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As leading cryptocurrencies stabilize on Tuesday after significant market volatility on Monday due to risk-averse sentiment following Iran’s missile strike on Israel, investors are seeking the top crypto to purchase at this time.
Bitcoin (BTC) was recently inching upwards towards $62,000, having nearly tested $60,000 on Monday.
High levels of uncertainty persist regarding the timing and nature of Israel’s response and whether this will escalate the conflict further.
Israeli Prime Minister Benjamin Netanyahu states that Iran “made a big mistake” and “will pay” for its missile attack on the nation https://t.co/sYZ2IZ2NLu
— CNN (@CNN) October 1, 2024
Polymarket estimates a 92% likelihood of an Israeli response occurring before the year concludes.
However, if tensions ease, the conditions are ripe for a significant recovery. Historically, October has been one of the most favorable months for Bitcoin (and the wider market).
Provided that geopolitical issues do not hinder progress, the favorable macroeconomic environment of loosening global monetary policy could drive the market forward.
While most major cryptocurrencies remain considerably lower for the week, several altcoins exhibit positive momentum.
Bitcoin could potentially surge towards $100,000 by year-end, representing a 60% increase from current values, while some higher beta altcoins may achieve even greater gains.
Here are some notable performers on Tuesday that could be the best crypto to buy now amid the recent market decline.
Best Crypto to Buy Now Amid Market Dip
Wormhole (W)
The cross-chain crypto asset bridging protocol Wormhole (W) emerged as the top-performing major coin on Tuesday, rising 25% in the last 24 hours, according to CoinMarketCap.
The reason behind this recent surge, which saw W reach its highest point since June above $0.40 before retreating to the $0.37 range, remains unclear.
Nonetheless, the technical indicators for W appear promising. It broke its multi-month downtrend in early September and may soon test resistance levels at $0.45 and $0.78.
W seems poised for strong performance in the upcoming weeks, making it a potential candidate for the best crypto to buy now.
Conflux (CFX)
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The innovative layer-1 blockchain protocol Conflux (CFX) is another notable performer, gaining 12% in the past 24 hours according to CoinMarketCap.
CFX was recently just above $0.18, marking a significant recovery from Monday’s lows in the mid-$0.15 range, and is testing a breakout above recent highs near $0.20.
The cryptocurrency has been on an upward trajectory since early September and may soon surpass resistance in the $0.19 area.
This could pave the way for considerable additional gains, positioning it as one of the best cryptos to buy now.
Sui (SUI)
Another cutting-edge layer-1 protocol, Sui (SUI), is also among the top performers on Tuesday.
SUI was last just below $1.90, its highest point since early April.
The cryptocurrency has experienced a robust uptrend since the beginning of September, achieving a 135% increase over the past month amid rapid ecosystem expansion.
SUI’s total value locked (TVL) in smart contracts on its blockchain recently surpassed $1 billion according to DeFi Llama, setting a new record for the blockchain.
Meanwhile, the SUI token remains below its all-time high of $2.17 reached in March.
Thus, there is potential for SUI to continue its upward trend, as it appears somewhat undervalued in light of its ecosystem’s recent growth.
This is why it could be one of the best cryptos to buy now amid the ongoing market fluctuations.
Alternatively, investors seeking cryptocurrencies with significant upside potential may want to explore crypto presales.
Promising crypto projects frequently raise funds through presales to support development, providing investors an opportunity to enter early at a reduced valuation.
Analysts at Cryptonews.com closely monitor the presale market. Here are some of their top selections.
16 Best Crypto Presales to Invest In Now
The post Best Crypto to Buy Now October 2 – Wormhole, Conflux, Sui appeared first on Cryptonews.
