After suffering a 2.49% drop due to the Federal Open Market Committee’s interest rate hike, Bitcoin has continued its fall and is now trading just under $17,000, with an overall decline of 2.88% over the past 24 hours.
This slump has been attributed both to wider macroeconomic conditions as well as a run of unfavorable news that has shrouded the cryptocurrency industry these past few weeks.
In testimony before congress, Kevin O’Leary shared that FTX and its major rival, Binance, were at odds to the point of attempting to put each other out of business. As a result of this “war,” FTX was finally shut down and Binance became an unregulated global monopoly, as stated by The Shark Tank investor.
Then, last night, Binance CEO Changpeng Zhao (CZ) was asked during CNBC’s Squawk Box about the exchange’s ability to return a $2.1 billion payment it received after exiting FTX’s round of funding. CZ said that Binance is “financially OK” and shrugged off questions about BInance’s ability to pay out $2.1 billion without directly answering it. This raised fresh concerns over the FTX clawback and led to speculation as to whether Binance may be able to return the money.
While the uncertainty surrounding Binance’s future has caused some to jump ship on BNB and Binance, that doesn’t mean there aren’t other crypto investments worth making to diversify your investment portfolio. In fact, bear markets are the best time to buy into risk assets such as cryptocurrencies, as long as one makes sure to take proper precautions and invest in projects only with strong financial backing that will get them through to the next bull run.
Here are five of the best cryptos to buy today based on strong fundamentals and/or favorable technical analysis:
FightOut (FGHT)
Move-to-Earn (M2E) app and gym chain FightOut has impressed many investors, who have raised over $2 million in a matter of days. It continues to gain more traction during its public presale, raising over $2 million so far.
A few key ways that FightOut differs from other M2Es are as follows: most importantly, FightOut integrates any fitness activity, not limiting itself to only steps taken. Additionally, there is no need to buy pricy NFTs; with FightOut, users are rewarded for living healthily – instead of just completing easy tasks such as walking.
Other interesting approaches include using an avatar that is interactive and linked with users’ in-app selves.This encompasses features like strength, muscular endurance, cardiovascular performance, and technique. With social motivation in mind, FightOut is driven by a supportive community where people can compete based on real-life statistics from others. As users reach their fitness milestones, their Avatars will follow suit and level up as well.
FightOut’s first gym is scheduled to open in late 2023 and will provide customers with access to fitness facilities, a health bar, a studio, and a co-working space. In addition, the FightOut ambassador program will consist of pro boxers and other elite athletes promoting the brand and running events such as masterclasses. This will give customers added value beyond simply having access to workout facilities.
With presale rewards of up to 25%, FightOut’s $FGHT token has been pulling in larger investors. And with backing from big names such as LBank Labs, Cryptonews.com, Transak, and BlockMedia Labs for logistics and finance support, FGHT is a top choice for one of the best cryptos to buy today.
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Chiliz (CHZ)
Chiliz has seen a strong price increase in its native token, CHZ, following the announcement of its new end-to-end memorabilia authentication service, GameUsed.com. The service will use embedded near-field communication (NFC) chips to authenticate and verify genuine items from game-worn shirts to match tickets and trading cards for sports organizations.
Alex Dreyfus, CEO of Chiliz and the engagement and reward app Socios.com, announced this latest development on Twitter. By utilizing NFC chips, fans and collectors can validate certificates of authenticity via a simple scan with their smartphone.
After experiencing an almost 10% uptick in the 4-hour chart, the price has retested the resistance of $0.148 and has since come back to the $0.135 support following the recent decline of Bitcoin and the cryptocurrency market. Traders must be cautious in entering a position at the moment as the MACD’s moving averages are converging for a potential bearish crossover.
If a bounce from the support is confirmed, however, traders can put a position to play this range. However, strict risk management is heavily encouraged, and putting stop losses is a must.
Dash 2 Trade (D2T)
Dash 2 Trade is an innovative analytics and social trading platform that has the potential to change the way crypto is traded. With its advanced features, Dash 2 Trade could be a great investment for those looking to capitalize on the FTX collapse and increased caution from holders in light of recent events.
Users need to use D2T tokens to subscribe in order to access all of the features on Dash 2 Trade’s platform. These features include trading signals, a pre-sale token scoring system, a listing alert system for upcoming coins, social sentiment indicators, and a strategy back-testing tool that allows users to test potential trading plans before implementation. Additionally, there is an auto-trading function that links into exchange APIs while making it easy to test the success of the auto-trader. By having these many useful functions available only through the D2T token, this creates demand for the token, something that will likely drive the price of the token higher in the future.
Dash 2 Trade is currently in its final phase of the token presale, and they have raised an impressive $9.9 million so far. Their presale dashboard will also be available to the public shortly as their development is well ahead of schedule. With solid fundamentals and strong financial backing, D2T is definitely one of the best cryptos to buy today.
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Lido DAO (LDO)
After bouncing off the psychological resistance of $1, LDO has rallied by 16.67%. LDO was rejected from the downward trendline, and now a symmetrical triangle pattern might be in play for the crypto. Trading at $1.092 as of writing, traders should wait for a breakout and retest from this trendline at $1.11 to $1.13 before putting a position in for a potential continuation to the upside.
On the other hand, a symmetrical triangle pattern can be both a bullish and bearish continuation pattern–meaning traders must also anticipate a possible break of the lower trendline for a continuation to the downside.
Calvaria (RIA)
The creators of Calvaria: Duels of Eternity have high hopes that their new NFT-based battle card game will help increase cryptocurrency adoption rates. The play-to-earn structure of the game allows players to earn rewards as they play, and by providing a free version of the game, players can explore how cryptocurrencies can enhance their gameplay experience without having to invest any money upfront.
NFTs can be purchased and exchanged for RIA tokens in the game’s internal marketplace. People who own the digital asset have governance control over the game’s decentralized autonomous organization (DAO). Also, the token can be staked by people wishing to make more money passively.
$2.47 million has already been raised by Calvaria’s presale, and only 20% of pre-sale tokens remain.
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