Major cryptocurrencies are currently experiencing mixed trading patterns as Bitcoin (BTC) pulls back from its recent record highs. After nearing new peaks earlier this week, Bitcoin is now valued just below $69,000, reflecting a decline of over 6% from its recent highs in the $73,000 range. Investors are taking this opportunity to assess potential investments in the cryptocurrency market amid uncertainty surrounding the upcoming U.S. presidential election.
Impact of the U.S. Presidential Election
As the election approaches, cautious investors are opting to take profits. Ex-U.S. President Donald Trump remains the favorite to win, although his odds have slightly decreased in recent days. This growing uncertainty appears to be affecting the Bitcoin market.
Latest Election Odds
- Trump: 61.1% chance
- Harris: 38.9% chance
With only three days until the election, the stakes are highformance of Other Major Cryptocurrencies
Other leading cryptocurrencies have shown mixed results. Ethereum (ETH), BNB (BNB), and Solana (SOL) experienced declines ranging from 1% to 3% over the last 24 hours. In contrast, Cardano (ADA) and Toncoin (TON) reported gains of 1.5% to 3% according to CoinMarketCap. Despite this volatility, a potential rally in the crypto markets seems possible once the election uncertainty dissipates.
The latest U.S. jobs data for October showed soft results, strengthening expectations that the Federal Reserve will continue to gradually lower interest rates. Meanwhile, other economic indicators, such as recently released Q3 GDP figures, remain robust. A new administration—whether Republican or Democrat—is likely to implement favorable policies for the crypto industry, potentially allowing Bitcoin to reach $100,000 later this year and boosting the altcoin market alongside it .
Ineking the Best Cryptos to Buy Now
In this environment, investors are actively searching for the best cryptocurrencies to purchase. Here are some altcoins that have demonstrated strong performance and could be promising options:
Cardano (ADA)
As the 10th largest cryptocurrency by market cap, Cardano (ADA) is one of the few coins that showed positive movement in the last 24 hours, rising by 3% to trade above $0.35. For investors interested in a well-established coin that may be undervalued compared to the broader market, Cardano presents a viable opportunity.
Despite being down 40% this year, compared to Bitcoin’s 63% gains, the potential return of an altcoin season may allow Cardano to outperform through a “catch-up” effect. However, its lack of a compelling adoption narrative, evidenced by weak growth in on-chain activity in recent years, indicates a risk of continued underperformance over the long term.
Mantra (OM)
Another standout performer today is Mantra (OM), an innovative protocol focused on the tokenization of real-world assets (RWA). Mantra has seen an impressive upward trend this year, increasing by just over 2% in the past 24 hours. A Trump victory in the election could fuel optimism for broader crypto regulations, thereby enhancing the RWA narrative.
Trading last at $1.40, Mantra’s market cap is approximately $1.2 billion, indicating considerable upside potential. This makes OM a candidate for the best crypto to buy now.
Raydium (RAY)
Raydium (RAY), a leading decentralized exchange (DEX) within the Solana ecosystem, is another noteworthy performer. Currently priced around $3.30, RAY is close to its two-and-a-half-year highs reached earlier this month. With Solana’s ecosystem expanding rapidly, RAY may be positioned for further appreciation.
Despite being over 80% down from its 2021 record highs, RAY offers at least five times the potential upside, establishing it as a candidate for best crypto to buy now. Traders looking for even greater upside within the Solana network might consider exploring new meme coins.
Conclusion
In conclusion, with the mixed trading of major cryptocurrencies and the influence of upcoming political events, investors are keenly evaluating their options. Cryptocurrencies like Cardano, Mantra, and Raydium have emerged as potential candidates for investment as the market looks forward to a clearer path ahead post-election.
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