Top crypto Performers Today: Altcoins Shine Amidst Market Uncertainty
As major cryptocurrencies rebound from recent multi-week lows, investors are now turning their attention to altcoin markets in search of top crypto performers today that have the potential to outperform amidst ongoing market volatility.
All eyes are currently focused on upcoming US ISM Services PMI data on Thursday and the August jobs report on Friday - data points that will significantly impact expectations regarding the US economy's trajectory and the Federal Reserve's interest rate decisions.
Recent US economic data has not been optimistic, with the ISM Manufacturing PMI missing expectations and signaling continued economic contraction in the US industry. The US JOLTs job openings report also showed a softening labor demand, further fueling concerns about a potential recession.
These fears have led to elevated recession concerns and increased bets on a Federal Reserve rate cut, affecting US bond yields and potentially aiding in the recovery of bitcoin from intra-day lows.
Despite bitcoin's recovery, it is important to note that it is not one of the top crypto performers today. The Polymarket implied election victory odds, where Republican Presidential nominee Trump holds a 5% lead over Democrat nominee Harris, could also be contributing to market sentiment, with Trump being seen as the more pro-crypto candidate.
As the cryptocurrency market stabilizes, here are some top crypto performers today that investors may consider accumulating.
Top crypto Performers Today
Aave (AAVE)
Leading lending and borrowing protocol Aave (AAVE) has emerged as one of the top crypto performers today, with a 10% 24-hour gain according to CoinMarketCap.
AAVE's strength is attributed to expectations surrounding a Trump-linked crypto project launching based on the DeFi application, which is anticipated to bring significant attention to the platform and boost its Total Value Locked (TVL).
Currently trading around $134.70, AAVE is eyeing a retest of its 2024 highs in the $150 range, solidifying its position as a leading DeFi protocol with potential for substantial growth beyond its $2 billion market cap.
Starknet (SRTK)
Another standout performer today is Starknet (STRK), a ZK-rollup ethereum layer-2 blockchain protocol that is aiming for a retest of its 50-day moving average (DMA).
A break above this level could pave the way for a sustained upward move towards the $0.60 range from its current price just below $0.40.
Dogwifhat (WIF)
Among the top performers today is the Solana meme coin Dogwifhat (WIF), despite trading at $1.60 and remaining within a long-term downward trend channel, significantly below its major moving averages.
Given its bearish technical outlook, WIF may not be the ideal meme coin to buy at present. Alternatively, analysts at Cryptonews.com recommend monitoring meme coin presales for potential opportunities.
To explore top meme coin presales and other crypto picks, refer to Cryptonews.com's curated list and expert insights for informed investment decisions.
