the bulls will flip the supply zone at $1.5 into resistance, which could quickly lead to a new local high.
RNDR is also on the verge of breaching the 30-day Simple Moving Average at $1.44, which could result in a strong bullish continuation for the token.
Privacy coin Monero is another crypto asset which may soon surge in value due to increasing utility. The token has previously shown strength whenever the US government engages in hawkish regulatory action against the crypto space.
The hype surrounding the token recently increased when the US Department of Justice sued crypto mixer Tornado Cash for money laundering. As the SEC continues to maintain its anti-crypto stance, XMR could soon see increasing popularity amongst investors who wish to maintain the privacy of their transactions.
The token could also be a safe bet in the long term as it has displayed strong price growth in post-BTC halving months. Furthermore, XMR previously showed a strong bounce when Donald Trump won the 2016 US Presidential elections. With many pro-crypto candidates on the ballot this time around, Monero could see another rally in the lead-up to the November 2024 elections.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Times of Chennai journalist was involved in the writing and production of this article.