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Major cryptocurrencies are making a cautious recovery on Friday following robust US economic data that has alleviated concerns about a recession in the US. Investors are seeking the top crypto to purchase now to capitalize on a potential upswing as the month draws to a close.
Bitcoin (BTC) was last reported to be up more than 2% in the past 24 hours, reaching $62,000, according to CoinMarketCap.
Other significant altcoins, including Ethereum (ETH), BNB (BNB), and Solana (SOL), experienced increases of 1.5-3% during the same timeframe.
The recent strong US jobs report has enhanced the probability that the US economy may experience favorable conditions in the near future, characterized by declining inflation and interest rates while the economy continues to expand.
#FedWatch: Traders adjust rate cut expectations following jobs report.
The market-implied likelihood of a 25bp cut in November surged to 91% after the NFP. The Fed Funds futures curve is now pricing in approximately 150bps of cuts over the next year, down from 200bps a week earlier. pic.twitter.com/iQJrols0oW— CME Group Interest Rates (@Interest_Rates) October 4, 2024
This creates a favorable macroeconomic environment for risk assets, contributing to the increase in cryptocurrency values.
Nevertheless, most major coins remain significantly lower on a weekly basis as geopolitical uncertainties loom over the market.
Israel is believed to be preparing a military response to Iran’s missile strike earlier this week.
Israel has numerous options and potential targets for strikes in Iran. The ultimate outcome and strategic goals will determine what, when, and how Israel will engage with the Iranian regime. Watch this @CNN exclusive for more. https://t.co/fHNYpI19SD pic.twitter.com/2kpxR41u4r
— Jonathan Conricus (@jconricus) October 4, 2024
A full-scale conflict between the two nations could significantly disrupt a large segment of the global oil supply, potentially leading to a negative impact on the global economy.
As a result, markets are likely to remain apprehensive, and major cryptocurrencies could easily revert to recent lows.
Investors who believe that the long-term bullish trend is still intact may consider using the current dip as an opportunity to accumulate.
Bitcoin could potentially rise 60% from current levels to surpass $100,000 in 2025.
However, smaller, lesser-known altcoins with higher volatility may experience even greater gains.
Here are some strong performers on Friday that could represent the best crypto to buy now.
Best Crypto to Buy Now – Which Are They?
Popcat (POPCAT)
A positive indicator of a coin that is likely to outperform is its ability to remain resilient during broader market disruptions, as demonstrated this week.
One cryptocurrency exhibiting significant resilience is the leading Solana meme coin, Popcat (POPCAT).
POPCAT has surged to new all-time highs above $1.16 on Friday after facing challenges at the $1 mark for over a week.
This represents a breakout from a longer-term bullish ascending triangle pattern, which could indicate substantial further gains ahead for the meme coin.
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POPCAT could potentially double from current levels in the upcoming months, making it a strong contender for the best crypto to buy now.
Beam (BEAM)
The GameFi-oriented blockchain protocol Beam (BEAM), currently priced at $0.017, is experiencing a robust rebound from its 50-day moving average at $0.015.
The strong bounce from the 50DMA is a positive sign, as this moving average had previously served as a significant resistance level.
This suggests that bullish sentiment is prevailing in the market and that a rapid 2x recovery back to recent highs in the $0.35 range is possible.
For those seeking exposure to a high-potential GameFi protocol, Beam may indeed be the best crypto to buy now.
BitTensor (TAO)
The decentralized machine learning protocol BitTensor (TAO) is another top-performing coin on Friday.
According to CoinMarketCap, it was last trading with gains of approximately 15% over the past 24 hours in the $570s.
TAO bulls will be looking for a near-term retest of recent highs in the $620 area.
As one of the leading AI cryptocurrencies, BitTensor could be the best crypto to buy now for those who believe in the AI revolution.
However, BitTensor’s market capitalization exceeds $4.2 billion, and its fully diluted market cap is over $12 billion.
This diminishes the likelihood of further exponential gains from current levels.
Additionally, this means that TAO token releases could significantly impact the TAO price in the coming years, increasing selling pressure.
Could These Presales Be The Best Crypto to Buy Now?
Investors seeking higher upside potential may want to explore presale opportunities.
Astute presale investors often realize profits of 10x or more if they identify high-potential projects that gain traction in the market.
Analysts at Cryptonews.com are consistently searching for the next 10x opportunity and the next best crypto to buy now.
They have compiled a list of their preferred presales at present that could serve as a good starting point for interested readers.
16 Best Crypto Presales to Invest In Now
The post Best Crypto to Buy Now October 4 – Popcat, Beam, BitTensor appeared first on Cryptonews.
