Best Crypto to Buy Now April 23 – Hedera, Akash Network, Pepe
On a quiet day in the crypto market that saw most major coins going sideways within recent ranges, impatient traders hunting for quick gains are turning to smaller, lesser-known altcoins that might be the best crypto to buy now.
Bitcoin (BTC) was last trading in the $66,000s, virtually flat in the past 24 hours as per CoinMarketCap.
Ether (ETH), meanwhile was just above $3,200, while Solana (SOL) and BNB (BNB) were up 2% each.
It was a risk on the day in traditional markets, with the S&P 500 rebounding over 1% on strong earnings.
Biggest gain for the S&P 500 since February–up 1.2%
— Gunjan Banerji (@GunjanJS) April 23, 2024
That could help keep a floor under crypto prices ahead of Friday’s US Core PCE inflation data.
If this data shows inflation pressures remaining steady MoM in March at an expected 0.3%, this could ease fears about the Fed potentially not cutting interest rates in 2024.
For now, Bitcoin is trading well within its six-week $60,000 to $74,000ish range.
Bitcoin halvings tend not to become a tailwind until a few months after the event. With Fed rate cuts seemingly still some way off and spot ETF inflows slowing to a crawl, BTC could stay rangebound.
#Bitcoin prices remain HEAVILY correlated to spot BTC ETF inflows/outflows. With the halving event out of the way, I expect inflows to pick up again for both BTC ETFs and BTC mining stocks. The post-halving economics remain much better than most anticipated for miners! pic.twitter.com/bVKSO5YqaV
— RexFinance (@Rex_Finance) April 23, 2024
But most assume the Bitcoin bull market still has some way to run yet. Crypto investors should use the current consolidation being seen in the market as an accumulation opportunity.
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