Best Crypto to Buy Today April 30 – Wormhole, Optimism, Axelar
As traders digest the implications of the latest Fed policy announcement and what it means for the outlook for Fed rate cuts later this year, traders are hunting for opportunities in the altcoin market and weighing up what might be the best crypto to buy today.
Bitcoin (BTC) was last trading in the $57,000s, down over 4% in the past 24 hours.
Ether (ETH) was last trading about 1% lower just to the south of $3,000.
The sell pressure comes as Bitcoin ETF outflows pick up and US economic data points to sticky inflation.
As per The Block, US ETFs have seen outflows now for five straight days.
This has dampened the outlook for Fed rate cuts, with most now expecting nothing until late 2024.
Bitcoin bears are now targeting a test of support in the $53,000. This could be a compelling area to buy the dip.
Bitcoin would have fallen around 30% from its March highs at this point. Assuming we are in a bull market, many long-term bulls might view a 30% retracement as a great time to get back in.
That suggests Bitcoin could soon be the best coin to buy, but it isn’t yet.
Investors looking to bank quick gains will have to be more selective, finding altcoins with strong momentum.
Here are some strong-performing altcoins on Wednesday that could be the best crypto to buy today.
Investors monitoring altcoins markets for which crypto to invest in on Wednesday should check out Wormhole (W).
Wormhole is the top-performing coin in the top 100 by market cap on Monday, as per CoinMarketCap.
W was last up 11% in 24 hours and is probing two-week highs around $0.68.
Wormhole is a multi-chain protocol that facilitates the movement of assets and data between blockchains.
If it can break above recent highs in the $0.70 area, a quick rally back towards $1.0 is
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