Best Crypto to Buy Today 16 February – MEMAG, RNDR, FGHT, OP, METRO, NEAR, CCHG
Despite the US government adopting a stricter regulatory approach towards digital currencies, Thursday has seen a robust rebound in the cryptocurrency market. Investors are now on the lookout for the best crypto to buy today, as the market continues to display resilience amid regulatory hurdles.
Bitcoin has seen a surge of 9.5% so far today and is working to break through $25,000, while Ether is up by more than 8.55% at $1,714. The overall value of the cryptocurrency market rose by more than $84.8 billion in the past 24 hours, meanwhile.
Bitcoin's price has now reached its highest level since mid-August 2022 when the crypto market experienced turmoil resulting in bankruptcies, failures of projects and companies, and the collapse of major exchange FTX.
According to Yuya Hasegawa, an analyst at Japanese crypto firm Bitcoin Bank, there is a shift from altcoins to Bitcoin in the wake of regulatory action. Hasegawa noted that "the current regulatory environment surely looks like a headwind for the crypto market, but it seems like some money is moving from altcoins to bitcoin since bitcoin is the only cryptocurrency that is labeled 'commodity' by the SEC chair. Consequently, bitcoin's market dominance is on the rise."
Bitcoin is closely correlated with equity markets, particularly the tech-heavy Nasdaq index. But while the Nasdaq is up approximately 15% year-to-date, Bitcoin has outperformed the index and is up 48% this year.
In light of recent regulatory challenges and fluctuations in cryptocurrency prices, it may be beneficial for investors to assess their portfolios and seek out new prospects for growth. To that end, it could be worth considering some of these best cryptos to buy today: MEMAG, RNDR, FGHT, OP, METRO, NEAR, and
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