The best cryptocurrencies to buy now May 29: Shiba Inu, Worldcoin, Chiliz

Last updated: May 29, 2024 4:42 pm EDT | 3 minute read

Find out what experts say about the best cryptocurrencies to buy now, focusing on the long-term potential and recent market trends in the blockchain space. Image by cryptonews.com.

On a moderately bearish day for most major cryptocurrencies, which saw Bitcoin (BTC) slide 1.5% to the lows of $67,000 and Ethereum (ETH) drop 2.5% back to the mid-$3,700s, Traders on the hunt for the best cryptocurrency to buy are now scouring the altcoin market for outperformers.

The movement of billions of dollars of Bitcoin between wallets associated with Mt Gox has brought a strong start to the week to its knees.

Bitcoin AND Ethereum they are both down 4-6% from previous weekly peaks. But any declines will likely remain superficial and short-lived.

This is because there has been a lot of good news in the cryptocurrency market recently. The SEC’s softening of its anti-cryptocurrency stance and its recent developments approval of spot ETFs on Ethereum.

Increasingly US presidential candidate Trump’s pro-cryptocurrency rhetoric and growing support for the constructive cryptocurrency legislation in Congress.

The macroeconomic situation could also provide tailwinds, assuming this Friday’s US inflation data indicates continued disinflation, supporting bets on the Fed’s rate cut.

As the market slows, traders are on the hunt for cryptocurrencies that may be able to provide quick gains.

Here are some altcoins that could be the the best cryptocurrency to buy now.

The best cryptocurrencies to buy now

Shiba Inu (SHIB)

Shiba Inu (SHIB) has risen rapidly over the past three days as bets on the growth of the Ethereum ecosystem come in.

According to CoinMarketCapThe Ethereum-based meme coin is up 5% over the past 24 hours and was last trading above $0.000027.

SHIB even managed to make more than a one-month high above $0.000029 early in the session.

A technical pause earlier this month suggests a retest of yearly highs is on the cards.

As SHIB eyes a retest of its recent highs, it may be the best cryptocurrency to buy now. Source: TradingView

Given that SHIB could quickly rise 65%, it is a strong candidate for the best cryptocurrency to buy now.

World Currency (WLD)

Worldcoin (WLD) has significantly underperformed in recent months compared to many other cryptocurrencies.

But Wednesday looks buoyant, up 7% in 24 hours, as scheduled CoinMarketCap.

Last at $4.86, WLD is eyeing a push north of its 21 and 50 DMAs. This could open the door for a rally towards yearly highs at $12.

If WLD can break out of its 21 and 50 DMA, it could be the best cryptocurrency to buy now. Source: TradingView

The prospect of quick 2.5x earnings makes WLD potentially the best cryptocurrency to buy now.

Chiliz (CHZ)

Chiliz (CHZ), the token that powers esports Socios, the entertainment-focused crypto platformcontinued to rise Wednesday.

CHZ rose 8.5% in 24 hours and traded just under $0.16. This means it is about to challenge its 2024 highs, which are just below $0.17.

And a break above these levels could give further impetus to the altcoin’s recovery.

CHZ is still down 82% from its all-time highs. If it manages to return to previous highs, investors could easily earn 5x.

This is why CHZ is potentially the best cryptocurrency to buy today.

Alternative investment strategy to consider: Cryptocurrency presales

Investing in altcoins can be a great way to make a quick profit.

However, traders often overlook an alternative high-risk/reward strategy that could offer even greater gains: investing in new cryptocurrency presales.

New web3 projects often raise funds by selling the native protocol token to early investors. These sales are almost always conducted at a steep discount to the project’s potential.

Most presales will sell their tokens at a market price of $10-30 million. If a project catches on, however, its token can easily reach a market capitalization of $100 million.

Experienced presale investors regularly make gains of 10x or more. Obviously invest in upcoming ICOs carries many of the same risks as traditional start-up investing.

The success of a project depends largely on the competence of management and execution. A pre-sale investment can even reach zero.

To help investors navigate the market, Cryptonews experts have compiled a list of their favorite presales. Here are their top 22 picks.

22 Best Cryptocurrency Presales to Invest in Now

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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