Best Crypto to Buy Today May 8 – Ethereum Classic, Tron, Kaspa
As blue-chip cryptocurrencies trade with a bearish bias on Wednesday, Bitcoin (BTC) is sliding back to $ 62,000 after it found resistance at its 50DMA earlier this week. With a stagnant market outlook for larger cap coins, traders are parsing through the altcoins markets to look for the best crypto to buy today that might deliver a quick upside.
At current levels around $62,500, Bitcoin is down close to 5% from its Monday high of $65,500.
The cryptocurrency is still up over 10% compared to last week’s lows, however.
Short-term macro headwinds eased last week following weaker-than-expected US jobs data, easing fears about an overly hawkish Fed.
Spot Bitcoin ETF inflows also returned, though they have since petered out once again.
The near-term Bitcoin price outlook looks very much tilted to consolidation within recent ranges.
With Fed rate cuts still some way off and ETF flows not providing much momentum, Bitcoin lacks short-term price narratives.
Consolidation in the coming months would fit Bitcoin’s typical 4-6 months post-halving and summer seasonality.
Sell in May and go away in Bitcoin? @MadsEberhardt with all the data here -> https://t.co/OQyGuqYCFr pic.twitter.com/qxyr0yZ2nN
— Andreas Steno Larsen (@AndreasSteno) May 2, 2024
That said, Bitcoin’s long-term outlook is as strong as ever.
The blockchain’s hash rate, or computing power, has strengthened four-fold since Bitcoin was at its current price level in 2021.
#Bitcoin hash rate has been improved 4X since the last ATH. Still, the price is at $62K.
It should be at $250K instead
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