On Thursday, Bitcoin’s price climbed back into the $65,000 range, surpassing its 200-day moving average (200DMA) and the highs from late August. This upward momentum could pave the way for a quick return to resistance levels near $70,000. The bullish narrative surrounding global central bank easing is driving renewed interest in US spot Bitcoin exchange-traded funds (ETFs).
Strong Inflows into Bitcoin ETFs
Data from Farside reveals that Bitcoin ETFs experienced over $100 million in net inflows on Tuesday and Wednesday. Following a 50 basis point rate cut last week, which marked the first reduction since 2020, the US Federal Reserve is anticipated to cut rates by another 50 basis points in November.
Other major central banks are also adopting easier monetary policies. For instance, the People’s Bank of China (PBoC) recently eliminated its reserve requirements and is considering injecting an additional 1 trillion yen into the financial markets. These moves are expected to significantly boost liquidity across global financial markets in the coming months.
Bitcoin as a Proxy for Global Liquidity
Many investors regard Bitcoin as a barometer for global liquidity conditions, positioning it as a likely beneficiary of these changes. Traditional investors aiming to enhance their portfolios with potential upside should consider Bitcoin as a prime candidate for purchase at this time.
Historically, October and the broader fourth quarter tend to be favorable for Bitcoin, with strong seasonality trends aligning with favorable fundamentals. Central bank easing, the upcoming US elections, and the delayed bullish effects of the Bitcoin halving could all serve as significant tailwinds as we approach Q4.
Future Price Projections
There is a strong possibility that Bitcoin could reach $100,000 before the year concludes. However, investors who already hold a substantial amount of Bitcoin may seek additional exposure to enhance their portfolios further.
They will likely explore the altcoin market for higher beta options that may outperform Bitcoin. Here are some standout coins from Thursday that could offer superior returns.
Strong Candidates for Investment
Shiba Inu (SHIB)
Shiba Inu (SHIB), a prominent Ethereum meme coin, was the best-performing cryptocurrency among the top 100 on Thursday, soaring nearly 20% in a single day, according to TradingView. The reasons behind SHIB’s impressive rise, which pushed it above $0.000018, remain unclear. However, its technical indicators are currently favorable.
Earlier this month, Shiba Inu broke out of a multi-month downtrend, making solid gains towards its next significant resistance level, just above $0.000020, where the 200DMA and July highs converge. If SHIB manages to surpass this level, it could return to yearly highs around $0.000040.
This sudden surge has boosted SHIB’s market cap by over $1.5 billion, suggesting that the meme coin season may be returning. If this is the case, Shiba Inu could be the best crypto to buy now.
Dogs (DOGS)
Another meme coin worth considering is Dogs (DOGS), a meme coin built on the TON blockchain. Despite the overall market rally, DOGS has seen a decline in recent weeks, with its market cap dropping to $440 million.
For traders seeking a meme coin with strong community support and solid fundamentals that is currently undervalued, DOGS could be an attractive investment. However, in a recent price analysis video, Chester from Cryptonews.com mentioned that DOGS might see its market cap fall to around $200 million.
A more strategic move for meme coin enthusiasts might involve participating in meme coin presales. These presales provide an opportunity to invest in high-potential projects before they gain mainstream traction, often at favorable valuations.
Ethena (ENA)
Finally, the DeFi protocol Ethena (ENA) is another noteworthy cryptocurrency. The algorithmic stablecoin issuing protocol has risen 16% in the past 24 hours to $0.365, according to CoinMarketCap. This price increase follows the launch of Ethena’s new stablecoin, UStb.
Ethena Labs announced, “We are excited to present Ethena’s latest product offering: UStb,” which will be fully backed by BlackRock’s on-chain BUIDL fund. This new stablecoin will operate as a separate product from Ethena’s existing USDe stablecoin.
For those looking to gain exposure to an innovative DeFi protocol, Ethena might be the best crypto to buy now.
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