Top Cryptocurrencies to Consider Acquiring on July 5 – Tron, Bitcoin, Solana

As Bitcoin (BTC) remains below $55,000 following the recent US jobs report, ongoing selling pressure from the German government, Bitcoin miners, and expected sell-offs from Mt Gox creditors are prompting investors to evaluate which cryptocurrencies might be the most advantageous to purchase during this market dip.

Although the headline NFP figure was slightly better than anticipated, the US jobs report was predominantly positive for the market.

This is due to downward revisions of previous headline NFP figures and a higher-than-expected unemployment rate.

US Jobs Report (June)

NFP: 206k (exp. 190k, prev. 272k, revised 218k)

Unemployment rate: 4.1% (exp. 4.0%, prev. 4.0%)

Earnings M/M: 0.3% (exp. 0.3%, prev. 0.4%)

Earnings Y/Y: 3.9% (exp. 3.9%, prev. 4.1%)

— Newsquawk (@Newsquawk) July 5, 2024

Earnings growth also slowed, as anticipated. Overall, the report bolsters the argument for potential Fed rate cuts later this year.

This has contributed to keeping US equity indices at record highs.

Typically, this would also benefit Bitcoin.

However, as previously mentioned, Bitcoin is currently facing significant selling pressure from miners and the German government.

The German Government SOLD 20% of its #Bitcoin balance sheet ($3.5 billion).

Prepare for potentially more weeks of declines as they appear to be aggressively selling throughout the week, pausing only on weekends.

The selling pressure began two weeks ago… pic.twitter.com/iDEfkRRXsL

— 𝘾𝙩𝙧𝙡 (@CtrlFi) July 4, 2024

Repayments from Mt Gox have also started, and markets seem to be concerned that a significant portion will be quickly sold off.

BREAKING

Mt Gox transfers 47,228 BTC ($2.71 billion) from cold storage to a new wallet. pic.twitter.com/3ZdSlC1IX2

— Arkham (@ArkhamIntel) July 5, 2024

Many believe these selling pressures could keep BTC under strain in the near term.

Technical analysis supports this view. Bitcoin has recently fallen below its 200DMA and its May lows.

A retest of the $51,000-53,000 balance zone could be on the horizon. A drop below $50,000 and a retest of January highs around $49,000 is also possible.

BTCUSD / Source: TradingView

The risk of additional selling indicates that Bitcoin may not be the optimal cryptocurrency to purchase at this moment for those seeking quick profits.

Nonetheless, with Bitcoin significantly lower compared to earlier yearly peaks, it presents an excellent opportunity for those who believe the market is still in a long-term bullish trend to accumulate actively.

Is Bitcoin the Best Crypto to Buy Now?

Sales from Mt Gox, the German government, and miners are likely to be a temporary selling pressure lasting only a few months.

Bitcoin could then experience a strong rebound by the end of summer.

This is due to anticipated Fed rate cuts beginning in September, and the likelihood of Trump winning the US Presidential election in November.

Lower interest rates generally favor risk assets – indeed, this is currently reflected in US stocks reaching record highs.

Additionally, a Republican-led US government is expected to implement pro-crypto policies.

Historically, selling from miners who are struggling to adapt to lower post-halving rewards has diminished within six months following the halving.

As selling pressure eases, bullish narratives gain strength, and an ETF-demand-driven price surge could propel BTC to $100,000 before the year concludes.

This would be nearly double Bitcoin’s current levels, indicating that Bitcoin is a strong contender for the best cryptocurrency to buy now.

Of course, many crypto traders are aiming for much larger returns than 2x.

Such traders may instead focus on smaller, lesser-known altcoins with higher betas.

Here are a few lesser-known coins that could be the best crypto to buy now.

MultiversX (EGLD)

The innovative web3 blockchain protocol MultiversX (EGLD) has shown strong performance on Friday.

It was last reported to be up 12.5% in the past 24 hours, according to CoinMarketCap, and trading near $32.50.

It has been a challenging few months for EGLD. However, with the cryptocurrency finding solid support in the $27 range recently, a new rebound may be forthcoming.

If EGLD can surpass its 50DMA (last at $34.70), a return to March highs could be achievable.

This could result in a rapid 2x gain for EGLD holders, suggesting it could be the best crypto to buy now.

Mantra (OM)

The real-world tokenization protocol Mantra (MANTRA) is among the few cryptocurrencies trading positively on Thursday.

According to CoinMarketCap, MANTRA has risen 12% in 24 hours and is trading around $0.82.

The announcement of Mantra’s partnership with a major real estate firm in Dubai has been boosting OM this week.

As stated in an X post, Mantra will introduce over $500 million in real estate assets to the chain. OM has now increased over 32x from its levels last December, establishing itself as a leader in real-world assets.

OMUSD / Source: TradingView

With a fully diluted market cap of approximately $720 million, it still has significant growth potential.

If it maintains its position as a leader in real-world assets and its protocol’s assets continue to expand, OM could easily see a 10x increase from its current levels.

It could certainly be one of the best cryptocurrencies to buy now.

Crypto Alternative to Consider – Crypto Presales

All the aforementioned coins have substantial potential in this bull market.

However, for investors seeking even greater returns, an alternative investment strategy to consider is presale investing.

New cryptocurrency projects often sell their native tokens to early investors through presales to finance development.

Presale investing carries risks, as does all investing in crypto. However, if investors can effectively identify high-potential projects, they stand to achieve significant gains.

Analysts at Cryptonews.com diligently monitor the presale market. Here are some of their top recommendations at present.

14 Best Crypto Presales to Invest In Now

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