Top Cryptocurrency Performers Today – Brett, BitTorrent, dogwifhat

As leading cryptocurrencies retract from what initially appeared to be a promising rally earlier on Tuesday, traders are shifting their focus to altcoin markets in search of top crypto performers today that may yield quick profits.

Bitcoin (BTC) was last seen trading just below $59,000, having previously surged above $61,000 on Tuesday.

Ethereum (ETH) has also dipped back below $2,600, while Solana (SOL) has returned to the low $140s.

All the aforementioned cryptocurrencies, along with most other prominent names, remain confined within recent trading ranges.

This is not unexpected, as traders are anticipating significant macroeconomic events later this week.

Thursday’s US PMI data will provide insights into whether the US economy is leaning towards a recession.

Additionally, Fed Chair Jerome Powell is scheduled to speak at the Jackson Hole symposium on Friday.

He is expected to address the possibility of the Fed reducing interest rates by 25 or 50 basis points next month.

POWELL’S JACKSON HOLE SPEECH TO SUPPORT SEQUENCE OF 25BP CUTS
Fed Chair Powell will “express a bit more confidence in the inflation outlook” in his Jackson Hole speech, while putting “a bit more emphasis on downside risks in the labor market” than he did in the July Q&A,…

— *Walter Bloomberg (@DeItaone) August 20, 2024

Crypto markets are likely to face volatility. The most optimistic scenario would involve a combination of 1) US data indicating that a recession is not imminent and 2) Fed Chair Jerome Powell signaling lower interest rates without suggesting that the Fed is in a state of panic.

Other factors that traders will monitor include political developments in the USA. Betting markets currently favor sitting VP Kamala Harris over pro-crypto Donald Trump in the race for the presidency in November.

Kamala Harris is now leading Donald Trump by 8 percentage points according to Polymarket, the world’s largest prediction market pic.twitter.com/Asql9k7SNN

— *Walter Bloomberg (@DeItaone) August 14, 2024

A shift back towards Trump could serve as another bullish catalyst for the market.

In such a scenario, major cryptocurrencies could all perform well. However, smaller, lesser-known altcoins with a higher beta may outperform even more.

Here are some of the top crypto performers today in the altcoin market that could show strong performance in the upcoming weeks.

Top Crypto Performers Today – Which Are They?

The base meme coin Brett (BRETT) is leading the market upward on Tuesday, having increased by 18.6% in the past 24 hours according to CoinMarketCap.

This positions it as the top crypto performer today. Nevertheless, traders still have the chance to purchase the BRETT dip.

Last priced at $0.089, BRETT is down over 20% from earlier session peaks.

It remains significantly below a downtrend established from the June highs.

In fact, Brett is over 50% down from these highs. Thus, investors who enter now are not buying at the market’s peak.

Brett is expected to continue as a significant leader in the meme coin sector, which is why it could be considered one of the best cryptos to acquire at this time.

BitTorrent (BTT) is also among the top crypto performers today, having surged nearly 15% in the past 24 hours, according to CoinMarketCap.

Last seen at $0.00000086, the native token of the BitTorrent platform is striving to break above its 50-day moving average, which has served as strong resistance since April.

A successful breakout could lead it to test resistance in the $0.000001150 range, where the late April to early June lows and the 200-day moving average are located.

Lastly, the Solana-based meme coin dogwifhat (WIF) is another top performer today.

Last priced at $1.555, WIF has risen approximately 11% in the past 24 hours. Similar to Brett, dogwifhat is likely to remain a prominent meme coin moving forward.

Investors have the opportunity to buy the dip, as WIF is currently over 60% down from its earlier yearly highs.

Major meme coins present appealing investment opportunities for traders with a high risk tolerance.

The aforementioned coins could possess 10x potential during this bull market. However, they might also decline another 50-60% from current levels.

Traders in meme coins should contemplate an alternative investment strategy that may offer a more favorable risk-reward profile.

This involves investing in meme coin presales, which provide investors the chance to enter early.

Presales also allow time for a meme coin to generate excitement, as the project’s team utilizes the funds raised for marketing efforts.

Analysts at Cryptonews.com closely monitor the meme coin presale market. Here are some of their top selections.

16 Best New Meme Coins to Buy in August 2024

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