Best Cryptocurrencies to Buy, December 23 – Bitcoin, Stellar, Polkadot
Highlights:
- Despite dipping below the $100k mark, Bitcoin remains a top pick.
- Stellar appears to be lining up for a rebound with very positive technicals.
- After a bullish technical breakout signal of Polkadot, it is poised for growth.
The crypto market continues to display bearish momentum, declining its overall market cap to $3.28 trillion. The 24-hour trading volume has dropped 7% to $148 billion, cementing the bearish sentiment. However, the fear and greed index has dropped from its recent highs of 80 to 54, indicating a neutral sentiment.
Furthermore, Bitcoin is trading below the $100k mark, while top altcoins like Ethereum and XRP face the same trend. As the bearish momentum prevails, here is a look at the best cryptocurrencies to buy, such as Bitcoin, Stellar, and Polkadot.
Best Cryptocurrencies to Buy
1. Bitcoin (BTC)
The largest asset, Bitcoin, is trading at $95,250 after failing to hold above the $100k mark over the weekend. BTC is down 9% and 3% on the weekly and monthly charts, respectively. In addition, its market cap and trading volume have declined to $1.88 trillion and $49.78 billion, respectively.
Crypto analyst AlphaBTC recently pointed out that Bitcoin could break out of the descending channel. A key turning point for its valuation, the cryptocurrency revisited the $100 mark and filled in the CME gap.
📉📈 Is #Bitcoin poised for a breakout from its descending channel?
The chart shows the recent fill of the CME gap, a critical juncture for price action.
How will $BTC react after revisiting the 100k mark?
With markets closed over the holidays, liquidity is low. This could… pic.twitter.com/HfIYt0Gowv
— AlphaBTC (@mark_cullen) December 23, 2024
With markets closed for the holidays, reduced liquidity could leave major players with a huge impact on Bitcoin’s direction. The developments above position Bitcoin as among the best cryptocurrencies to buy as future market directions may take shape.
2. Stellar (XLM)
Stellar has resumed its upward journey despite trading on a descending channel on the weekly and monthly charts. As of this writing, XLM is trading at $0.3560 up by 1.23% in the past 24 hours. In addition, the market cap and trading volume stand at $10.70 billion and $445.97 million, respectively.
Crypto analyst Ali Martinez noted that Stellar has achieved a buy signal on its daily chart. The TD Sequential is indicating a possible price rebound on this signal. It shows strength at the $0.33 support level.
The TD Sequential presents a buy signal on the #Stellar $XLM daily chart, anticipating a price rebound if the $0.33 support level holds! pic.twitter.com/cVjNwJd4O8
— Ali (@ali_charts) December 23, 2024
If this support holds, investors watching the best cryptocurrencies to buy might consider XLM as a potential buy. This insight aligns with market trends and investor interests, reinforcing Stellar’s appeal during current trading conditions.
3. Polkadot (DOT)
Polkadot is trading at $6.89, recording a drop of 1.90% on the daily chart. On the weekly and monthly charts, DOT has experienced declines of 20% and 9%, respectively. In addition, the market cap and the trading volume have declined to $10.47 billion and $408 million, respectively.
Recently, crypto analyst Captain Faibik on X highlighted a breakout from the falling wedge pattern in the DOT/USDT weekly chart. This is a signal for a potential last buying opportunity before an expected bullish rally.
$DOT Falling Wedge Breakout/Retest on the Weekly TF Chart..!!
Last Buying Opportunity before the Massive Bullish Rally Takes Off! 📈
Midterm Target : 40$#Crypto #DOT #Polkadot #DOTUSDT pic.twitter.com/K3mjmEkAlQ
— Captain Faibik 🐺 (@CryptoFaibik) December 23, 2024
Faibik added that DOT could attain a mid-term target of $40. This technical analysis makes DOT a good choice for investors seeking the best cryptocurrencies to buy.
Final Thought
As the crypto market continues to be bearish, investors looking for opportunities should consider Bitcoin, Stellar, and Polkadot as the best cryptocurrencies to buy. These coins have expressed the potential signs of recovery or breakout making them attractive choices in this market downturn.
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Raymond Munene
Raymond Munene is a crypto content writer who contributes to Crypto2Community. With over three years of experience, he is interested in Bitcoin, Blockchain, and Technical Analysis. Focusing on daily market analysis, his research helps traders and investors alike. His particular interest in cryptocurrency and blockchain aids his audience.
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