While the latest US labor market report wasn’t terrible, traditional financial markets and major cryptocurrencies seem to be factoring in an increasing risk of recession. Crypto traders are contemplating the best cryptocurrencies to buy now to protect against potential losses.
Bitcoin (BTC) dropped over 5% to its lowest level since early August, hovering in the low $53,000s, according to TradingView.
Other major cryptos, such as Ethereum (ETH), Solana (SOL), and BNB (BNB), lost 2-5% over the last 24 hours, according to CoinMarketCap.
The losses in crypto coincide with Wall Street’s steep weekly declines and falling US bond yields.
Some analysts argue that the US economy is not on the verge of recession, but financial market indicators suggest a rising risk.
Even though the Fed is expected to start cutting interest rates later this month, risk appetite could remain subdued for the foreseeable future.
It’s no surprise that investors are scouring the altcoin markets for the best crypto to buy now.
Here are some names that are holding up despite the broader market’s malaise.
Are These Strong Performers the Best Crypto to Buy Now?
Sui (SUI), Helium (HNT), and Dogs (DOGS) have all traded in the green in the past 24 hours, despite most other major coins being in the red.
Does that mean that these coins are the best crypto to buy now?
Starting with Sui (SUI), the layer-1 protocol is trying to hold above its 50DMA.
If it can hold above here as the broader market stabilizes, that could be a good foundation for a push higher.
A rebound above $1.0 to test recent highs and the 200DMA could be on the cards.
That would mark near-term gains of nearly 25%, making SUI one of the best cryptos to buy now.
DePIN wireless network token Helium (HNT) continues to progress towards a retest of its yearly highs as social media buzz surrounding its growing network rises.
Mobile networks are increasingly turning to Helium for carrier offload purposes.
HNT was last trading at around $8.30, but it could soon hit $11.
HNT’s recent strong performance has come despite the bearish market, suggesting it could be one of the best cryptos to buy now.
Finally, the new play-to-earn meme coin Dogs (DOGS) is attempting to rebound after falling substantially from its post-Binance listing highs.
DOGS was last around $0.001060, still down 40%.
DOGS believers might see the current dip as an opportunity to load up.
But it’s tough to say whether it would be one of the best cryptos to buy now.
Twitter text: #NFP was weaker than expected For more analysis 👉 pic.twitter.com/QCiaqshTiX — Fawad Razaqzada (@Trader_F_R) September 6, 2024
Especially after the excitement of a month ago, when analysts and economists suddenly jacked up their probability of an economic recession, this morning’s (August) US jobs report comes as a relief… that is unless you were absolutely convinced that the Federal Reserve would cut… — Mohamed A. El-Erian (@elerianm) September 6, 2024
MNO carriers casually adding another 200+ hotspots to offload to today 👀👀 @helium @helium_mobile the fly wheel is picking up speed pic.twitter.com/7AsRDzdaBD — Karl Hungus🎈 (@KarlHungus211) September 6, 2024
