Top Cryptocurrencies to Consider Acquiring on October 18 – Ethereum, Dogecoin, Ethena

As Bitcoin (BTC) approaches new multi-month peaks in the mid-$68,000s this week and aims to challenge July’s highs at $70,000, investors are evaluating which cryptocurrencies might be the most advantageous to purchase given the current market dynamics.

With the US elections on the horizon, pro-crypto candidate Donald Trump is gaining momentum in the polls, leading to increasing speculation regarding the potential effects on the cryptocurrency sector.

Republicans are currently favored to secure the Presidency, Senate, and House. pic.twitter.com/tbfrrgFHII

— Polymarket (@Polymarket) October 17, 2024

A Republican sweep, including a Trump win, could facilitate pro-crypto regulations, with Citi highlighting this as a positive indicator for the market.

[COINDESK] A Republican Sweep in the U.S. Election Would be the Most Optimistic Outcome for Coinbase and the Crypto Market: Citi$C $COIN

— BecauseBitcoin.com (@BecauseBitcoin) October 18, 2024

In this context, it is not surprising to observe major cryptocurrencies gaining momentum as ETF inflows rise.

This positions BTC as a strong candidate among the top cryptocurrencies to consider for purchase at this time.

The likelihood of Bitcoin reaching an all-time high in 2024 has risen to 73%. pic.twitter.com/0zHkswDXdj

— Polymarket (@Polymarket) October 18, 2024

While Bitcoin is making progress, traders are also exploring altcoins that may present even greater upside potential.

Best Crypto to Buy Now – Ethereum, Dogecoin, and Ethena

With Bitcoin demonstrating robust momentum, other cryptocurrencies such as Ethereum (ETH), Dogecoin (DOGE), and Ethena (ENA) have surfaced as promising investment options.

Let’s examine why they merit consideration.

Ethereum (ETH)

Ethereum, the second-largest cryptocurrency in the industry, has fallen behind Bitcoin in recent weeks.

Despite Bitcoin’s ascent, ETH remains confined within a $2,200-$2,800 range, a trend that has persisted since August. However, technical indicators imply that a breakout for ETH is becoming increasingly probable.

Source: TradingView / ETHUSD

ETH has developed a pennant formation over the past few weeks, indicating that a breakout toward resistance in the $2,800s could be on the horizon.

If successful, ETH may rapidly ascend back to yearly highs near the $4,000 level.

Traders seeking a potentially undervalued asset should consider ETH, as it could be on the brink of a significant movement. This positions Ethereum as one of the top cryptocurrencies to buy now.

Dogecoin (DOGE)

The rising anticipation of a Trump victory has reignited enthusiasm within the Dogecoin community, particularly due to speculation that renowned tech entrepreneur Elon Musk may join a future Trump administration.

Musk recently attended a Trump rally in Pennsylvania, where he sparked speculation about the potential establishment of a new Department of Government Efficiency (D.O.G.E.).

LISTEN: Elon Musk discusses how the Department of Government Efficiency (DOGE) will empower the populace:
“They seem to forget the money being spent is YOUR MONEY and if it’s not being spent in a way that’s beneficial to the American people, it’s a misuse of funds.” pic.twitter.com/hmu2ZuRlbn

— Benny Johnson (@bennyjohnson) October 17, 2024

Dogecoin has reacted favorably, emerging as the top-performing cryptocurrency among the top 100 by market capitalization in the past 24 hours, with a 12% increase, according to CoinMarketCap.

If Trump secures victory, Dogecoin could spearhead a meme coin market rally, potentially doubling from current levels of approximately $0.1350 to new yearly highs in the $0.20 range.

Source: TradingView / DOGEUSD

However, Dogecoin is not the sole option in the meme coin arena. Smaller, newer meme coins may experience even larger gains, with some analysts forecasting increases of up to 50x.

Entering early during the presale phase of these meme coins could yield significant returns.

Analysts at Cryptonews.com are closely monitoring the meme coin presale market. Here are some of their current top picks.

18+ Best New Meme Coins to Buy in October 2024

Ethena (ENA)

Another notable performer this week is Ethena (ENA), a leading algorithmic stablecoin protocol that emphasizes real-world asset (RWA) tokenization and innovation in crypto derivatives.

Ethena has recorded substantial gains, rising over 10.5% in the last 24 hours and currently trading in the $0.43 range.

Source: TradingView / ENAUSD

The bulls seem to have a firm grip on the market following Ethena’s strong rebound from the 50-day moving average (DMA).

If this trend persists, ENA is likely to revisit its recent highs and potentially aim for earlier yearly highs in the $1.50 range, indicating the possibility of over 3x gains if market conditions remain favorable.

With Bitcoin targeting a breakout, Ethereum preparing for a potential surge, and Dogecoin benefiting from political speculation, there are ample opportunities within the crypto market.

Moreover, newer coins like Ethena present high-risk, high-reward potential for traders willing to take the risk.

Whether focusing on established leaders or emerging altcoins, these cryptocurrencies are worth considering as the top options to buy now in October 2024.

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