Cryptocurrencies such as Bitcoin and Ether are experiencing a sharp decline in value, with both down approximately 4% in the last 24 hours. Other major cryptocurrencies like BNB, Solana, and Dogecoin are also down in the range of 2-7%. The market has been trading in a rangebound pattern recently, with many traders uncertain about the potential for a significant price increase leading up to the Bitcoin halving on April 20. Some traders believe the halving event may result in a “sell-the-news” response, making aggressive buying prior to the halving less appealing to many market participants. Additionally, macroeconomic factors such as U.S. tax payments and Fed tightening may act as short-term headwinds to the market.
Despite concerns about a prolonged downturn in major cryptocurrencies, traders are looking to position themselves in altcoins that have better prospects. Smaller and lesser-known altcoins can experience significant price increases even in challenging market conditions if they have strong bullish momentum or a compelling narrative. Some altcoins that have shown strong performance on Tuesday and are considered potentially good investments include Fantom (FTM), Toncoin (TON), and Ethena (ENA). Fantom (FTM) is positioned for an imminent retest of its 2021 highs above $1.20, with the potential for further gains to 2021’s record highs at $3.67. Toncoin (TON) has reached fresh all-time highs with a market cap over $22.5 billion, showing potential for 3-5x gains. Ethena (ENA) has hit new highs above $1.40, with a market cap of $1.16 billion and the potential for 5x gains.
For investors seeking alternatives with better odds of near-term gains, getting involved in crypto presales could be a high-risk, high-reward investment strategy to consider. In crypto presales, investors purchase tokens of new crypto projects to help fund their development. These tokens are typically sold at a lower price, and historically, presales have delivered significant gains to early investors. Investing in presales of projects with strong teams and innovative visions can offer good risk/reward ratios. The Cryptonews team recommends 14 of the best crypto presales in 2024 for investors interested in exploring this investment strategy. However, it is crucial to note that investing in cryptocurrencies carries a high level of risk, and individuals could potentially lose all of their invested capital.
Overall, the cryptocurrency market is experiencing a period of volatility and uncertainty, with major cryptocurrencies facing downward pressure. Traders are seeking opportunities in altcoins with strong bullish momentum and narratives to potentially achieve significant gains. While popular cryptocurrencies like Bitcoin and Ether are down, coins like Fantom (FTM), Toncoin (TON), and Ethena (ENA) are showing promising signs of potential growth. Additionally, participating in crypto presales can offer investors an alternative high-risk, high-reward investment strategy, providing opportunities to support innovative projects and potentially benefit from substantial gains. It is essential for investors to conduct thorough research and due diligence before participating in any investment opportunities in the cryptocurrency market.
