Best Crypto to Buy Now April 16 – Celestia, Pepe, Fantom
With cryptocurrency markets a sea of red on Tuesday, the market continues to be on shakey ground due to concerns about Middle Eastern geopolitical tensions and the diminishing likelihood of near-term Fed interest rate cuts. Investors are thus turning to smaller and lesser-known altcoins as they hunt for the best crypto to buy today.
Bitcoin (BTC) was around $63,000, probing its multi-month range lows today. Ether (ETH), meanwhile, was holding just to the north of $3,000.
Both are down sharply from March highs, though losses are modest compared to the retracements seen by many altcoins.
While Bitcoin is down 11% in 30 days, Solana (SOL), XRP (XRP) and Dogecoin (DOGE) are each down 20%. And many smaller altcoins are down an even sharper 40-50%.
Risks remain tilted to the downside for major cryptos in the coming weeks. The halving could well be a “sell-the-news” event for Bitcoin. And an overperforming US economy means that Fed rate cuts might keep getting pushed back.
Massively unpopular opinion: The next #Bitcoin halving has the potential to be a sell-the-news event.
Maybe not directly, but I doubt it has the bullish impact traders have come to know.
It's a widely-known event that you can literally mark on your calendar. There are countdown… pic.twitter.com/Zbk6GY0WWx
— Justin Bennett (@JustinBennettFX) April 16, 2024
On Tuesday, Fed Chair Jerome Powell remarked that recent data shows little further progress on inflation. Of course, progress on inflation is a key requirement the Fed wants to see before cutting interest rates.
POWELL: IF HIGHER INFLATION PERSISTS FED CAN MAINTAIN CURRENT RATE AS LONG AS NEEDED
— *Walter Bloomberg (@DeItaone) April 16, 2024
In this unpredictable environment, crypto investors will need to be selective
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