Best Crypto to Buy Now July 8 - Avalanche, Wall Street Memes, GMX

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Even though the crypto market cap is gradually picking up momentum, the trading volume performs much below expectation. Compared to what we said in our best crypto-to-buy update yesterday, the performance is quite low. This is coming against the backdrop of the news making rounds about the departure of two key executives at Binance. However, Changpeng Zhao is making every effort to set the record straight, but the market seems to have caught the FUD already. The effect might spread across the board in the coming days. However, while that remains in the pipeline, it’s time to have a glance at the market today and uncover the best crypto to buy now.

Global Crypto Market Cap Chart

For now, the global crypto market cap went above the value of yesterday to print $1.18 trillion, 0.28% above yesterday. On the other hand, trading volume went down by 37.8%, recording $24.65 billion. Furthermore, DeFi seems to be back in play, continuing 7.8% of trading volume in the last 24 hours. As for Bitcoin, it continues to maintain its dominance with a 49% dominance score.

Best Crypto to Buy Now

Today’s update of best crypto to buy now is a mix of high-performing crypto tokens currently topping the market and presales that are rocketing to the top. An example is the Wall Street Memes featured below with over $13 million raised in presale so far.

1. Avalanche (AVAX)

Avalanche seems to be trading sideways for about three days now. Could it be the time it would recover from the protracted dip of the past 52 weeks? Avalanche launched as a layer 1 alternative to blockchains like the Bitcoin chan and Ethereum. Commonly, layer 1 blockchain, especially those that use proof-of-work or proof-of-stake are faced with a problem called blockchain trilemma. It accounts for the high gas fee across the platforms. Avalanche solved the problem using its interoperable chain designs.

Consequently, developers quickly adopted Avalanche as a go-to alternative to the major blockchains. The adoption led to a leap in the price of AVAX which topped $146 at its All-time-high. However, the crash of 2022 and the continuous pressure of the crypto industry seem to force AVAX into an unrelenting dip that’s taken its price down to $13.

However, what’s trending across AVAX charts recently is the growing pressure on the $19 resistance. The coin seems to be on a quest for a breakout, however, the rejection at the $19 mark keeps pushing it back into the $13 region. This has resulted in its sideways trade for the past three days. As of today, AVAX continues to push for gains, which amounted to about 9% over its price 24 hours ago.

Similarly, Avax trading volume is also on the rise with an almost 34% increase in the last 24 hours. What this means is that they might be mounting pressure on the circulating supply of the token that could push the price into the $14 region before the close of the day. Nonetheless, the promising progress for AVAX might start as soon as it crosses the $19 mark.

2. GMX (GMX)

GMX might be the best crypto to buy now with its value topping 155% gains in the last 52 weeks. It’s not the first time GMX is outperforming the market, however. Since its launch in 2021, the token has moved progressively from $15 up to $55 as of press time, amounting to over 300%. In the last 24 hours, GMS has gained an increase of 2%.

Another interesting fact about the GMX token is its ability to withstand a down market. Despite its launch towards the 2022 crypto market crash, GMX experienced a quick recovery from the downward pressure and returned to an upward trend that’s continued to date. Similarly, GMX is currently showing the same attribute, following the crypto sector crisis of June.

As of today, no less than 300,000 users have used the GMX exchange to trade!

A sincere thanks to all of you. Without our big community of traders, stakers, liquidity providers and other supporters, GMX would not be where it is today. 🫐

Let's keep building better #DeFi. pic.twitter.com/0OsEOvjnMl

— GMX 🫐 (@GMX_IO) July 1, 2023

The price of GMX plunged from $89 down to as low as $43 in less than 10 days as a result of the crisis. However, what’s amazing is the rate at which it’s staging its comeback. It quickly moved out of the red zone as Its price recorded 8% gains in the last 30 days. At this pace, it might be back to its initial price of $89 before the end of the third quarter.

Furthermore, the only factor preventing GMX from a price rally at the moment is the resistance it faces around the $55-$56 mark. It’s currently testing this resistance, having found support at $43 and $49. If a breakout occurs in the coming days, GMX might be on its way to $63 or even $70 in the coming weeks. Overall, GMX is quite discounted at the moment. It is yet to reach its potential.

3. Aave (AAVE)

Aave has enjoyed sizable value gains from the increasing interest in the DeFi sector. In the wake of the trend, AAVE pumped out of the red and began climbing on the upward trend to its current price of $76. However, its upward progress seems to stall at the $77 resistance.

Its current trend makes it the umpteenth time testing the $77 resistance in an attempt to break out. However, it faces intense rejection. What this suggests is the potential for an impending rally. A closer look at its chart in the last 7 days reveals that AAVE has established support at $59 and $72. With its support, it could propel the token on an upward trend that might bring its value up to $100 or even as high as $110 in the coming weeks. However, there’s still a need to conquer the $80 resistance which might push the token into trading sideways in the coming days.

Nonetheless, the price of AAVE might respond differently to the recently completed vote that saw over 1600 ETH, worth over $3 million, moved into the wrapped staked ether (wstETH) and rocket pool ether (rETH). These asset types allow holders to earn rewards on the staked values. Invariably, how this affects the price movement is undecided yet as the voting was completed on the 7th of July. But at the moment, the trend of AAVE is potentially upwards and now might be the best time to buy.

4. UNUS SED LEO (LEO)

Following the recent bear pressure in the market, LEO seems to be performing at its best. Even though the token has not done well in its Y2D value, it’s currently showing signs of recovery. At the end of June, the LEO token started a price action that moved its price from $3 up to $4 in the space of 7 days. However, it seems to encounter resistance that has forced its price down to $3.8. It has continued to trade relatively sideways ever since without much decision of what trend to maintain.

Generally, LEO was created as compensation for the iFinix hack that took over 120 000 BTC away from the platform. In this light, the platform interests an intermittent by-back that commits over 27% of the revenue of iFinex to the burning of LEO. So far, over 60 million LEO tokens have been consumed in the process. It is believed that the entire 1 billion LEO token would be burned in the lifetime of the program. Why is LEO one of the best crypto to buy now?

At the moment, the value of LEO has gone from $1 to over $3. With the increasing burn, there is bound to be a reduction in the supply of the token, which invariably means that the price of the token would receive a boost. The token is not only there to store value, it also provides some privileges to holders. For example, LEO holders get discounts for trades, deposits, and withdrawals done on Bitfinex. Investors should keep an eye on the LEO chart in the coming days.

5. Wall Street Memes (WSM)

Wall Street Memes has continued to prove itself as the king of memes from the outset of its presale. After raising hundreds of thousands on the first day of presale, WSM has gone on to sell over $13 million in presale and an increasing number of Twitter followers totaling over 251k.

True to its name, Wall Street Memes is committed to changing the way the world views crypto trading and trading generally. It is out to take the power away from institutional investors and give it to the people. While these look quite ambitious, it aligns with the fundamentals of cryptocurrency as a whole. Satoshi, the creator of the crypto industry, believes in the decentralization of the financial sector, and Wall Street Memes are pushing to make that a reality.

BREAKING – Reports say Elon Musk plans to buy the entire stock market and limit how much money you can lose on degen trades pic.twitter.com/B6E6GiYUR8

— Wall Street Memes (@wallstmemes) July 3, 2023

While it does not have an attached utility, it serves as the token that binds the community of like-minded people together. At its presale price, WSM is offered for $0.0313. However, that price is going to jump to $0.0316 at the end of the current stage. The call to be a part of the next big thing in the memecoins sector ends soon.

Visit Wall Street Memes presale.