Best Crypto to Buy Today May 3 – Ordinals, Pendle, Hedera
As crypto markets rebound thanks to a softer-than-expected US labor market report, with Bitcoin (BTC) last up nearly 5% on the day in the upper $61,000s, traders are weighing up opportunities in the altcoin market as they hunt for the best crypto to buy today.
The US economy added 175,000 jobs in April, below the Wall Street consensus for a 240,000 job gain. Meanwhile, the unemployment rate jumped to 3.9%, above the expected 3.8%.
TIMIRAOS SAYS US JOBS DATA NOT GAMECHANGER; NO 'UNEXPECTED' WEAKNESS
— *Walter Bloomberg (@DeItaone) May 3, 2024
As per the CME, the odds that the Fed will have cut interest rates more than once before the end of 2024 rose to around 62% from around 50% one day ago.
As investors priced in a higher likelihood of more rate cuts this year, crypto markets were buoyed. Major altcoins like Solana (SOL), Dogecoin (DOGE) and Toncoin (TON) bounced between 4-11% in the past 24 hours.
Here are some top-performing smaller altcoins that could be the best crypto to buy today.
As Bitcoin pushes back to the north of $60,000, the Ordinals protocol (ORDI) token is pumping.
Ordinals protocol is built on top of the Bitcoin blockchain and allows for the minting of NFTs and other assets.
ORDI was last up 16% in the past 24 hours, as per CoinMarketCap.
The token, last at $41.30, is eyeing a test of its 21DMA at $43.50. If it can break through here, the recent bearish trend might be over.
If ORDI can recover back towards its 2024 highs in the $90s, that could mean quick more than 2x gains. Hence, ORDI could be one of the best crypto to buy today.
Pendle (PENDLE), a future yield tokenization and trading protocol, is pumping hard on Friday.
Last at $5.13, PENDLE has pushed up over 25% from Wednesday lows near $4.0.
As
Read more on cryptonews.com
