Why Are Crypto Prices Crashing Today and the Best Coins to Buy on the Dip?
Crypto prices are witnessing a sharp sell-off on Wednesday amid a new wave of profit-taking, weakness in U.S. equities, and growing concerns over the ongoing government shutdown.
Bitcoin has slipped 4.6% from Monday’s all-time high of $126,270, briefly touching $120,640 before staging a mild rebound.
Top altcoins are also facing selling pressure, with Ethereum falling below the key $4,550 level and XRP trading as low as $2.85.
However, several altcoins are defying the broader market uncertainty, with privacy coin Zcash (ZEC) posting 22% gains over the past 24 hours. Mantle, SPX6900 and Pudgy Penguins are also in the green and are among the best cryptos to buy today.
Despite today’s crypto crash, top analysts remain confident that the market is still firmly in a bull phase and could replicate its characteristic Q4 explosive rally.
Smart money investors continue to accumulate low-cap gems like Bitcoin Hyper, aiming to maximize gains ahead of the next leg higher.
Why Is Crypto Down Today?
After a strong start to October, Bitcoin is hit with a new wave of profit-taking.
On-chain data platform Lookonchain reports that a long-term Bitcoin whale, who recently offloaded $4.43 billion worth of holdings, has sold another 3,000 BTC today, valued at approximately $363.9 million.
This Bitcoin OG isn’t bearish on crypto, considering he uses his BTC proceeds to buy Ethereum. However, whales now believe that altcoins offer a better risk-reward setup at this stage of the crypto cycle.
Besides the renewed profit-taking, the spillover from a sluggish US stock market on Tuesday also added to selling pressure on crypto.
The sharp sell-off in Oracle (ORCL), as well as the uptick in long-term Japanese bond yields, has made investors jittery. In particular, the rising Japanese yields are fueling fears of global capital outflows from risk assets, as higher borrowing costs and a stronger yen could pressure equities and crypto alike.
Finally, the ongoing US government shutdown is pushing crypto prices down. The US Senate has now rejected both the Republican and Democratic parties’ plans to reopen the government, failing to secure enough votes.
Should Sidelined Investors Buy The Dip?
Sidelined investors should absolutely buy the dip as top analysts remain confident that the fourth-quarter bull market is far from over.
For starters, while a few whales have offloaded Bitcoin, many new wallets are buying the dip.
Moreover, the US stock market is in the green today, with even the ORCL stock price climbing by over 1%.
Finally, while the rising Japanese yields are a concern, the US Fed’s rate cuts will continue to push down borrowing costs.
Best Coins To Buy The Dip
Solana meme coins such as SPX6900 and Pudgy Penguins usually move in close correlation with Bitcoin. However, with both trading in the green today despite BTC’s sharp decline, it signals strong underlying demand and could mark the early stages of a new uptrend.
Zcash also continues to be in an uptrend and is one of the best cryptos to buy now.
The BNB meme coin season is also in full force, with coins like 4 and Giggle Fund in high demand.
Bitcoin Hyper (HYPER) continues to be the hottest low-cap crypto asset on the market, having already raised nearly $23 million in its ICO.
Being the latest BTC layer-2 project, it has emerged as an excellent high-beta play on Bitcoin. With the BTC price expected to hit $150,000 and higher, HYPER is a top bet for investors hunting for outsized returns.
Once again, whales have been among the first to recognize its upside potential. Just this week, a new whale wallet purchased $275k worth of HYPER in a single transaction, data from Etherscan reveals.
Recently, another whale purchased over $500k worth of Bitcoin Hyper in three transactions.
With such strong whale demand and low market cap, it is no surprise that many are calling HYPER the next 100x crypto.
Visit Bitcoin Hyper Presale
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