The best cryptocurrencies to buy today May 8th: Ethereum Classic, Tron, Kaspa

Last updated: May 8, 2024 5:30 pm EDT | 4 minute read

With various cryptocurrencies showing significant movements, Ethereum Classic, Tron, and Kaspa have recently attracted investor interest due to their price action and recent developments, leading some analysts to tout them as the best cryptocurrencies to buy now.

As blue-chip cryptocurrencies trade in a bearish bias on Wednesday, Bitcoin (BTC) is back to $62,000 after finding resistance at its 50DMA earlier this week. Traders are analyzing the altcoin markets to look for the best cryptocurrency to buy today that could offer a quick upside.

At current levels, around $62,500, Bitcoin is down nearly 5% from Monday’s high of $65,500.

However, the cryptocurrency is still up more than 10% from last week’s lows.

Short-term macroeconomic headwinds eased last week following weaker-than-expected U.S. jobs data, ease fears of an overly aggressive Fed.

Bitcoin spot ETF inflows they’re back too, although they’ve since sold out once again.

The short term Bitcoin the price outlook seems very oriented towards consolidation within recent ranges.

With Fed rate cuts still far away ETF flows not providing much momentum, Bitcoin lacks short-term price narratives.

Consolidation over the next few months would fit Bitcoin’s typical 4-6 months post-halving and summer seasonality.

That said, Bitcoin’s long-term prospects are stronger than ever.

THE the hash rate of the blockchainor computing power, has quadrupled since Bitcoin reached its current price level in 2021.

If Bitcoin manages to get back above its 50DMA in the next few weeks, it could be a buy signal, according to an analysis by Bitcoin Archivewhich calls it a “mega-bullish” event.

With Bitcoin on track to challenge $100,000 this year or next, it is potentially the best cryptocurrency to buy today.

But for investors looking for more upside than Bitcoin’s 2x potential, altcoins may be more attractive.

Here are some of Wednesday’s top-performing altcoins that could be the best cryptocurrencies to buy today.

The best cryptocurrencies to buy today

Ethereum Classic (ETC)

Ethereum Classic (ETC), the original forkless Ethereum blockchain token, outperformed its sibling on Wednesday.

The latest rose 5% in 24 hoursaccording to CoinMarketCap, and trading near $28.

The ETC fell below its 2024 uptrend last month. But after briefly hitting a low of $23, it is making a comeback.

If it manages to break north of the $28-29 resistance area, where its 50DMA is also located, it could signal that the bulls have regained control.

As the hype and FOMO in the market increases and investors become increasingly irrational, ETC could recapture these peaks, making it a good candidate for the best cryptocurrency to buy now. Source: TradingView

Ethereum Classic is a highly speculative game. It doesn’t have a fraction of the adoption of Ethereum. According to DefiLlama, Ethereum has a TVL of $133 billionWhile Classic Ethereum he has just $600,000.

But the ETC reached $175 in 2021, up 6.5 times from current levels.

As the hype and FOMO in the market increases and investors become increasingly irrational, ETC could recapture these peaks, making it a good candidate for the best cryptocurrency to buy now.

Tron (TRX)

Tron (TRX) price rose rapidly on Wednesday, approaching 3% despite the bearish market.

After breaking north of its 21 and 50 DMA, TRX aims to break out of the key resistance at $0.1250.

If it manages to break above this level, a quick move towards yearly highs around $0.1450 is possible.

Tron could be the best cryptocurrency buy today if it can break above this key resistance level. Source: TradingView

The prospect of quick potential gains of 20% makes TRX one of the best cryptocurrencies to buy today.

Kaspa (KAS)

The outlook for Kaspa (KAS) has just taken a positive turn, resulting in KAS rising.

According to CoinMarketCap, KAS price increased by 9% in the last 24 hours and is trading around $0.123.

Now the door may be open for a quick return to yearly highs of $0.19.

The door may now open for a quick return to its yearly highs of $0.19, making KAS the best cryptocurrency to buy today. Source: TradingView

The prospect of a 50% upside in the near term makes KAS potentially one of the best cryptocurrencies to buy today.

Cryptographic alternatives to consider

While the above coins offer the potential to make up to 5x this bull market, many investors will be looking for even stronger gains in the near term.

These investors may consider an alternative high-risk, high-reward investment strategy: get involved in cryptocurrency presales.

A pre-sale is when an upcoming web3 protocol sells its native token at an upfront discount to fund development.

Pre-sales are risky, as projects may not be delivered. But if they maintain results, the benefit can be enormous: 100 times or more.

If investors can reliably identify high-potential presales, they can get a great return.

With so many pre-sales vying for investor funds, knowing where to start can be daunting.

That’s why the Cryptonews.com team has compiled a list of what they believe to be the best cryptocurrency presales.

See the 20 cryptocurrency presales

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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