By Best Crypto to Buy Now August 16 – SEI, THORChain, Toncoin
Cryptocurrency markets fell on Wednesday, with total market cap dropping by around $16 billion to around $1.1 trillion, Bitcoin (BTC) dropping 1.5% to around $28,700 and Ether (ETH) dropping 1.1% to just above $1,800, where it is now finding support from its 200DMA.
Downward moves in the crypto market come amid macro headwinds, with US stock markets falling while long-dated US government bond yields and the US dollar rise in wake of the latest Fed minutes release.
The minutes showed that officials at the US central bank remain concerned about potential upside risks to US inflation and said that more hikes might be needed unless conditions change.
That being said, US interest rate futures market pricing implies little change in the market’s perceived risk of another 25 bps rate hike in September.
As per the CME’s Fed Watch Tool, the likelihood of a September rate hike was last seen at 12.5%, up only slightly from 10% one day ago.
Perhaps more concerning for the crypto market is that Bitcoin has just snapped its 2023 uptrend and could now drop all the way to the mid-$20,000s again, while Ether looks to be on the verge of dropping below its 200DMA.
While technicals are turning negative for some of the blue-chip coins, things are not all bad.
Here are some of the top coins to buy on August 16th.
Sei (SEI)
SEI, the token that powers the just launched Sei blockchain that is specifically designed to facilitate trading, is up around 20% from its Tuesday closing price around $0.18, making it one of the top-performing cryptocurrencies in the top 100 by market capitalization.
SEI was last changing hands on major exchanges just above $0.21, well below earlier Wednesday peaks in the $0.28 area.
The cryptocurrency remains in a state of price discovery and will remain very volatile in the coming days and weeks.
However, at a still very modest market cap of under $400 million, there is a lot of potential upside for the Sei token.
THORChain (RUNE)
RUNE, the token that powers THORChain’s cross-chain decentralized exchange blockchain, is down just over 6% on Wednesday.
However, RUNE remains in a strong uptrend, having rallied 55% in just the last 10 days and broken convincingly to the north of all of its major moving averages in the process.
A retest of resistance around $2.0, and then of long-term support-turned-resistance around $3.0 remains a strong possibility in the weeks and months ahead, meaning possible near-term gains of as much as 40-100%.
Toncoin (TON)
Toncoin (TON) dropped 6.5% on Wednesday but is still up over 12% in the last seven days, making it one of the best-performing cryptos in the top 100 by market cap over this time period.
The cryptocurrency, which powers a layer 1 blockchain that was initially developed by the same team behind hugely popular encrypted messaging app Telegram, tried and failed to break above resistance at $1.52 in the form of the July highs and 100DMA.
But if it can find support above its 50 and 21DMAs around $1.30, then it still stands a good chance of pushing above this level in the coming days and weeks.
Crypto Alternatives to Consider
For crypto investors looking to diversify, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
