Best Crypto to Buy Now 21 July – Chainlink, Compound, Stellar
Bitcoin and the broader cryptocurrency market are experiencing a slump today, adding further pressure to an already tense market sentiment.
Despite reaching a 13-month high of almost $31,700 last week, Bitcoin's momentum has been dwindling since, with its price consistently falling below the 20-day Exponential Moving Average (EMA) this week. The indicator could now be acting as a dynamic resistance.
Current market data suggest that mercurial sellers are maintaining downward pressure on crypto prices.
This differs from the trends observed in the stock market, where positive sentiment and investor enthusiasm have recently driven stock prices upwards.
Although cryptocurrencies and stocks share some similarities as fundamentally risk-sensitive assets, their trajectories have diverged this year due to the varying outlooks for interest rates and recession risks.
The Dow Jones Industrial Average recorded its longest winning run since 2017 on Thursday.
In contrast, the S&P 500 appreciated about 4% over the last month, while Bitcoin depreciated by 1% over the same period.
On Thursday, the Nasdaq index, which has a history of being closely linked to cryptocurrencies, fell by 2.1%.
This drop may have had an impact on the cryptocurrency market. However, on Friday, the Nasdaq futures rebounded and have been performing better than Bitcoin in recent periods.
Bitcoin is treading water around $29,858, up just a mere 0.15% so far today. If buying pressure remains weak over the next couple of days, a pullback toward the lower end of $29,000 is highly likely.
With the current state of the cryptocurrency market, Chainlink, Chimpzee, Compound, DeeLance, and Stellar are some of the best cryptos to buy now thanks to their strong underlying fundamentals
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