Top Cryptocurrencies to Consider Acquiring on October 31 – Ethereum, Kaspa, Raydium

Major cryptocurrencies are experiencing a pullback on Thursday as traders analyze the latest economic data from the US and earnings reports from Microsoft and Meta, with investors considering which cryptocurrencies might be the best to purchase now to take advantage of the recent market decline.

Bitcoin (BTC) fell by 2.7%, trading just above $70,000 as traders took profits after its recent surge and approach to all-time highs in the $73,000 range.

Large-cap stocks negatively impacted Thursday’s US stock market and overall risk sentiment. Despite exceeding earnings expectations, the guidance from Microsoft and Meta regarding increasing AI-related expenses seemed to unsettle some investors.

Microsoft & Meta are ramping up capital expenditures to establish AI data centers, spurred by soaring demand.
This week, Microsoft revealed a substantial rise in spending, reaching $20B in the first fiscal quarter.
During an earnings call, Meta CEO Mark Zuckerberg mentioned,… pic.twitter.com/H3Zfy7Uxzj

— Shelly Palmer (@shellypalmer) October 31, 2024

US economic indicators were generally aligned with the idea that the US will achieve a so-called “soft landing,” where inflation decreases to 2% without the economy entering a recession.

September Core PCE inflation was 0.3% as anticipated, and the Q3 Employment Cost index indicated wages increasing at a quarterly rate of 0.8%, while September Personal Spending figures were strong.

*US SEPT. PCE PRICE INDEX RISES 0.2% M/M; EST. +0.2%
*US SEPT. CORE PCE PRICE INDEX RISES 0.3% M/M; EST. +0.3%
*US JOBLESS CLAIMS 216,000 IN OCT. 26 WEEK; EST. 230K pic.twitter.com/uaCSZ3p20g

— Christian Fromhertz (@cfromhertz) October 31, 2024

This broadly supported the case for the Fed to reduce interest rates by 25 basis points next week and again in December – the market’s current baseline expectation, according to the CME’s Fed Watch Tool.

Friday’s official US jobs report will be closely monitored in case it disrupts this narrative. A stronger-than-expected report could diminish rate cut expectations and negatively impact cryptocurrencies.

However, the overall macroeconomic environment remains favorable for major cryptocurrencies as long as the Fed continues its gradual easing and the US economy stays strong.

In the meantime, pro-crypto former US President Donald Trump seems to have significant momentum heading into next week’s presidential election – this has been suggested as a potential catalyst to propel major cryptocurrencies to new yearly highs.

As the market retreats from its peaks, investors will evaluate which cryptocurrencies to purchase now.

Best Crypto to Buy Now – Which Are They?

Ethereum (ETH)

The second-largest cryptocurrency by market capitalization, Ethereum (ETH), continues to lag behind the market, declining over 5% in the past 24 hours compared to Bitcoin’s 2.4% drop, according to CoinMarketCap.

ETH was last trading just above $2,500, down nearly 40% from its earlier yearly peaks. Indicators such as the ETH/BTC ratio and ETH’s market dominance are hovering around three-and-a-half-year lows.

The cryptocurrency is facing negative narratives related to weak demand for Ethereum ETFs, low on-chain activity, and increasing competition from more nimble rivals like Solana.

Nonetheless, Ethereum remains the leading DeFi chain, holding over 50% of total value locked (TVL) according to DeFi Llama.

If cryptocurrencies manage to break out to new yearly highs before the year concludes, the narrative surrounding Ethereum could quickly shift to it being viewed as an “undervalued gem.”

ETH is not dying.#ETH / #BTC is doing what it always does.
I believe ETH/BTC will bottom this quarter and rise in 2025.
Once ETH/BTC surpasses the 50D SMA, the bottom is in, in my opinion.
There is still a risk that ETH/USD may drop one more time in Nov/Dec, but hedging makes sense pic.twitter.com/xAbg8Szi3N

— Benjamin Cowen (@intocryptoverse) October 30, 2024

Ethereum is positioned for a rapid 2x rally to all-time highs, making it potentially the best cryptocurrency to buy now.

Kaspa (KAS)

The innovative PoW blockchain protocol Kaspa (KAS) was among the top-performing cryptocurrencies on Thursday. According to CoinMarketCap, its token has increased by approximately 3% in the past 24 hours.

Traders seem to be capitalizing on the KAS dip. The token was last trading around $0.1150, down over 45% from its peak above $0.20 reached in late July.

KAS has established solid support at its April/May lows just above $0.10 and could be poised for a swift 2x rebound, assuming a broader market rally is forthcoming.

Could Raydium (RAY) Be the Best Crypto to Buy Now?

Raydium (RAY), one of Solana’s leading decentralized exchanges (DEXs), is another strong performer on Thursday, rising 3% according to CoinMarketCap despite the overall market decline.

Solana DEX trading volumes have surged recently, propelling RAY to its highest levels since early 2022, exceeding $3.50 earlier this month.

RAY has since retraced to around $3.15. However, it remains over 80% down from its record highs in 2021.

For investors who believe that Solana’s best days are ahead rather than behind it, RAY could be one of the top cryptocurrencies to buy now for ecosystem exposure.

Alternatively, high-potential Solana meme coins could also offer significant upside potential as Solana’s ecosystem expands.

Analysts at cryptonews.com are closely monitoring the meme coin market as they search for the next 50x opportunity.

Here are some of their preferred Solana meme coins to consider investing in at this time.

10 Best Solana Meme Coins to Buy in October 2024

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