As cryptocurrency markets dip sharply on Thursday, with many major coins like Bitcoin (BTC) and Ethereum (ETH) hitting their lowest levels in months, traders are assessing which might be the best crypto to buy now to take advantage of the market’s dip.
Bitcoin slumped as low as the $56,000s on Thursday to test its May lows. Its latest drop has seen it dip under its 200DMA, a bearish sign for the near-term outlook.
Ethereum, meanwhile, hit its lowest level since the SEC’s mid-May pivot on Ethereum ETFs under $3,100.
Bitcoin spot market selling remains elevated amid continued pressure from struggling miners, further German government wallet movements and nerves surrounding imminent Mt Gox repayments.
BREAKING NEWS: The German government continues to sell its #Bitcoin. Another 1300 BTC was sent to exchanges within the last 20 minutes. Most likely, there is more to come. pic.twitter.com/lJ62RHDDpZ
— sunnydecree (@sunnydecree) July 4, 2024
Ethereum, meanwhile, hasn’t been helped by delay’s to the launch of US spot ETFs.
UPDATE: We’ve got another amended S-1 from @BitwiseInvest for their #Ethereum ETF. Expect more from other issuers throughout the rest of the week. We’re thinking these things could potentially list later next week or the week of the 15th at this point. pic.twitter.com/xqVlt9lSGy
— James Seyffart (@JSeyff) July 3, 2024
Other major altcoins like Solana (SOL), XRP (XRP) and Toncoin (TON) were down around 7% in 24 hours, per CoinMarketCap.
Buy the Dip?
As crypto markets dip, investors are unsurprisingly weighing up whether they should buy the dip.
Assuming that crypto remains in the midst of a longer-term bull market, then the answer to this is a resounding yes.
That said, the above mentioned factors weighing on Bitcoin might not let up soon.
So even though July is historically a decent month for BTC, an imminent rebound may not be coming.
Indeed, now its lost its 200DMA, BTC’s next stop could well be a retest of $53,000 support.
So investors should look at the current market dip as an opportunity to accumulate, or dollar-cost average (DCA) into their favorite cryptos.
And Bitcoin is certainly one of the best crypto to buy now. Later this year tailwinds relating to the US election and Fed rate cuts are likely to turn into major tailwinds.
And around the same time, sell pressure from miners who struggled to adjust to the halving could ease.
And Bitcoin ETFs mean that its easier than ever for institutions and retail to buy.
The recipe very much remains their for a rally above $100,000 in late 2024 or 2025.
If this dip makes you scared you need to study #bitcoin more.
— Bitcoin for Freedom (@BTC_for_Freedom) July 4, 2024
Ethereum is also likely to be a strong performer for similar reasons. Approval of Ethereum ETFs and accelerated Ethereum ecosystem growth, could further accelerate things.
Ethereum is thus another good candidate for best crypto to buy now.
Is MANTRA (OM) the Best Crypto to Buy Now?
Real-world tokenization protocol Mantra (MANTRA) is one of the only cryptos trading in the green on Thursday.
That’s as per CoinMarketCap, who have MANTRA up 9% in 24 hours and trading around $0.79.
OM is being supported by the news that Mantra has just partnered with a major real estate firm in Dubai.
Mantra will bring over $500 million in Real Estate Assets on chain, as per an X post.
UAE Real Estate Giant #MAG Partners with #MANTRA to Tokenize $500 Million in Real Estate Assets
MANTRA and MAG will collaborate to democratize access to luxury UAE real estate using secure, yield-bearing vault products backed by MANTRA’s L1 technology.
This collaboration… pic.twitter.com/eVrwOUUa9H
— MANTRA – Tokenizing RWAs (@MANTRA_Chain) July 3, 2024
OM is now up over 30x from its levels last December as it establishes itself as a RWA leader.
But with a fully diluted market cap of still only around $700 million, it has plenty of growth potential left.
Assuming it remains a RWA leader and the protocols assets on chain keeps growing, RWA could easily still 10x from here.
It could surely be one of the best cryptos to buy now.
Crypto Alternative to Consider – Crypto Presales
The above-noted coins all have the potential to 10x this bull market.
But for investors hunting for bigger returns, an alternative investment strategy to consider is presale investing.
New web3 projects often sell their native tokens at a big discount to early investors to fund development.
Presale investing is risky, as all investing in crypto is. But if investors can reliably identify high-potential projects, they stand to net massive gains.
Analysts at Cryptonews.com keep a close eye on the presale market. Here are some of their top picks right now.
14 Best Crypto Presales to Invest In Now
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