Major crypto prices have been volatile within weekly ranges due to stronger US economic data and hawkish statements from Fed policymakers. This has led to a decrease in bets on Fed rate cuts in 2024, impacting the outlook for Bitcoin specifically. As traders reconsider their rate-cut expectations, the price of Bitcoin may face continued consolidation. However, long-term price risks remain tilted to the upside due to strong spot Bitcoin ETF demand and the upcoming halving event.
Additionally, gold’s rise to record highs on geopolitical risk has also created tailwinds for the cryptocurrency market. Investors are increasingly viewing gold as a similar safe haven asset to Bitcoin. Despite this, altcoins are still considered to offer a better chance of near-term gains. Altcoins can pump based on their own positive narratives regardless of broader market conditions, making them potentially lucrative investments for traders seeking quick returns.
Some of the best performing cryptocurrencies on Friday include NEAR Protocol (NEAR), Toncoin (TON), and Bitcoin Cash (BCH). NEAR Protocol, an Ethereum rival, has seen its native token NEAR increase by close to 6% in the past 24 hours. With a market cap of around $8 billion, NEAR could potentially rally back to its record high near $22, offering significant returns for investors. Similarly, Toncoin, affiliated with the messaging application Telegram, is consolidating near record highs and could see gains of 3-5x from its current market cap of $19 billion. Bitcoin Cash is also performing well, with the potential for more than 2x gains.
For investors seeking even higher risk and reward opportunities in the crypto market, crypto presales may offer a compelling option. By participating in presales of upstart crypto projects, investors can support their development and potentially benefit from early access to tokens at discounted prices. Many presales have historically delivered exponential gains to early investors, making them an attractive investment strategy for those willing to take on higher risks. The team at Cryptonews has compiled a list of 14 of the best crypto presales of 2024 for investors to consider.
Overall, the current crypto market environment is characterized by volatility and uncertainty, driven by factors such as US economic data and Fed policy. While Bitcoin may face continued consolidation in the near term, altcoins like NEAR Protocol, Toncoin, and Bitcoin Cash offer potential for significant gains. For investors looking for even higher risk and reward opportunities, participating in crypto presales may provide access to upstart projects with the potential for exponential returns. As always, it is important for investors to conduct their own research and due diligence before making any investment decisions in the high-risk crypto asset class.
