As the crypto market experiences a sharp pullback due to recent US economic data causing concerns about stagflation, traders are on the lookout for altcoins with strong bullish momentum that could be the best crypto to buy now. Bitcoin (BTC) saw a dip back to the low $61,000s on Friday after hitting highs near $64,000. With US consumer sentiment at a six-month low and rising inflation expectations, accompanied by hawkish commentary from Fed policymakers, the market sentiment is bearish.
The impact of Fed policies on the crypto market
Fed policymakers are considering the tight financial conditions in the US to combat high inflation. The possibility of no Fed rate cuts by September has increased according to CME data. Historically, cryptocurrencies have performed better in an environment of easing financial conditions. Therefore, hawkish remarks from the Fed and data supporting a more hawkish stance have created uncertainty and weighed on the crypto market.
Despite the overall bearish market, Toncoin (TON) has shown strong upward momentum, trading at around $6.70 with a 7.5% increase in the past 24 hours. Since its low in early May at $4.60, TON has surged by close to 50%. This surge is attributed to optimism surrounding the launch of the Telegram-based GameFi token called Not Coin (TON) and the addition of the USDT stablecoin on the TON blockchain.
Toncoin could soon retest its previous highs near $7.70 and with rapid adoption of its blockchain, its market cap could surpass the current $23 billion. Similarly, Render (RNDR) has been defying the market trend with a 60% increase from earlier monthly lows, trading near $11. The recent feature of its protocol OctaneX in an Apple keynote has driven this surge in price. Render is a leader in the AI DePIN space and its market cap could potentially exceed its current $4.25 billion.
For investors seeking significant gains, presale investing in Web3 projects could be an option. These projects often offer tokens at a discounted price to early investors to raise funds for development. Mega Dice Casino is a project recommended by analysts at Cryptonews, which has launched a presale of its utility token, DICE. DICE holders can benefit from cashback rewards on wagers and generate passive income through staking. The presale has already raised $880,000, with the price set to increase after reaching the $1 million milestone.
It is essential to remember that investing in crypto is a high-risk endeavor. The information provided here is for educational purposes and should not be considered as investment advice. It is crucial to conduct thorough research and consult with financial advisors before making investment decisions to mitigate risks associated with trading cryptocurrencies.
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