With Bitcoin (BTC) plunging below its 50DMA around $60,700 and hitting new two-week lows below $60,000, major cryptocurrencies are under pressure on Thursday. Investors are searching for the best cryptocurrency to purchase now in order to profit from the decline.
Weekly job claims data was disappointing, while US Consumer Price Index (CPI) inflation data was slightly hotter than anticipated earlier today.
Markets have now fully priced out the possibility of a 50 basis point rate cut next month, despite statements from a number of Fed governors supporting further rate cuts in November and into 2025.
The Fed may even forego another rate cut at the upcoming meeting, according to some analysts.
That seems to be affecting the tone in cryptocurrency markets, and the possibility of a full-scale conflict between Israel and Iran is also depressing morale.
Will the Market Rebound?
However, a comeback might be imminent. There would be “goldilocks” conditions for risky assets if the US economy grew steadily and the Fed significantly lowered interest rates over the course of the following year and a half.
Until the end of 2024, this story is probably going to continue to gain momentum.
Other optimistic storylines, meantime, might potentially surface. For example, a Trump victory in the US presidential election might serve as a positive trigger and coincide precisely with the long-delayed Bitcoin market’s typical post-halving cycle.
After every halving, Bitcoin typically consolidates for about six months before exploding to new all-time highs.
The six-month mark since the April halving is just nine days away.
Which are the best cryptocurrency to buy right now?
It is possible that “uptober” will not arrive until later in the month.
Given its potential to reach $100,000 this year, Bitcoin is unquestionably the greatest cryptocurrency for novice investors to purchase right now.
Gains of more than 60% from current levels could result from it.
Some seasoned cryptocurrency investors, though, will be searching for greater upside possibilities.
Since smaller cryptocurrencies have a higher beta than Bitcoin due to their smaller market values, they might be a better option.
They may perform three times as well as Bitcoin during prosperous times. They may perform three times as poorly during terrible times.
One contender for the top cryptocurrency to purchase right now is Uniswap (UNI).
The market-leading multi-chain DEX has risen 10% in the last day, according to CoinMarketCap, making it the top-performing cryptocurrency among the top 100 by market capitalization.
At about $8.0, UNI is presently looking for a breakout north of its 200DMA.
A significant rally towards yearly highs above $16.0, two times above current levels, would be possible if there is a break above this level.
Another well-performing cryptocurrency is Popcat (POPCAT), a Solana meme coin.
Since overcoming solid resistance at $1.0, POPCAT has been trading with significant momentum.
POPCAT is the greatest cryptocurrency to purchase right now and might even be the greatest meme coin because of the current decline, which presents a fantastic opportunity for buyers.
Last but not least, Mantra (OM), the tokenization protocol for real-world assets (RWAs), is steadily rising and is just above $1.40, nearing record highs.
Despite being a significant leader in RWA, Mantra’s market capitalization is still only $1.2 billion.
It may be the greatest cryptocurrency to purchase right now because there is still a lot of space for expansion as the present bull market develops.
In this bull market, the aforementioned coins all have 5–10 times potential.
Investors seeking substantial upside potential, or in the 20–50x range, however
