It appears that Bitcoin (BTC) is facing challenges as there have been elevated outflows from Grayscale’s Bitcoin Trust ETF (GBTC), which is impacting its performance. Traders seeking quick returns are now exploring the altcoin markets to identify potential cryptocurrencies to invest in.

After briefly surpassing $68,000 following a dovish meeting by the Federal Reserve, BTC has experienced a decline and is currently trading in the $63,000 range.

It’s worth noting that spot Bitcoin ETFs have witnessed outflows consistently throughout the week. This can be attributed to a decrease in inflows into ETFs like BlackRock’s IBIT and an increase in outflows from GBTC.

Please keep in mind that cryptocurrency markets are highly volatile, and their performance can change rapidly. For the most accurate and up-to-date information on the market situation, it’s advisable to consult reliable financial news sources or platforms that specialize in cryptocurrency analysis.

Best Crypto to Buy Today March 22 – APT, ICP, FTM Joel Frank

Last updated: | 3 min read
Best Crypto to Buy Today
Aptos, Internet Computer and Fantom demonstrate bullish momentum and could be the best crypto to buy today. Image by cryptonews.com

As Bitcoin (BTC) continues to struggle in the face of continued elevated outflows from Grayscale’s Bitcoin Trust ETF (GBTC), traders hunting for quick returns are parsing through the altcoin markets for the best crypto to buy today.

After popping momentarily above $68,000 on Wednesday following a dovish Fed meeting, BTC has since slipped to the $63,000s.

Spot Bitcoin ETFs have seen outflows every day this week. That’s thanks to a slowdown in inflows into the likes of BlackRock’s IBIT and an uptick in GBTC outflows.

 

As per Zerohedge, GBTC is now down to 356,000 BTC from 619,000 BTC just two months ago.

It seems that traders have been selling off GBTC since its conversion into a spot ETF for several reasons:

1. Comparatively high fee: GBTC has a fee of 1.5%, which may be considered high compared to other investment options.

2. Profit-taking by traders: Some traders who purchased GBTC at a significant discount to its Net Asset Value (NAV) in 2023 may be taking profits now that it has converted into an ETF.

3. Liquidation by bankrupt crypto companies: Bankrupt crypto companies, such as FTX, Celsius, and BlockFi, may be selling off their GBTC holdings.

While GBTC selling pressure may continue in the short term, it is unlikely to be a long-term obstacle for the market.

Given the current situation, some may view this as a favorable time to accumulate Bitcoin while it is trading in the $60,000 range, with the potential for a rally towards $100,000 by the end of the year.

However, it’s important to note that investing in cryptocurrencies, including Bitcoin, carries inherent risks due to their volatile nature. It’s essential to conduct thorough research and consider personal financial circumstances before making any investment decisions. Additionally, consulting with a financial advisor is recommended for personalized guidance.

Top Crypto Picks Today: Research and Caution Advised

Aptos (APT): Exploring a Promising Crypto Option

The layer-1 blockchain protocol Aptos (APT) has been garnering significant attention as it reaches its highest levels in over a year.

According to CoinMarketCap, APT experienced a 10% increase on Friday, reaching the $16 range.

There is anticipation that the token may undergo a quick retest of its 2023 highs, surpassing the $20 mark.

Aptos was developed by a team of former Facebook employees who played a role in the creation of the unsuccessful Libra cryptocurrency.

Given its potential, Aptos has the possibility of emerging as a leading blockchain in the future.

This assessment leads some to believe that its current market capitalization of $6.3 billion, along with a fully diluted market cap of $17.5 billion, could be undervalued.

Keep in mind that investing in cryptocurrencies carries inherent risks, and market conditions can change rapidly. It’s essential to conduct thorough research, consider personal financial circumstances, and exercise caution before making any investment decisions. If you are considering investing in cryptocurrencies, it is advisable to consult with a financial advisor for personalized guidance.

Internet Computer (ICP): Unraveling the Potential of a Revolutionary Crypto

Internet Computer (ICP) has demonstrated strong performance, with a nearly 10% increase within a 24-hour period, making it one of the best-performing cryptocurrencies on Friday.

However, it’s important to note that ICP has been trading within a range of $10-16 for several weeks, lacking significant upward movement.

The current price of ICP reflects a considerable decline of over 96% from its peak levels in 2021, which reached around $350.

With a modest market capitalization of $6.2 billion, there is potential for growth, suggesting that there may be room for appreciation.

While it may take some time for ICP to reach its previous highs, there is a possibility of significant gains in the future, potentially even up to 10 times the current value.

It’s crucial to exercise caution and conduct thorough research before making any investment decisions, as cryptocurrencies are known for their volatility. Consider consulting with a financial advisor who can provide personalized guidance based on your individual circumstances.

Fantom (FTM): Unveiling the Exciting Opportunities of a Growing Crypto

According to CoinMarketCap, the FTM token of the layer-1 blockchain protocol Fantom has experienced an 8% increase in the past 24 hours.

Over the past 30 days, Fantom has demonstrated impressive growth, surging by 180%. This performance places it among the best-performing major cryptocurrencies globally during this period.

The recent outperformance of Fantom may be attributed to the anticipation surrounding its upcoming “sonic” upgrade. This upgrade could be a significant factor driving investor interest and contributing to the token’s positive performance.

It’s important to note that the cryptocurrency market is highly volatile, and prices can change rapidly. Before making any investment decisions, it’s advisable to conduct thorough research, consider personal financial circumstances, and exercise caution. Consulting with a financial advisor is recommended for tailored advice based on individual needs and risk tolerance.

 

Last just above $1.10, FTM is still over 70% down from its 2021 highs.

Given that FTM could easily post 3x gains this bull market, it is a good candidate for best crypto to buy today.

Exploring Crypto Alternatives: Diversify Your Investment Portfolio

Investing in crypto presales can indeed present a high-risk, high-reward opportunity for investors. In presales, investors purchase tokens of early-stage crypto projects to support their development.

Presale tokens are typically sold at lower prices compared to their potential future value. There have been instances where presales have resulted in significant exponential gains for early investors.

Many of these projects have talented teams and ambitious visions aimed at delivering innovative crypto applications or platforms.

If investors can identify promising projects with strong fundamentals, the risk/reward ratio of participating in presales can be favorable.

However, it’s important to note that investing in presales carries inherent risks. Early-stage projects may face challenges and uncertainties, and there is a possibility of financial loss. It’s crucial to conduct thorough research on the project, evaluate the team’s credibility, assess the project’s roadmap and market potential, and consider one’s personal risk tolerance before participating in a presale.

Additionally, it may be beneficial to seek advice from reputable sources, consult with experts in the field, or consider working with a financial advisor who specializes in cryptocurrency investments. They can provide valuable insights and help navigate the complexities of investing in presales.

By ailf

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