Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
As risk assets start Tuesday on a cautious note and leading cryptocurrencies relinquish a significant portion of Monday’s advancements, traders are exploring altcoin markets for standout crypto assets today that may provide protection against declines.
Renewed vigor in the Japanese yen is back in the spotlight on Tuesday, alongside a potential continuation of the unwinding of the “carry trade,” following hints from the Bank of Japan governor regarding further interest rate increases.
Global investors have financed trillions of dollars in risk asset investments by borrowing the historically low-interest yen.
An increase in yen interest rates thus undermines the foundation for this pro-risk strategy.
As US equity markets drop on Tuesday, Bitcoin (BTC) and other major cryptocurrencies are experiencing a downturn.
BTC was last seen trading in the upper $57,000s, down 2.5% for the day according to TradingView.
Ethereum (ETH), BNB (BNB), and Solana (SOL), on the other hand, showed mixed or flat performance over the past 24 hours, as reported by CoinMarketCap.
Bulls are optimistic that upcoming economic data (ISM PMI and US jobs reports) later this week will enhance sentiment.
The most favorable scenario for short-term risk appetite would be if the data simultaneously reinforced the narratives of a soft landing and Federal Reserve rate cuts.
The Fed is anticipated to initiate a series of interest rate reductions later this month. However, this is likely to be beneficial for risk assets only if it occurs against a backdrop of sustained US economic growth.
As markets await these crucial data releases, it is not surprising that investors are positioning themselves in altcoins that could outperform.
Here are some leading crypto performers today that traders are likely considering.
Top Crypto Performers Today – Which Are They?
Real world asset (RWA)-focused layer-1 blockchain MANTRA (OM) leads the list of top crypto performers today.
According to CoinGecko, OM was last trading up over 8% in the past 24 hours and is once again approaching the $1.0 mark.
OM bulls are hopeful that recent technical advancements will pave the way for a rapid rally back towards recent highs in the $1.40s.
With a market capitalization of just over $800 million, OM could see substantial growth in the coming years.
Related Posts
This is due to the RWA narrative being one of the most compelling in crypto, and OM is likely one of the best coins for those seeking exposure.
In addition, Bitcoin fork cryptocurrency Bitcoin Satoshi Vision (BSV) is another top performer today.
According to CoinGecko, BSV was last up approximately 4.5% in the past 24 hours and is testing its 50-day moving average around $44.
A breakout above this level could lead to a retest of range highs in the $57 area.
However, BSV may not be among the best cryptocurrencies for long-term investors to acquire, given its lack of a strong adoption narrative.
The final mention in the list of top crypto performers today is dogwifhat (WIF), a prominent meme coin on Solana.
WIF was last up around 2% in the past 24 hours, trading around $1.53, with bulls aiming for a retest of recent highs and the 50-day moving average in the $1.85-$2.0 range.
Bulls are optimistic that, with a new Fed rate-cutting cycle on the horizon that will enhance financial market liquidity, a new meme coin season may be approaching.
FED funds pricing: 250 basis points (or 2.5%) in rate cuts by Jan 2026 … down to 3% from the current rate of 5.50 … hard to believe … #FED #Macro https://t.co/6sqggED9mU pic.twitter.com/5ySlm4KY33
— Maverick Equity Research (@Maverick_Equity) September 2, 2024
As a leading Solana meme coin, dogwifhat is likely to be a significant beneficiary of any resurgence in meme coin risk-taking activities.
For this reason, while short-term volatility is probable, WIF is a strong candidate for the best crypto to buy now.
Its current market capitalization of $1.5 billion leaves ample room for growth, with potential for 10x gains.
However, for investors aiming for 50-100x returns, they will need to explore smaller, newer meme coins.
Meme coin presales are among the most effective ways to achieve this.
Here are some meme coin presales that analysts at Cryptonews.com are currently monitoring.
17 Best New Meme Coins to Buy in September 2024
Traders should remember to conduct their due diligence and never invest more than they can afford to lose.
The post Top Crypto Performers Today September 3 – MANTRA, BSV, dogwifhat appeared first on Cryptonews.
