Best Crypto to Buy Now August 18 August – Injective, Quant, XinFin
Crypto markets remain in free fall on Friday, with Bitcoin (BTC) last down around 8% in the last 24 hours and Ether (ETH) last down around 5.0% in the $25,700s and $1,650 areas respectively.
That takes losses on the week for Bitcoin and Ether to over 11% and 9% respectively, marking one of the worst weeks so fat this year.
The broader crypto market’s total capitalization has dropped around $110 billion this week to only slightly above $1 trillion.
In terms of what’s causing the crash, a combination of factors have been weighing on broad crypto sentiment.
Firstly, macro is a headwind– US long-dated bond yields are back near multi-year highs as traders bet the strong US economy means higher interest rates for longer, while US stocks (correlated to crypto in recent years) have been pulling back.
Thinner than usual August liquidity conditions, which mean the month is often volatile and bearish (in the stock market, at least), have also been cited.
Finally, the fact that Bitcoin and Ether both broke below major support levels, calling their 2023 uptrends into question, has also weighed heavily on sentiment.
While most of the market is in the red, a few cryptocurrencies have been holding up.
Let’s take a look at the best cryptos to buy now on August 18th.
Injective, the cryptocurrency that powers the finance-focused Injective layer-1 blockchain protocol, spiked nearly 10% on Friday, despite the broader market slump.
INJ was last trading just under $8.0, having broken back to the north of both its 100 and 21DMAs on Friday and with the bulls eyeing a near-term test of the 50DMA at $8.20.
Its outperformance comes amid a surge in interest in the cryptocurrency across social media, as per a tweet by LunarCrush.
This surge in interest comes two
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