As major cryptocurrencies consolidate on Thursday in wake of a volatile Wednesday session that saw markets buffeted by US CPI data and a Fed policy announcement, traders are scouring altcoins markets as they look for the best crypto to buy now that might deliver quick gains.
A softer-than-expected US CPI report sent Bitcoin (BTC) briefly back as high as $70,000 as Fed rate cut bets surged.
However, those Fed rate cut bets were then dampened by the Fed policy announcement. As per the bank’s new “dot-plot”, the median expectation amongst policymakers is for only one rate cut in 2024.
Back in March, the median of policymaker expectations was for three rate cuts this year.
Bitcoin subsequently fell back as low as the $67,000s, though has since recovered to around $68,000.
Ethereum (ETH) was last just above $3,500, hovering above its lowest since mid-May.
Other major altcoins like Solana (SOL), Dogecoin (DOGE), XRP (XRP) and Cardano (ADA) were at or close o multi-week lows.
10x Research, in a recent note, remain bullish on BTC and recommend sticking with it. They note that BTC has tended to rally following softer-than-expected CPI releases recently.
Is Bitcoin the Best Crypto to Buy Now?
But Bitcoin remains stuck within its multi-month $60,000-$70,000ish range, with no breakout in sight.
However, BTC has a lot of potential bullish headwinds coming later in the year – Fed rate cuts, a potential Trump US Presidential election victory, an eventual post-halving easing of miner sell pressure (which remains yet to materialize, with sell pressure remaining elevated for now).
Assuming the price picks up later in the year, Bitcoin could be a great crypto to buy now as it consolidates.
However, for those looking to book bigger than 2x gains this bull market, smaller and lesser-known altcoins might be a better bet.
Here are some strong performers on Thursday that might be the best crypto to buy now.
Livepeer (LPT)
Decentralized video streaming network Livepeer (LPT) is up 13% in the past 24 hours, per CoinMarketCap.
Last in the mid-$24s, LPT is eyeing a test of its 2024 highs around $27. That could open the door to a quick surge towards the cryptos record highs from late 2021 above $100.
Livepeer’s market cap was only last around $800 million, leaving plenty of room for upside this bull market.
The prospect of quick 4x gains makes LPT potentially the best crypto to buy now.
Notcoin (NOT)
Play-to-earn (P2E) TON network-based gaming token Notcoin (NOT) is up 7% in the past 24 hours, per CoinMarketCap.
Last at $0.017, the crypto is trying to find its footing after reaching record highs near $0.030 earlier this month.
The token recently bounced at support from its 21DMA, which was last around $0.015.
Notcoin remains one of 2024’s hottest cryptos. Having only launched in mid-May, its market cap was last around $1.8 billion.
That leaves plenty of room for further upside, making NOT potential the best crypto to buy now.
Toncoin (TON)
Toncoin (TON) is bucking the trend amongst major altcoins and is pumping on Thursday.
As per CoinMarketCap, the crypto was last up 7% in the past 24 hours and trading around $7.50.
That’s not far from the record highs it set recently above $7.80.
Up more than 2x in the past 90 days whilst most of the rest of the market has been consolidating, TON’s bullish momentum could continue. That could make it the best crypto to buy now.
