Best Crypto to Buy Now August 17 – THORChain, Kava, Cosmos
Crypto markets are under broad selling pressure on Thursday amid a combination of macro and technical selling pressures.
Bitcoin (BTC) was last down around 3%, having recently slipped below its 2023 uptrend to new multi-month lows under $28,000.
Ether (ETH) fell around 3.7% on Thursday, trading under $1,750 after it fell below key support in the form of its 200DMA.
Long-dated US and global bond yields have been rising this week as investors reset expectations about the durability of long-term inflationary pressures in wake of more strong data out of the US, while the hawkish tone to the Fed meeting minutes released earlier this week is also contributing to the upside in yields.
The minutes showed the Fed is purposefully leaving the door open to more rate hikesv, if required.
Investors are encouraged to sell riskier non-yielding assets (like stocks and crypto) when US government bond yields rise, with US bonds seen as a completely risk-free asset (given the assumption the US government would never default on its debt).
With crypto markets performing poorly on Thursday, here are a few tokens that are bucking the trend and might be worth buying.
RUNE, the token that powers THORChain’s cross-chain decentralized exchange blockchain, is up close to 10% on Thursday, with its bullish trend still strongly intact.
RUNE broke above a year-long downtrend and its 200DMA earlier this month and is eyeing a surge back towards yearly highs in the $2.0 area, which could mark quick gains of more than 25% from current levels.
KAVA, the token that powers the decentralized lending and borrowing Kava protocol, is up around 3% on Thursday near $0.75, having found decent support at its June lows $0.73.
The cryptocurrency is currently near the bottom of
Read more on cryptonews.com
