Top Cryptocurrencies to Consider Acquiring on July 12 – Mantra, Maker, Shiba Face Off

As leading cryptocurrencies remain below previous weekly peaks, Thursday’s weaker-than-anticipated US CPI data and the resulting increase in Fed rate cut expectations have not significantly improved market sentiment. Traders seeking the best cryptocurrencies to invest in for potential quick returns are exploring altcoin markets for strong contenders.

Bitcoin (BTC) was last seen trading around $58,000, showing little change over the past 24 hours according to CoinMarketCap.

Ethereum (ETH), on the other hand, was last trading just below $3,150, experiencing a similar decline.

Bitcoin seems to be facing challenges due to heightened technical selling. The largest cryptocurrency was unable to break through crucial resistance levels in the $59,000-$60,000 range earlier this week, which included its 200-day moving average and a downtrend from its early June peaks.

Chart analysis indicates that a retest of recent lows in the $53,000 region may be forthcoming.

BTCUSD / Source: TradingView

Nonetheless, the pressure from significant sellers in the market may be diminishing.

The German State of Saxony has now liquidated most of its Bitcoin holdings, which could indicate a near-term reduction in spot market selling.

BREAKING: Germany has sold a substantial portion of its confiscated Bitcoin, retaining only $394 million worth of BTC.

Meanwhile, over the past week, institutions and large holders have been actively purchasing Bitcoin, acquiring over $438 million worth… pic.twitter.com/Sl2onR8uuF

— Cryptorphic (@Cryptorphic1) July 12, 2024

However, selling pressure from miners and Mt. Gox creditors may continue.

Bitcoin could remain below the $60,000 mark for an extended period. Many investors view the upcoming weeks and months as an excellent opportunity to accumulate BTC.

Bitcoin the Best Crypto to Buy Now as Traders Eye Rebound?

This is due to the cryptocurrency appearing poised for a rebound once the aforementioned selling pressure subsides.

US equity indices are reaching record highs amid expectations of Fed rate cuts, creating a favorable macro environment for other risk assets like Bitcoin.

Former US President Trump is anticipated to reclaim the White House later this year, and he has recently expressed strong support for cryptocurrency.

A rebound later this year would align well with the typical market cycle surrounding the halving, which occurred in April.

Historically, Bitcoin tends to surge to new all-time highs within 12 months following the halving.

This year’s Bitcoin ETF approvals further bolster the optimistic outlook.

With Bitcoin likely to surpass $100,000 in the next year, it stands out as a strong candidate for the best cryptocurrency to buy now.

The moment you realize that Germany and Mt. Gox are temporary and that $100,000+ Bitcoin is still coming in 2024. pic.twitter.com/fpS8QbOBmt

— Mike Alfred (@mikealfred) July 8, 2024

Of course, some investors may seek higher-risk opportunities in pursuit of even greater returns.

Here are some well-performing altcoins that could represent the best cryptocurrencies to buy now.

Best Crypto to Buy Now

Mantra (OM)

The real-world tokenization protocol Mantra (MANTRA) is the top gainer among the top 100 on Friday.

According to CoinMarketCap, MANTRA has risen 9% in the last 24 hours and is trading around $1.05.

Mantra has seen significant growth since announcing its partnership with a major real estate firm in Dubai.

As stated in an X post, Mantra plans to bring over $500 million in real estate assets on-chain.

OM has increased approximately 40 times since December as it establishes itself as a leader in real-world assets.

OMUSD / Source: TradingView

With a fully diluted market cap of around $1 billion, it still has considerable growth potential.

If it maintains its position as a leader in real-world assets and its protocol’s assets continue to expand, OM could easily see a 10x increase from its current level.

It could certainly be one of the best cryptocurrencies to buy now.

Maker (MKR)

DeFi pioneer Maker (MKR), the issuer of the crypto-collateralized DAI stablecoin, is working to break free from a downtrend it has been in since reaching new multi-year highs above $4,000 in March.

It was last priced at $2,400, reflecting a 4% increase on the day and a 13% rise over the week according to CoinMarketCap.

The upward trend from mid-2023 appears to remain intact, suggesting that Maker could be on track to retest its 2021 record highs of $6,100 in the coming year.

MKRUSD / Source: TradingView

This could translate to potential gains of 2.5-3x for MKR investors who enter now.

Thus, MKR ranks as one of the best cryptocurrencies to buy now.

Shiba Shootout (SHIBASHOOT)

Altcoins like those mentioned above could all yield 10x returns in the coming years.

However, some more adventurous and risk-tolerant traders may be seeking ways to achieve quicker profits.

One high-risk, high-reward investment strategy they might consider is investing in new meme coins before they gain popularity.

This is why analysts at Cryptonews.com closely track the market for emerging meme coins.

One new meme coin they are particularly enthusiastic about is the Wild West-themed play-to-earn (P2E) meme coin Shiba Shootout (SHIBASHOOT).

Shiba Shootout’s P2E game has already received approval on Google Play and the Apple App Store, with its release imminent.

The game will be blockchain-powered through the SHIBASHOOT token, which is currently available for presale.

With crypto experts like Michael Wrubel predicting the coin could become the next 100x token, it is not surprising that the presale has already exceeded $600,000.

Discover why Cryptonews.com’s in-house analyst Arjay believes SHIBASHOOT is poised for potential growth.

Those interested in learning more about the token should visit its official website.

Visit Shiba Shootout Now

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