Crypto prices continue to crash to end the month of April, with Bitcoin falling to $60,800 at press time.
Meanwhile, Ethereum continues to see an even steeper decline, falling by 4% on Tuesday. The ETH price is now on the cusp of falling below $3,000 to end the month.
Why Is Crypto Crashing Today?
Crypto prices reacted negatively after the recently approved Hong Kong Bitcoin and Ethereum ETFs missed expectations. As opposed to the anticipated $300 million in trading volume, the BTC and ETH ETFs saw a combined $11 million in trading volume.
Hong Kong ETH and Bitcoin ETF launch in 1 picture.$300 million “anticipated” volume$11 million actual volumeThis has got to be one of the worst predictions of all time. pic.twitter.com/7WfwzSylTE
— WhalePanda (@WhalePanda) April 30, 2024
Additionally, the upcoming FOMC meeting on Wednesday as well as the sentencing of Binance ex-CEO Changpeng “CZ” Zhou are contributing to the sell pressure on top cryptocurrencies.
While the top may not be in for Bitcoin, the largest cryptocurrency has certainly entered dangerous territory. The Bitcoin short-term holder realized price currently stands at $59,800. A potential breakout below this level could trigger a much larger crypto prices crash.
#Bitcoin short-term holder realized price is at $59,800! Historically, $BTC often bounces off this level during an uptrend. However, falling below could trigger notable #BTC price corrections. pic.twitter.com/AKQiNv25Ws
— Ali (@ali_charts) April 29, 2024
Best Crypto Coins To Buy The Dip
While the cryptocurrency market is in the grips of bearish forces, analysts such as Michael van de Poppe believe that a potential bottom could be close. Indeed, the aforementioned short-term holder realized price is often an excellent level for prices to bounce back up from.
However, smart-money traders are also divesting into low-cap tokens and new cryptocurrencies, considering these assets lack any correlation with the broader market sentiment.
This article dives into the best crypto coins to buy the dip during the ongoing crypto prices crash.
Solana ($SOL)
Solana has been one of the most disaffected altcoins during the current crypto market crash. The SOL price is down 35% over the past 30 days. Comparatively, Ethereum is down only 16% in the same period, despite the SEC openly claiming it to be a security.
However, there is a silver lining for bullish investors. The Solana price currently stands at $128, more than 50% below its all-time high of $260. New buyers today could see 2x returns simply if SOL does nothing more than test its previous all-time high.
However, experts believe that Solana will trade much higher. Even some conservative price predictions place SOL at $600 at some point during this bull cycle. On the contrary, analysts back the token to potentially hit $1000 in the coming months.
I’d happily allocate more $SOL into $ETH if the ATH on its ratio were to break.Until then I think this chart says otherwise.Will get interested around the green boxes (or ATH break), think those could be a great pick up for SOL outperformance later in the cycle again. pic.twitter.com/Mo36Q4q4DJ
— Daan Crypto Trades (@DaanCrypto) April 28, 2024
With the spot Ethereum ETFs likely to be rejected by the SEC, analysts believe that SOL could once again outperform ETH for the rest of 2024.
Bitcoin Minetrix ($BTCMTX)
Bitcoin Minetrix is a newly-launched cloud mining token, designed to make BTC mining rewards accessible to small-scale investors.
The Bitcoin mining industry is currently the monopoly of wealthy corporations, owing to the high capital investment and technical expertise required in the sector.
However, Bitcoin Minetrix is set to democratize this space. Its users only need to stake the $BTCMTX tokens to earn mining credits, which can be burned to earn BTC mining rewards. The entire process could be accomplished using the soon-to-be-launched stake-to-mine dashboard with just a few clicks.
Owing to its unique value proposition, the Bitcoin Minetrix presale raised over $13.5 million in its ICO.
The token launched today on Uniswap and witnessed a typical post-launch pullback. However, popular traders are backing BTCMTX to bounce back soon and potentially deliver up to 100x returns in the coming weeks.
Slothana ($SLOTH)
With Solana expected to make a strong comeback in the coming months, Layer-2 SOL tokens are projected to deliver outsized gains as well.
In particular, Solana meme coins are expected to continue their dominance and outperform their Ethereum counterparts.
A new Solana meme token – Slothana – has raised over $15 million in its now-concluded presale. The new meme cryptocurrency is set to hit the crypto exchanges tomorrow – May 1st at 4pm UTC.
Slothana is a sloth-inspired meme coin, tipped by experts as a potential successor to Slerf. For the uninitiated, Slerf was a recent phenomenon that surged by over 5000% in just a few hours and had over $2 billion in daily trading volume.
Several analysts have also highlighted the possibility of Slothana delivering 100x to 1000x returns after its IEO tomorrow.
Considering that $SLOTH is rumoured to have the same development team as Smog – another popular token that surged close to 27000% – it is well on its way to becoming the next big Solana meme coin.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/04/crypto-prices-crash-after-hong-kong-bitcoin-and-ethereum-etfs-go-live-best-coins-to-buy-the-dip