Top Crypto Performers Today August 5 – Celestia, Brett, Ondo
On an ugly day that many are referring to as “crypto black Monday”, investors are looking for top crypto performers today that might shelter them from the market’s doom and gloom.
Major crypto prices crashed on Monday, with Bitcoin (BTC) last down over 7% near $55,000.
Ethereum (ETH) was last down a whopping 20% in 24 hours in the $2,300s, per CoinMarketCap. Many other major altcoins nursed similar losses.
The crypto market dump comes in wake of what some analysts called a “perfect storm” of negative catalysts.
Rising US recession risk is probably the biggest catalyst right now, though the unwind of the yen carry trade and Jump Crypto dumping holders are also major headwinds.
Nearly $3 trillion has been wiped from the US stock market due to growing fears of a global recession.
Today is the worst day for stocks since March 2020 when the world shut down for a pretend virus. pic.twitter.com/913CQAAToD
— Layah Heilpern (@LayahHeilpern) August 2, 2024
And the period of uncertainty when the US enters a recession is often a painful time for risk assets.
But a US recession would likely mean lots of Fed rate cuts and lots of new liquidity.
And that could be the catalyst to power many major cryptos back to new record highs, once the panic phase abates.
Popular analyst Miles Deutscher noted that traders should pay attention to the cryptos enjoying the strongest bounce from lows.
Bit of alpha for you.
Monitor the coins which are recovering the strongest on this bounce.
These will be the best altcoins to long if we get another retrace.$SOL, $ONDO, $TIA, $ZRO, $TAO just to name a few.
— Miles Deutscher (@milesdeutscher) August 5, 2024
Here are some top crypto performers today that might be able to protect investors amid the current downturn.
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