Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Market sentiment turned bullish on Friday. Most major cryptocurrencies staged a solid rebound following Thursday’s dip, prompting investors to evaluate which assets represent the best buying opportunities if a strong rally unfolds in the second half of October.
Bitcoin (BTC) rallied 3.6% over the past 24 hours, returning to the $62,000 range, according to CoinMarketCap data. This recovery followed a brief dip below $59,000 on Thursday.
The strong rally is supported by positive catalysts, including a fresh one-year delay in Mt. Gox repayments and growing hopes for new economic stimulus in China.
Mt.Gox just announced the start of the Bullrun
— chrizzy (@chrizzy_1999) October 11, 2024
Major altcoins Ethereum (ETH) and Solana (SOL) also posted gains, rising 2% and 5% respectively over the last 24 hours.
This strong rebound after Thursday’s dip signals robust demand to buy the dip, increasing the likelihood of a market-wide rally in the second half of October.
Is an October Rebound Incoming?
In recent days, pro-crypto and DeFi-friendly Republican U.S. Presidential nominee Donald Trump has opened a significant lead in betting odds against his Democratic rival, Kamala Harris.
Anticipation of a pro-crypto Trump presidency could serve as a growing tailwind as the November 5 election approaches.
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
This political shift coincides with the Federal Reserve easing financial conditions. Assuming U.S. economic growth remains stable, this is a significant positive for risk assets, including major cryptocurrencies.
Additionally, it has been nearly six months since the April Bitcoin halving. Historically, bull markets have accelerated six months after previous halving events.
These factors could combine to drive Bitcoin to fresh record highs and potentially toward $100,000 before the end of 2024.
For new investors, Bitcoin remains a strong candidate for the best crypto to buy now.
While it could rally a further 60% this year, it is also the oldest, most well-known, most widely adopted, most decentralized, and most secure cryptocurrency.
However, seasoned crypto investors with substantial BTC holdings often seek higher beta plays.
Smaller and lesser-known altcoins may offer the best opportunities for such investors.
Below are some strong performers that could be the best crypto to buy now.
Best Crypto to Buy Now: Which Altcoins Make the Cut?
Ethena (ENA), an innovative yield-bearing algorithmic stablecoin protocol, is the top-performing cryptocurrency in the top 100 today, surging 28% according to CoinMarketCap.
ENA recently launched a new stablecoin backed by U.S. government debt, marking its entry into the rapidly growing real-world asset tokenization sector.
Related Posts
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
Technical analysis indicates strong momentum. ENA’s sharp rally on Friday confirmed a rebound from its 50-day moving average (50DMA), a sign that bulls are in control.
Trading at $0.333, ENA could soon surge nearly fivefold to its record highs in the $1.50 region.
This potential makes Ethena a strong candidate for the best crypto to buy now.
Meanwhile, Ethereum-based meme coin Mog Coin (MOG) is another top gainer today, rising 24.5% per CoinMarketCap to approximately $0.0000017.
MOG continues to move higher within an upward trend channel and remains comfortably above its 200-day and 50-day moving averages.
This suggests a near-term bias toward further upside for MOG. A quick rally of 2x to above $0.0000030 is a possibility.
This positions it as a strong candidate for the best crypto to buy now and potentially the best meme coin.
Rival Solana-based meme coin dogwifhat (WIF) was another strong performer on Friday.
According to TradingView, WIF jumped 13% on Friday to around $2.76, where it is testing key resistance levels.
WIF appears to have formed a bullish ascending triangle pattern, signaling a high probability of a near-term breakout.
A quick near-2x rally could be on the horizon for WIF. As a leading Solana meme coin, WIF’s long-term outlook is strong, making it a candidate for the best crypto to buy now.
WIF and MOG could easily post 5x gains from current levels.
However, meme coin investors seeking larger upside potential may need to enter newer, smaller meme coins before they begin to trend.
Cryptonews.com is constantly searching for the next 20x meme coin opportunity.
The site maintains a list of its favorite meme coin presales that show strong potential. Here are their top picks.
18 Best New Meme Coins to Buy in October 2024
The post Best Crypto to Buy Now October 11 – Ethena, Mog Coin, Dogwifhat appeared first on Cryptonews.
