Best Crypto to Buy Now April 24 – BONK, ALGO, HBAR
As major cryptos succumbed to technical selling on Wednesday, with Bitcoin (BTC) having slipped around 3.5% in the past 24 hours to below $65,000, investors hunting for fast gains are scouring altcoins markets for the best crypto to buy now.
Bitcoin’s drop was probably triggered by technical selling, with the cryptocurrency dropping below a short-term uptrend.
The latest dip doesn’t impact the broader picture for Bitcoin. BTC still trades within multi-week $60,000-$74,000ish ranges as traders monitor various competing themes.
The Bitcoin halving just took place on April 20 – historically a bullish catalyst for the market. However, this has typically taken a few months to really kick in as a tailwind.
#Bitcoin halving expectation vs reality
pic.twitter.com/ymLoEVgPFx
— MarketMaestro (@MarketMaestro1) April 23, 2024
Meanwhile, recent stronger-than-expected data out of the US has seen Fed rate cut bets pushed back. This has recently been a headwind to the market, with US yields and the USD rising.
The market will closely watch Friday’s US Core PCE inflation data. The data could greatly impact Fed rate cut expectations, which are currently for rate cuts to begin in September.
Another key driver of the BTC market has been the continuous demand for spot Bitcoin ETFs. These flows have slowed recently.
Most expect that demand from institutional investors will greatly outweigh the current lower supply of new BTC tokens.
❖ BITCOIN'S POST-HALVING DEMAND TO BE 5X GREATER THAN SUPPLY, BITFINEX ESTIMATES
Bitcoin's recent mining reward halving has altered the market in such a way that it could potentially lead to cryptocurrency's demand being five times greater than that of supply, according to the…
— *Walter Bloomberg (@DeItaone) April 23, 2024
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