This week, many were baffled by the sudden market crash that led to the loss of millions. However, some cryptocurrencies have braced through this turbulence. Here are the top 7 hottest cryptos to buy now.
Notably, the number one spot gained more than $1 million in 24 hours as investors flocked to join its presale. This list highlights the resilience and potential of these cryptocurrencies despite the market downturn.
7. Tether (USDT)
Tether (USDT), with a market cap of $114 billion, is a stablecoin pegged to the US dollar. Each USDT token is backed 1-1 by USD, ensuring its value remains stable at one dollar. This consistency appeals to investors looking to avoid the extreme volatility often seen with other cryptocurrencies.
During periods of market volatility, investing in Tether and other stablecoins can be an effective strategy to protect assets from significant losses. Tether offers a more stable alternative, helping investors safeguard their investments during uncertain times.
6. PEPE Unchained
Pepe Unchained, a meme coin, has raised nearly $7.5 million in its presale. The developers aim to change the meme coin space by building a Layer-2 blockchain on Ethereum for faster and cheaper transactions. The network promises near-instant confirmations and significantly lower fees than Ethereum.
Additionally, staking PEPU tokens offers an estimated annual yield of 266%. With its combination of quick transactions, low fees, and high staking rewards, Pepe Unchained has gained interest, ranking 2nd on CoinSniper’s list of upcoming crypto launches.
5. Dogecoin
As August 2024 approaches, the cryptocurrency community is speculating about Dogecoin’s potential to reach $1. Currently priced at $0.116777, Dogecoin has experienced significant fluctuations, including a peak of $0.738595 in May 2021.
Despite a 3.20% drop in the last 24 hours, it remains a notable player with a market cap of $16.87 billion. However, a substantial sell wall on exchanges and weaker buy orders present challenges. Historical patterns of significant price surges could favor a rally, but Dogecoin’s position below the 200-day moving average and its overbought status add caution.
4. BNB
BNB, with a market cap of $72 billion, has seen an upward move from the $565 support zone, surpassing resistance levels at $572, $580, and $582. Currently trading above $582 and the 100-hourly simple moving average, BNB faces potential resistance at $588 and $590. Clearing $590 could push the price to $600 and possibly $620.
Conversely, failing to clear $590 may trigger a downside correction, with initial support at $582. Further support levels are at $575 and $565. A break below $565 could lead to a drop toward $550 and potentially $532.
3. Solana
Solana emerged as a standout in the crypto market, showing remarkable resilience despite a turbulent start. While many cryptocurrencies struggled, Solana managed a significant recovery, marking a 16% rise on Tuesday. This strong performance outpaced Bitcoin’s 6% increase and Ether’s 8% gain. The dramatic turnaround highlights investor confidence in Solana’s ecosystem and its potential for growth.
Market analysts attribute this resilience to expectations of a US Federal Reserve rate cut, which has alleviated recession concerns and boosted risk appetite. Solana’s impressive recovery underscores its role as a key player in the cryptocurrency market, even amid economic uncertainty.
2. Bitcoin
Bitcoin experienced a 13% drop over the weekend due to U.S. recession fears and dislocation in the Yen markets. Analysts at Bernstein noted that Bitcoin’s reaction as a ‘risk-off’ asset is typical, as seen during past market crashes. Despite the downturn, they remain optimistic, expecting Bitcoin to rise if rate cuts and increased liquidity occur.
With Bitcoin ETFs now trading about $2 billion daily, access is easier than in previous cycles. Bernstein expects Bitcoin to trade within a range until the U.S. elections, influenced by political and macroeconomic factors. Bitcoin’s current market cap is $1,129.26 billion USD.
1. BlockDAG
BlockDAG has quickly gained attention with its advanced technology, elevating Proof of Work, and raising $65 million in its presale. The price has surged by 1600%, making it a notable contender in the crypto market.
Currently priced at $0.017, BlockDAG is in batch 21 with 126.27 million tokens remaining. The next batch will be priced at $0.0178. Investors aim to secure high profits by purchasing at the current price. The presale gained momentum after the team reveal, raising $1 million in just 242 hours.
BlockDAG has also introduced various products to support those interested in mining, enhancing its Proof-of-Work mechanism. BlockDAG’s community has expanded significantly showcasing the level of trust investors have in this token, with over 100,000 investors joining BlockDAG presale.
Final Word
Despite the losses in the crypto market, several cryptocurrencies continue to hold significant value, showcasing the market’s resilience. Leading this group are Bitcoin and BlockDAG. BlockDAG has notably boosted its presale numbers, crossing the $65 million mark and nearing the completion of batch 21.
Investors are keenly following BlockDAG, eager to secure the current price and not miss out on this potentially lucrative opportunity. This highlights BlockDAG’s strong market position and investor confidence amidst market volatility.
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