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Joel Frank
Author
Joel Frank
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As crypto prices dipped on Monday following a strong surge at the end of last week and concerns about incoming Japanese Prime Minister Ishiba’s monetary policy, investors are eyeing the best crypto to buy now to take advantage of the market drop.
Ishiba, who is expected to support monetary policy normalization, could implement further rate adjustments, creating both risks and opportunities in the crypto space.
The modest rate hike by the Bank of Japan in August sparked unease in crypto markets, leading to an unwinding of the ‘carry trade,’ where traders have historically funded riskier bets with low-interest loans denominated in Japanese yen.
However, crypto markets have since bounced back, buoyed by easing measures from the Federal Reserve and PBoC in September.
Bitcoin (BTC) briefly surpassed $66,000 last week but has since retreated to just below $64,000, testing its 200-day moving average (200DMA).
Is Bitcoin the Best Crypto to Buy Now?
Bitcoin may currently be one of the best cryptos to buy, with projections indicating a potential upswing in the coming month.
September, often considered one of the worst months for Bitcoin, is bucking the trend this year, with the cryptocurrency up 8% thanks to central bank easing.
This sets the stage for a strong October, historically Bitcoin’s best-performing month. Last week, inflows into crypto investment products hit their highest level in 12 weeks, according to a CoinShares report.
If upcoming US ISM and jobs data ease concerns about a potential recession, Bitcoin could be propelled toward the $70,000 mark.
Uncertainty surrounding the early November US Presidential election may slow Bitcoin’s climb in October.
However, once political risks are clearer and the delayed effect of Bitcoin’s April halving kicks in, BTC could soar past its previous all-time high of around $74,000, potentially reaching $100,000 by the end of the year.
Altcoins to Watch – Best Crypto to Buy Now
While Bitcoin’s rise to $100,000 would represent a substantial 56% gain from its current price, many risk-tolerant investors in the crypto space are seeking even greater returns, looking to altcoins for the possibility of 5x or more gains.
Here are some of the strongest-performing altcoins that could be the best crypto to buy now.
Ethena (ENA) Rallies on Stablecoin Launch
Ethena (ENA), an algorithmic stablecoin protocol, has seen a 12% increase in the past 24 hours, according to CoinMarketCap, making it one of the top performers in the crypto market.
ENA is currently priced around $0.39, with its recent rally driven by the launch of a new yield-bearing stablecoin.
In September, ENA broke above its 50-day moving average (50DMA) for the first time in months, signaling a potential surge back towards record highs of $1.50 as a fourth-quarter bull market looms.
This performance makes ENA a strong contender for the best crypto to buy now.
Bittensor (TAO) Soars Amid AI Market Hype
Bittensor (TAO), a decentralized machine learning network, recently hit multi-month highs, trading above $600 and increasing by 9% in the past 24 hours, per CoinMarketCap.
With artificial intelligence (AI) hype continuing to fuel financial markets, TAO could lead a Q4 surge.
Bittensor’s market cap stands at $4.4 billion, with the potential to rapidly rise to $10 billion.
This positions TAO as a prime candidate for best crypto to buy now, especially for those interested in AI-related projects.
Arweave (AR) Moves Higher After Breaking Resistance
Decentralized storage network Arweave (AR) is also among the top performers, climbing 7% in the last 24 hours, according to CoinMarketCap.
AR recently broke above its 200DMA, which provided support over the weekend—a bullish sign for investors.
Having snapped a downtrend that had been in place since June, AR is now poised to push beyond $30 and towards its July highs of $35.
As a leading decentralized data storage solution, Arweave has significant potential for future price growth, making it a strong candidate for the best crypto to buy now.
Higher Upside Potential Alternatives
While established altcoins like Ethena, Bittensor, and Arweave offer notable upside potential, some traders are on the lookout for smaller, lesser-known projects that could yield 50x or even 100x returns.
One of the most effective ways to find these high-reward opportunities is to invest in crypto projects during their presale stages.
For those interested in exploring presale investments, check out Cryptonews.com’s list of the best crypto presales to buy now.
17 Best Crypto Presales to Invest In Now
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.
