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Joel Frank
Author
Joel Frank
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Why Trust Cryptonews
Bitcoin (BTC) is taking a breather and consolidating just below the all-time highs it nearly hit earlier this week, with investors taking the opportunity to assess what might be the best crypto to buy now if a new leg higher in the market is around the corner.
The US presidential election is just around the corner, and betting markets remain confident that pro-crypto ex-President Donald Trump will win, with Polymarket pricing a 66% chance he will come out victorious.
A Trump victory, which could come along with a Republican sweep of both branches of Congress, has been touted as a potential positive catalyst that could lift major cryptos to fresh yearly highs.
Indeed, this comes at a time when the US economy continues performing well, but the Fed is easing interest rates to avoid monetary policy becoming overly tight.
That arguably means a “goldilocks” environment for risk assets like stocks and crypto.
And crypto has other tailwinds going for it – its now been over six months since the BTC halving and this is historically when BTC bulls markets go into overdrive.
Bitcoin was last around $72,500, less than 2% below the record highs it hit in March.
Ethereum (ETH), meanwhile, is pushing up to test $2,700 – the world’s second-largest crypto remains over 35% down from earlier yearly highs, and hopes are growing that a “catch-up” play could soon ensue.
The prospect of near-term outperformance thanks to a “catch-up” effect suggests ETH is a strong candidate for the best crypto to buy now.
That said, concerns linger about weak demand for spot Ethereum ETFs and growing competition from layer-2 blockchains and more agile layer-1 rivals like Solana.
Still, quick 2x gains could easily be on the cards for ETH. However, some investors might be hunting for even greater upside potential.
Smaller and lesser-known altcoin might be a better bet. Here are some strong performers that might be the best crypto to buy now.
Best Crypto to Buy Now – Which Are They?
Algorithmic stablecoin protocol Maker (MKR) is leading the market higher on Wednesday, having gained 8.3% in 24 hours per CoinMarketCap to reach $1,240.
Bulls will be hoping this marks the start of a new uptrend, with MKR having been a major underperformed in recent months, even despite the broader market recovery.
If MKR could recover to earlier yearly highs above $4,000, that could mean more than 3x upside, making it potentially the best crypto to buy now.
Chainlink (LINK) is another notable gainer, having rallied 5% on the day, per TradingView. But the LINK gains could be about to go into overdrive – LINK appears to have formed a bullish ascending triangle.
A break above its 200DMA at $13 could kickstart a swift move back to yearly highs in the $23 area.
Elsewhere, leading RWA tokenization protocol Mantra (OM) is another strong performer. Per CoinMarketCap, it’s up 4% in 24 hours to $1.44, with its strong uptrend that has been in play all year seemingly still in place.
Mantra remains over 10% down from its yearly highs in the $1.60 area hit earlier this month.
For traders looking to gain exposure to a token with massive growth potential at a discount to its recent highs, OM could be the best crypto to buy now.
Alternatively, traders hunting riskier coins with 20-50x return potential might instead want to check out cryptonews.com‘s picks for best low-cap coin to buy now.
Many are high-potential crypto presales, offering investors a chance to get in at the earliest stage possible.
11 Best Low Market Cap Crypto Coins to Buy in 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
