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Bitcoin (BTC) may currently be the top cryptocurrency to purchase. On Thursday, the price rebounded into the $65,000 range, surpassing its 200DMA and the highs from late August.
This could pave the way for a rapid return to resistance at $70,000, as the optimistic narrative surrounding global central bank easing fuels renewed investments into US spot Bitcoin ETFs.
According to data from Farside, Bitcoin ETFs experienced over $100 million in net inflows on Tuesday and Wednesday.
After its 50bps rate reduction last week, the first since 2020, the US Federal Reserve is anticipated to lower interest rates by an additional 50bps in November.
Other central banks in significant economies are also implementing easing measures. China’s PBoC recently eliminated its reserve requirements and is considering injecting another 1 trillion yen into the financial markets.
Liquidity conditions across global financial markets are expected to increase significantly in the coming months.
Bitcoin, which some investors regard as a barometer for global liquidity conditions, is likely to be one of the primary beneficiaries.
For traditional investors aiming to enhance potential returns in their portfolios, Bitcoin is undoubtedly the top cryptocurrency to acquire at this time.
October and, more generally, Q4 are usually favorable periods for Bitcoin.
The fundamentals align well with strong seasonal trends – central bank easing, the US election, and the delayed positive effects of the BTC halving could all serve as significant tailwinds in Q4.
Bitcoin could potentially reach $100,000 before the year concludes.
However, some investors who already possess a substantial BTC holding may wish to increase their exposure to potential gains.
They will be exploring the altcoin market for higher beta opportunities that may outperform BTC.
Here are some coins that performed strongly on Thursday and may surpass BTC.
Best Crypto to Buy Now – These Are Strong Candidates
Shiba Inu (SHIB)
The leading Ethereum meme coin, Shiba Inu (SHIB), is the top-performing cryptocurrency within the top 100 on Thursday, soaring nearly 20% on the day, according to TradingView.
The reason behind SHIB’s surge, which has pushed it above $0.000018, remains unclear. However, it is evident that SHIB’s technical indicators are currently very promising.
Shiba Inu broke above a multi-month downtrend earlier this month.
It has also made significant strides toward the next key resistance level, just above $0.000020, where the 200DMA and July highs are located.
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If SHIB can surpass this level, a return to yearly highs in the $0.000040 range is probable.
SHIB’s sudden increase has resulted in its market capitalization rising by over $1.5 billion.
This could indicate that the meme season is on the verge of returning. If this is the case, Shiba Inu could be the top cryptocurrency to purchase at this moment.
Dogs (DOGS)
Another meme coin worth evaluating is Dogs (DOGS), a meme coin based on the TON blockchain.
Despite the overall market rally, DOGS has been on a downward trend in recent weeks, with its market cap recently dropping to $440 million.
For meme coin traders seeking a coin with a robust community and solid underlying fundamentals that is currently trading at a discount, DOGS could be the best cryptocurrency to buy now.
However, in a recent price analysis video, Cryptonews.com’s Chester mentioned that DOGS could decline to a market cap of around $200 million.
A more advantageous option for meme coin investors might be to participate in meme coin presales.
These presales provide investors with an opportunity to engage with high-potential projects before they gain mainstream traction, and at a favorable valuation.
See Cryptonews.com’s preferred meme coin presales here.
Ethena (ENA)
The final cryptocurrency to highlight on this list is the DeFi protocol Ethena (ENA).
The algorithmic stablecoin issuing protocol has risen 16% in the past 24 hours to $0.365, according to CoinMarketCap.
This price increase follows the protocol’s launch of a new stablecoin, UStb.
We are excited to announce Ethena’s newest product offering: UStb
UStb will be fully backed by @Blackrock BUIDL in partnership with @Securitize, enabling a separate fiat stablecoin product alongside USDe
Details below on why this is important: pic.twitter.com/jOIoMef7W3— Ethena Labs (@ethena_labs) September 26, 2024
The new stablecoin will be entirely backed by BlackRock’s on-chain BUIDL fund.
It will be a completely separate product from Ethena’s existing USDe stablecoin.
For those looking to gain exposure to an innovative DeFi protocol, Ethena may be the best cryptocurrency to buy at this time.
The post Best Crypto to Buy Now September 26 – Shiba Inu, Dogs, Ethena appeared first on Cryptonews.
