On Thursday, major cryptocurrencies are experiencing significant pressure. Bitcoin (BTC) has fallen to fresh two-week lows below $60,000, slipping under its 50-day moving average (DMA) of $60,700. Investors are now searching for the best cryptocurrencies to buy to take advantage of this dip.
Economic Data Influences Market Sentiment
Earlier today, the US Consumer Price Index (CPI) inflation data was slightly higher than expected, while weekly job claims data disappointed investors. Although various Federal Reserve (Fed) policymakers have voiced support for continued rate cuts in November and into 2025, the markets have largely discounted the likelihood of a 50 basis points rate cut next month. Some analysts even suggest that the Fed might entirely skip another rate cut at its next meeting. This uncertainty is weighing on sentiment within the cryptocurrency markets, compounded by concerns about the potential for an all-out war between Iran and Israel.
Market Rebound Incoming?
Despite the current market pressure, a rebound may be on the horizon. If the US economy continues to grow steadily and the Fed implements substantial rate cuts over the next year, this could create favorable “goldilocks” conditions for risk assets. This positive narrative is expected to strengthen as we approach the end of 2024.
Additionally, other bullish narratives could emerge. A potential victory for Donald Trump in the upcoming US presidential election may serve as a positive catalyst, coinciding perfectly with the delayed Bitcoin market’s usual post-halving cycle. Recent odds suggest Trump has a 54.4% chance of winning against Kamala Harris.
Bitcoin typically consolidates for about six months following each halving before surging to new all-time highs. With only nine days remaining until this six-month mark since the April halving, many believe that a rally may be imminent.
Best Cryptos to Buy Now
For those new to cryptocurrency investing, Bitcoin remains the top choice. It could potentially reach $100,000 this year, making every dip below $60,000 a great buying opportunity. As one analyst remarked, “Keep stacking.”
This could result in gains exceeding 60% from current levels. However, seasoned investors might seek altcoins with greater upside potential. Smaller, lesser-known altcoins often exhibit higher volatility, meaning they can perform three times better than Bitcoin in favorable conditions, but may also decline significantly in downturns.
Uniswap (UNI) stands out as a promising option. As reported by CoinMarketCap, this leading multi-chain decentralized exchange (DEX) has seen a 10% increase over the past 24 hours, outperforming other top 100 cryptocurrencies by market capitalization. UNI is currently testing a breakout above its 200-day moving average around $8.00. A successful break above this level could lead to a significant rally towards yearly highs exceeding $16.00, doubling its current price.
In addition, the Solana meme coin Popcat (POPCAT) is also performing well. Following its breakout above tough resistance at $1.00, POPCAT is showing strong momentum. The current dip presents a great buying opportunity, positioning POPCAT as a strong contender in the meme coin market.
Finally, the real-world asset (RWA) tokenization protocol Mantra (OM) continues its upward trend, nearing record highs just above $1.40. With a market capitalization of only $1.2 billion, Mantra has substantial growth potential as the current bull market matures, making it an attractive option for investors.
All the mentioned cryptocurrencies possess 5-10x potential in this bull market. However, for those seeking even higher upside potential—between 20-50x—consider exploring Cryptonews.com’s list of the best presales available right now.
Additional Resources
For further insights, check out Cryptonews.com’s in-house analyst Crypto Arjay’s top three meme coins to consider this October.
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