Best Crypto to Buy Today April 29 – Wormhole, Sei, Helium
Major cryptocurrencies are trading with a bearish bias on Monday as traders consider the possibility that the US economy is slipping into “stagflation”, which would typically be bearish for risk assets, and so traders hunting for the best crypto to buy today are turning to altcoin markets for opportunities.
Bitcoin (BTC) slipped to fresh 10-day lows under $62,000 on Monday, now down nearly 7% from last week’s peaks.
It has since rebounded to $63,000, but a short-term downtrend remains in play.
Last week’s US GDP report for Q1 showed growth slowing to 1.6% annualized, down from 3.4% in Q4 2023.
But at the same time, inflation picked up in Q1, as shown in the latest US Core PCE report.
Moving a bit towards stagflation. Tough place for policy. pic.twitter.com/N4VHFp0toa
— Joseph Wang (@FedGuy12) April 25, 2024
That could force the Fed to keep interest rates high despite a slowing economy.
Bitcoin traders will be closely monitoring US economic events this week, including a Fed policy announcement, ISM manufacturing and services PMI reports, and April jobs data.
The Fed will likely stick to its hawkish message that it will wait for further inflation progress before cutting rates.
The economic data, meanwhile, will further inform the stagflation debate.
Risks seem tilted toward Bitcoin testing the lower bounds of its recent $60,000-$70,000ish range.
Bitcoin, thus, might not be the best crypto to buy today for investors looking for quick gains. So, if not Bitcoin, which coin is best to buy now?
Investors will have to be more selective as they pick altcoins with strong narratives.
Here are some strong performers on Monday that could be the best crypto to buy today.
Investors mulling over which crypto to invest in on Monday should check out
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