Best Crypto to Buy Today April 5 – NEAR Protocol, Toncoin, Bitcoin Cash
As major crypto prices chop within weekly ranges as traders contend with more strong US economic data and fresh hawkish commentary from Fed policymakers which has had the combined effect of pushing markets to downsize bets on Fed rate cuts in 2024, investors looking for fast returns continue to comb the altcoins markets for the best crypto to buy today.
Bitcoin (BTC) was last trading in the upper $67,000s, close to its 21DMA. Its price has chopped with a more than $2,000 range on Friday after a stronger-than-expected US labor market report.
Various Fed policymakers have also been downplaying the need for rate cuts this week. Dallas Federal Reserve President Lorie Logan said on Friday saying its much too soon to think about rate cuts. Federal Reserve Governor Michelle Bowman reiterated this stance.
As traders back peddle on rate cut bets, this complicates the outlook for BTC. Expectations for Fed easing has been a major tailwind for BTC in recent months.
That suggests Bitcoin may not be the best crypto to buy today, given a possibility of continued consolidation. Of course, strong spot Bitcoin ETF demand and the upcoming halving mean long-term price risks remain tilted to the upside.
>$200mil net inflows for the Bitcoin ETFs yesterday
Looks like the GBTC whales have stopped selling (supposedly Genesis dumped over $2.1billion of GBTC). The overhang has finally gone?
WSFB if so pic.twitter.com/TG94sKqx8S
— Alistair Milne (@alistairmilne) April 5, 2024
Gold’s push to fresh record highs on geopolitical risk may also be a tailwind. As noted by Coinbase on Friday, investors are increasingly viewing gold as Bitcoin.
But altcoins still potentially offer a better chance of near-term gains. That’s because altcoins can pump regardless of
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