The mood in crypto markets was upbeat on Friday. Most major coins experienced a solid rebound following Thursday’s dip, and investors were assessing what might be the best crypto to buy now if a strong rally is incoming in the second half of October.
Bitcoin (BTC) rallied 3.6% in the past 24 hours to return to the $62,000s, per CoinMarketCap, after briefly falling under $59,000 on Thursday.
The strong rally comes amid positive catalysts, including a fresh one-year delay to Mt Gox repayments and hopes for fresh stimulus in China.
Mt.Gox just announced the start of the Bullrun
— chrizzy (@chrizzy_1999) October 11, 2024
Major alt-coins Ethereum (ETH) and Solana (SOL) were up 2% and 5% respectively over the last 24 hours.
The strong rebound after Thursday’s dip sends a positive signal that there is strong demand to buy the dip right now.
That increases the prospect of a strong market-wide rebound in the second half of October.
October Rebound Incoming?
In the past few days, pro-crypto/DeFi Republican US Presidential nominee Donald Trump has opened up a strong lead in the betting odds over Democrat rival Kamala Harris.
Anticipation of a pro-crypto Trump presidency could become an increasingly strong tailwind as the November 5 election nears.
Trump just set another all-time high in his odds against Harris.
There's now a 54.4% chance he wins. pic.twitter.com/9bAj6n2h5l— Polymarket (@Polymarket) October 10, 2024
And this comes at a time when the Fed is easing financial conditions, which, assuming US economic growth holds up, is a big positive for risk assets like major cryptos.
It is also nearly six months since the April Bitcoin halving – historically, bull markets have gone into overdrive six months after prior halvings.
All of this could combine to help power Bitcoin to fresh record highs and towards $100,000 before the end of 2024.
For new investors, Bitcoin is thus a strong candidate for the best crypto to buy now.
It could rally a further 60% this year, but it’s also the oldest, most well-known, most widely adopted, most decentralized, and most secure crypto.
However, some seasoned crypto investors with a sizeable BTC bag seek higher beta plays.
Smaller and lesser-known altcoins might be their best bet.
Here are some strong performers that might be the best crypto to buy now.
Best Crypto to Buy Now – Which Altcoins Make the Cut?
Innovate yield-bearing algorithmic stablecoin protocol Ethena (ENA) is the best-performing crypto in the top 100 today, pumping up 28% per CoinMarketCap.
ENA recently launched a new US government debt-backed stablecoin, marking its entrance into the fast-growing real-world asset tokenization space.
We are excited to announce Ethena's newest product offering: UStb
UStb will be fully backed by @Blackrock BUIDL in partnership with @Securitize, enabling a separate fiat stablecoin product alongside USDe
Details below on why this is important: pic.twitter.com/jOIoMef7W3— Ethena Labs (@ethena_labs) September 26, 2024
And it’s looking very strong, per technical analysis. ENA’s strong Friday rally confirmed a rebound from its 50DMA, a sign that the bulls are in control of the market.
ENA, last at $0.333, could soon pump nearly 5x higher to its record highs in the $1.50 region.
That makes Ethena a strong candidate for the best crypto to buy now.
Elsewhere, Ethereum meme coin Mog Coin (MOG) is another one of the top gainers today, rising 24.5% per CoinMarketCap to around $0.0000017.
MOG continues to move higher within an upward trend channel and sits comfortably above its 200 and 50DMAs.
That suggests the near-term bias is towards more upside for MOG. A quick 2x rally to above $0.0000030 is on the cards.
That makes it a strong candidate for the best crypto to buy now and, possibly, also the best meme coin.
Rival Solana-based meme coin dogwifhat (WIF) is another strong performer on Friday.
According to TradingView, WIF jumped 13% on Friday to around $2.76, where it is testing key resistance.
Indeed, WIF appears to have formed a bullish ascending triangle structure, signaling a strong likelihood of a near-term breakout.
A quick near-2x rally could be on the cards for WIF. But as a leading Solana meme coin, WIF’s long-term outlook is strong, suggesting it’s a candidate for the best crypto to buy now.
WIF and MOG could easily post 5x gains from current levels.
But meme coin investors hunting bigger upside potential will need to get into newer, smaller meme coins before they start to trend.
Cryptonews.com is constantly on the hunt for the next 20x meme coin play.
They maintain a list of their favorite meme coin presales that they think have sound potential. Here are their top picks.
18 Best New Meme Coins to Buy in October 2024
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