Top Cryptocurrencies to Consider Purchasing on May 3 – Ordinals, Pendle, Hedera

As cryptocurrency markets recover due to a less-than-anticipated US labor market report, Bitcoin (BTC) has risen nearly 5% today, trading in the upper $61,000s. Traders are exploring opportunities in the altcoin sector as they seek the best cryptocurrencies to purchase today.

The US economy saw an addition of 175,000 jobs in April, falling short of Wall Street’s expectation of a 240,000 job increase. Additionally, the unemployment rate increased to 3.9%, surpassing the anticipated 3.8%.

TIMIRAOS SAYS US JOBS DATA NOT GAMECHANGER; NO ‘UNEXPECTED’ WEAKNESS

— *Walter Bloomberg (@DeItaone) May 3, 2024

According to the CME, the probability that the Federal Reserve will implement more than one interest rate cut before the end of 2024 has risen to approximately 62%, up from about 50% just a day prior.

As investors adjusted their expectations for additional rate cuts this year, cryptocurrency markets experienced a boost. Significant altcoins such as Solana (SOL), Dogecoin (DOGE), and Toncoin (TON) surged between 4-11% over the last 24 hours.

Below are some top-performing smaller altcoins that may represent the best cryptocurrencies to buy today.

Best Crypto to Buy Today

ORDI (ORDI)

As Bitcoin climbs back above $60,000, the Ordinals protocol (ORDI) token is experiencing significant gains.

The Ordinals protocol, which operates on the Bitcoin blockchain, facilitates the minting of NFTs and other digital assets.

ORDI has seen a 16% increase in the past 24 hours, according to CoinMarketCap.

The token is currently priced at $41.30 and is targeting a test of its 21DMA at $43.50. A successful breakthrough here could signal the end of the recent bearish trend.

If ORDI can recover towards its 2024 highs in the $90s, it could yield over 2x returns. Thus, ORDI might be one of the best cryptocurrencies to buy today.

Pendle (PENDLE)

Pendle (PENDLE), a protocol for future yield tokenization and trading, is experiencing a strong rally on Friday.

Currently priced at $5.13, PENDLE has surged over 25% from its lows around $4.0 on Wednesday.

According to CoinMarketCap, PENDLE’s gains over the last 24 hours are approximately 13%, with a market capitalization nearing $1.2 billion.

Its total value locked (TVL) is reported to be just over $4.5 billion and continues to grow rapidly, as per DeFi Llama. This indicates that the potential for further price recovery remains.

$PENDLE fud selling getting bought back as quickly as it was sold. What @pendle_fi is bringing to DeFi is a $500T market in tradfi and they are non stop shippers.

Imagine being bearish a protocol that 100x’d its TVL in the last year and is run rating $47MM in protocol revenue pic.twitter.com/rO1OGgASf7

— Austin Barack (@AustinBarack) May 3, 2024

Pendle’s relatively low valuation presents ample opportunity for 10x or greater gains as the asset tokenization trend gains momentum. This could make PENDLE one of the best cryptocurrencies to buy today.

Hedera (HBAR)

HBAR, the token that powers the decentralized, open-source, proof-of-stake Hedera public ledger, has been on the rise this Friday.

It has increased by 13% in the last 24 hours, according to CoinMarketCap, and is currently trading around $0.11.

HBAR reached a peak of $0.18 earlier this month due to optimism surrounding BlackRock’s plans to launch a fund on the blockchain.

However, that optimism has since diminished, as it was clarified that BlackRock has no commercial ties to Hedera. Furthermore, BlackRock was not involved in Archax and Ownera’s decision to tokenize its ICS Treasury Fund on Hedera.

Nonetheless, Hedera will still host a BlackRock tokenized fund, indicating that the blockchain is gaining real-world adoption and may see significant growth in this bull market.

The hype behind the misinterpreted $HBAR x BlackRock RWA tokenization may be gone…

But one point still stands,

There’s now a BlackRock fund tokenized on Hedera Hashgraph.

No amount of retail FUD or downward price action will EVER change that.

Hedera positioning to be the… pic.twitter.com/jEvmJIz2Du

— Kyren (@noBScrypto) May 2, 2024

HBAR could potentially be the best cryptocurrency to buy today.

Alternative Crypto Investment Strategy to Consider – Presales

Investing in smaller, lesser-known altcoins can be an effective strategy for achieving quick profits in cryptocurrency.

However, investors aiming to elevate their risk profile should not overlook another highly lucrative approach: investing in new crypto ICOs.

Emerging web3 startups frequently seek to raise funds in their early stages by offering their native protocol tokens.

These sales are typically conducted at a significant discount compared to the project’s potential. For instance, most presales will price their tokens to establish a market cap of $10-30 million.

If a promising project gains traction, it can easily achieve a market cap in the hundreds of millions. Consequently, presale investors can often realize gains of 10x or more.

Of course, investing in new crypto ICOs carries many of the same risks associated with traditional startup investments. The success of a project heavily depends on the management’s competence and execution.

With numerous new crypto ICOs available, getting started can be overwhelming.

Fortunately, the knowledgeable team at Cryptonews has conducted extensive research. Here are 18 of their preferred projects:

See the 18 Cryptocurrencies

Alternatively, view this video by Cryptonews’ Crypto Arjay, who discusses his top three presales.

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