As the prices of major cryptocurrencies stabilize before Friday’s anticipated speech from Federal Reserve Chair Jerome Powell, traders are shifting their focus to the leading altcoins in search of potential gains.
Bitcoin and Major Cryptos Hold Steady
Bitcoin (BTC) has seen a slight decline of around 1% over the past 24 hours, hovering near $60,500, according to CoinMarketCap. Meanwhile, Ethereum (ETH), BNB (BNB), Solana (SOL), and XRP (XRP) have remained relatively unchanged during the same period.
Expectations from Powell’s Jackson Hole Speech
Fed Chair Jerome Powell is expected to indicate a series of interest rate cuts in the coming year, starting with a potential reduction next month. This would mark the first rate cut since mid-2023, when rates reached multi-decade highs above 5%. Historically, lower interest rates have been favorable for risk assets like cryptocurrencies, as they typically ease global liquidity conditions.
Market Prepares for Potential Moves
Traders have been positioning themselves ahead of Powell’s speech, and it’s no surprise that they are keeping a close watch on today’s top-performing cryptocurrencies.
Today’s Leading Altcoin Performers
Floki Inu (FLOKI) Leads the Pack
Floki Inu (FLOKI), a popular meme coin, has surged by 8.5% in the last 24 hours, reaching $0.00014, according to CoinMarketCap. This performance places it at the top of the list of today’s best-performing cryptocurrencies. Despite being in a downtrend since its June highs of $0.00035, if FLOKI can break above this trend and its 50 and 200-day moving averages (DMAs), it could experience a rapid rally. This potential for 2-3x gains makes FLOKI an attractive option for traders.
Immutable (IMX) and Flare (FLR) Also Shine
Other notable performers include Immutable (IMX), a web3 gaming-focused Ethereum layer-2 protocol, and Flare (FLR), a layer-1 blockchain centered on interoperability. Both have seen gains of 7-8% over the past 24 hours, positioning them among today’s top cryptocurrencies.
IMX, currently at $1.30, is testing a breakout above its 50DMA, which could pave the way for a rally towards key resistance at $1.67. On the other hand, FLR, last at $0.16, remains over three times below its yearly peak of $0.55 and has been in a downtrend for several months. This may make FLR a less appealing investment at this time.
Exploring Alternative Investment Strategies
For traders seeking higher returns, investing in meme coin presales could be an alternative strategy. While riskier than established altcoins, these investments offer the potential for significant upside.
Cryptonews.com closely monitors the presale market, highlighting some of their favorite meme coin presales this August for traders looking to diversify their portfolios.
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