As major cryptocurrencies like Bitcoin continue to consolidate within recent ranges, traders and investors are seeking the best altcoins to buy now for potential quick gains. Bitcoin has been swinging between lows around $67,500 and highs around $72,500, with traders monitoring various themes such as easing GBTC outflows, the prospect of spot Bitcoin ETF approvals in Hong Kong, and next week’s halving event. There are concerns about a short-term dip in the Bitcoin market post-halving, but technicals suggest a bullish outlook for BTC, potentially reaching $80,000 next. The US deficit, upcoming rate cuts, ETF demand, and the 2024 Presidential election could support Bitcoin’s climb towards $100,000 later this year.
For investors looking to get involved in the cryptocurrency market, Bitcoin is considered one of the best options. However, some investors seeking greater than 2x potential gains may be looking at smaller, lesser-known altcoins. Many altcoins have the potential to post gains of 5-10x this bull market. Among some altcoins showing strength on Friday are BitTorrent (BTT), Cronos (CRO), and BNB (BNB). BitTorrent is trading in the green and has formed an ascending triangle, suggesting a possible pump higher. Cronos, Crypto.com’s blockchain, is holding up well with room for growth this bull market. BNB, the world’s fourth-largest crypto, is also showing strength with a market cap of around $91.5 billion.
While major altcoins offer investors the opportunity for quick gains, some traders are seeking even faster returns through crypto presales. Up-and-coming web3 projects often offer their native tokens at a discount to early investors in presales to fund development. If investors can identify promising projects with a strong use-case, vision, and team, they may be able to flip their presale tokens for a significant profit later on. Analysts at Cryptonews have identified 18 favorite presales at the moment for investors to consider. Additionally, traders can explore the potential for quick exponential gains in the presale market by evaluating promising projects.
It is important to note that investing in cryptocurrency is a high-risk asset class and investors should approach it with caution. This article provides information for educational purposes and does not constitute investment advice. Investors could potentially lose all of their capital when investing in cryptocurrencies. Bitcoin’s history suggests that within a few months of halving events, it typically reaches new record highs. Factors such as the US deficit, rate cuts, ETF demand, and political shifts could contribute to Bitcoin reaching $100,000 later this year. For investors looking to diversify their portfolio, altcoins like BitTorrent, Cronos, and BNB could offer potential gains in the current market environment.
