Best Crypto to Buy Now August 16 – SEI, THORChain, Toncoin
Cryptocurrency markets fell on Wednesday, with total market cap dropping by around $16 billion to around $1.1 trillion, Bitcoin (BTC) dropping 1.5% to around $28,700 and Ether (ETH) dropping 1.1% to just above $1,800, where it is now finding support from its 200DMA.
Downward moves in the crypto market come amid macro headwinds, with US stock markets falling while long-dated US government bond yields and the US dollar rise in wake of the latest Fed minutes release.
The minutes showed that officials at the US central bank remain concerned about potential upside risks to US inflation and said that more hikes might be needed unless conditions change.
That being said, US interest rate futures market pricing implies little change in the market’s perceived risk of another 25 bps rate hike in September.
As per the CME’s Fed Watch Tool, the likelihood of a September rate hike was last seen at 12.5%, up only slightly from 10% one day ago.
Perhaps more concerning for the crypto market is that Bitcoin has just snapped its 2023 uptrend and could now drop all the way to the mid-$20,000s again, while Ether looks to be on the verge of dropping below its 200DMA.
While technicals are turning negative for some of the blue-chip coins, things are not all bad.
Here are some of the top coins to buy on August 16th.
SEI, the token that powers the just launched Sei blockchain that is specifically designed to facilitate trading, is up around 20% from its Tuesday closing price around $0.18, making it one of the top-performing cryptocurrencies in the top 100 by market capitalization.
SEI was last changing hands on major exchanges just above $0.21, well below earlier Wednesday peaks in the $0.28 area.
The cryptocurrency remains in a state of price discovery
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