Amidst volatile conditions in cryptocurrency markets this Monday, traders grapple with the possibility of reduced geopolitical tensions in the Middle East juxtaposed with yet another surge in US economic data. This surge has led traders to temper their expectations for imminent rate cuts by the US Federal Reserve. In response, crypto investors are diverting their attention to the altcoin market in search of the most promising cryptocurrency to invest in at present.
As of the latest update, Bitcoin is hovering slightly above $64,000, marking a decline of over 2% for the day. Sell pressure is mounting following the release of strong US retail sales data.
US Retail Sales Advance (M/M) Mar: 0.7% (est 0.4%; prev 0.6%)
– Retail Sales Ex Auto(M/M) Mar: 1.1% (est 0.5%; prev 0.3%)
– Retail Sales Ex Auto And Gas Mar: 1.0% (est 0.3%; prev 0.3%)
– Retail Sales Control Group Mar: 1.1% (est 0.4%; prev 0.0%)— LiveSquawk (@LiveSquawk) April 15, 2024
Despite recent fluctuations, Bitcoin continues to hold a position close to 5% above its lows observed on Saturday, which were around $61,000. The market experienced significant downward movement over the weekend, primarily triggered by Iran’s unprecedented direct attack on Israel. This event injected a considerable level of uncertainty and anxiety into the market, with concerns mounting about potential escalations in geopolitical tensions and their potential impact on global stability.
However, Sunday brought about a remarkable turnaround in market sentiment. Investors witnessed an impressive recovery as fears regarding an immediate Israeli retaliation, which could potentially exacerbate the already volatile situation, began to dissipate. This shift in sentiment likely stemmed from various factors, including diplomatic efforts to de-escalate tensions, reassurances from key stakeholders, and possibly a reevaluation of the situation by market participants.
The swift recovery observed in Bitcoin’s price following the weekend’s turbulence underscores the resilience and speculative nature of the cryptocurrency market. It also highlights the market’s sensitivity to geopolitical events and its ability to swiftly react to changing dynamics. As investors continue to monitor developments in the Middle East and beyond, Bitcoin’s price trajectory may remain influenced by ongoing geopolitical tensions and their perceived impact on global markets.
ISRAEL'S OBJECTIVE IS TO HURT IRAN WITHOUT CAUSING ALL-OUT WAR, ISRAEL'S CHANNEL 12 NEWS REPORTS AFTER WAR CABINET MEETING
CHANNEL 12: ISRAEL WANTS TO EMBARK ON ACTION AGAINST IRAN COORDINATED WITH UNITED STATES
— *Walter Bloomberg (@DeItaone) April 15, 2024
If Middle Eastern geopolitics continue to stay relatively quiet in the news cycle, the focus this week will predominantly shift towards macroeconomic factors.
The upcoming remarks from Fed Chair Jerome Powell on Tuesday will be closely scrutinized by market participants. The anticipation of potential interest rate cuts by the Federal Reserve in 2024 has been a significant driving force behind the recent upward momentum in the cryptocurrency market.
However, this narrative has encountered setbacks in light of the recent robust economic data releases. Prior to today’s retail sales report, various key indicators such as US CPI, job figures, and manufacturing activity data have all exceeded expectations.
Given these developments, major cryptocurrencies like Bitcoin may face selling pressure during upward price movements. This is particularly relevant in the lead-up to the BTC halving event, which could potentially trigger increased short-term selling by miners.
Consequently, investors seeking quick returns might need to explore alternative options when considering the most promising cryptocurrencies to invest in at present.
Here are a few altcoins exhibiting strong momentum on Monday that investors will likely keep a close eye on.
Consider this alternative title: “Top Cryptocurrencies for Current Investment”
CORE:
Today, the Layer-1 blockchain protocol known as Core (CORE) is experiencing a significant surge in value. Its blockchain network is fortified by a unique combination of delegated Bitcoin mining hash and delegated Proof-of-Stake (DPoS) consensus mechanisms, ensuring robust security and efficiency in transaction processing.
According to data from CoinMarketCap, Core (CORE) has recorded a remarkable increase of over 50% within a 24-hour period. This surge has propelled its market capitalization to nearly $2 billion, catapulting it into the ranks of the top 100 cryptocurrencies by market value.
While the future trajectory of Core’s blockchain adoption remains uncertain, the current valuation of under $2 billion suggests ample room for growth potential. Should the blockchain witness substantial adoption and utilization, there exists significant upside potential for investors.
Given the promising performance amidst the ongoing bullish market sentiment, Core (CORE) emerges as a compelling investment opportunity. As it continues to garner attention and momentum, it could be considered as a strong contender for the title of the best cryptocurrency to invest in today.
Pendle (PENDLE):
Pendle (PENDLE), a pioneering protocol for future yield tokenization and trading, is poised for a potential retest of its all-time highs as Monday unfolds.
Since last summer’s lows, Pendle has surged by nearly 15 times, when it was trading at under $0.50. What’s even more remarkable is its rally from the lows of 2022, surpassing an impressive 200-fold increase.
Despite its substantial growth, Pendle’s current market capitalization, as reported by CoinMarketCap, stands at a modest $1.6 billion, indicating considerable room for further expansion, with the potential for gains of 10 times or more, especially as the narrative surrounding asset tokenization gains traction.
Furthermore, Pendle’s recent collaboration with Ethena, another rapidly emerging innovative yield protocol, hints at the possibility of a significant increase in Total Value Locked (TVL) in the near future, amplifying its potential for further growth.
Kickstarting Ethena x Pendle Season this week with an exciting one – ENA by @ethena_labs π₯
Pendies can now earn 30x Sats/day with YT-ENA and LP.
Also yes, YT-ENA ππ considered as part of the locked ENA requirement for +50% Sats boost π§ pic.twitter.com/oCd4QRxqfC
— Pendle (@pendle_fi) April 15, 2024
This suggests that PENDLE could be among the top cryptocurrency options for investment at the present time.
NEO (NEO):
Neo (NEO), the digital currency associated with the burgeoning smart contract blockchain NEO, is demonstrating strong performance as the new week begins.
As reported by CoinMarketCap, Neo has surged by 13% in the last 24 hours, reaching a price of $20 per token. This upward momentum has propelled its market capitalization to approximately $1.4 billion.
Despite this positive movement, Neo is still trading more than seven times below its peak levels in 2021 and over ten times lower than its early 2018 highs.
Given these dynamics, Neo still holds the potential to increase its value by up to five times during this current bullish market cycle, positioning it as a compelling contender for the title of the best cryptocurrency to invest in right now.
Here’s a revised version: “Exploring an Alternative Approach to Crypto Investment: Pre-Sales”
Dabbling in smaller, less mainstream altcoins presents an enticing avenue for swift crypto profits. Yet, for investors seeking to amplify their risk appetite, there’s another lucrative strategy to consider: delving into new crypto Initial Coin Offerings (ICOs).
Emerging web3 startups frequently seek early-stage funding through the sale of their native protocol tokens. These sales typically occur at a significant discount relative to the project’s anticipated value. For instance, most presales offer tokens at a price setting their initial market capitalization at $10-30 million.
Should a promising project gain traction, it can swiftly ascend to a market capitalization in the hundreds of millions. Consequently, presale investors often enjoy returns of up to 10 times their initial investment or more.
Naturally, venturing into new crypto ICOs entails similar risks to those inherent in traditional startup investments. The success of a project hinges heavily on the competence of its management team and the execution of its plans.
Given the plethora of new crypto ICOs vying for attention, navigating this landscape can appear daunting for prospective investors.
READ MORE ABOUT: Best Crypto Tokens You Should Buy Now β ADA, BONK, AVAX
