Best Crypto to Buy Today 1 February – MEMAG, DYDX, FGHT, FTM, CCHG
As investors and traders eagerly await the outcome of the Federal Reserve's first FOMC meeting for the year, most analysts anticipate Chairman Jerome Powell will announce a 25 basis point interest rate hike.
His subsequent press conference is anticipated to have broad repercussions throughout financial and risk asset markets, including cryptocurrency, with market participants looking for guidance on the Fed's longer term plans. With this background in mind, what are some of the best cryptos to buy today?
Although typically Bitcoin, Ethereum, and other digital assets are noticeably volatile leading up to interest rate hikes, the crypto market has remained relatively steady this time around. After reaching a high of $24,000 over the weekend--it's the highest price in five months--Bitcoin's price ultimately dipped to a multi-day low of $22,400 Monday.
As of writing, Bitcoin is hovering at around $23k; indicative that investors have maintained their trust in cryptocurrencies despite any short-term volatility.
It is still too soon to determine the long-term impact of the interest rate hike on the cryptocurrency market. However, market participants are advised to keep a close watch on developments in the coming hours and days.
Historical correlations between FOMC events and Bitcoin indicate the possibility of increased volatility in the crypto market, making it vital for all players to stay informed and prepared for any potential changes. Nevertheless, there are still great investment opportunities available.
Based on technical and fundamental analysis, these five cryptocurrencies are considered to be some of the best cryptos to buy today for investors: MEMAG, DYDX, FGHT, FTM, and CCHG.
Mobile gamers are in for a treat as the
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