Major cryptocurrencies are under pressure on Thursday, with Bitcoin (BTC) hitting fresh two-week lows under $60,000 and slipping below its 50DMA at $60,700, with investors looking for the best crypto to buy now to benefit from the dip.
US Consumer Price Index (CPI) inflation data came in a tad hotter than expected earlier today, while weekly job claims data was a disappointment.
While various Fed policymakers spoke in favor of continued rate cuts in November and into 2025, markets have now completely priced out the prospect of a 50bps rate cut next month.
And some analysts think the Fed might even skip another rate cut at the next meeting altogether.
That appears to be weighing on sentiment in crypto markets, with the threat of an all-out Iranian/Israel war also dampening the mood.
Market Rebound Incoming?
But a rebound could be just around the corner. Assuming the US economy continues to grow at a steady pace and the Fed cuts rates substantially over the next year and a bit, that would mean “goldilocks” conditions for risk assets.
This narrative is likely to grow in strength into the end of 2024.
Meanwhile, other bullish narratives could also come in – a Trump US Presidential election victory could be a positive catalyst and could time perfectly with the delayed Bitcoin market’s usual post-halving cycle.
Bitcoin normally consolidates for around six months after each halving before pumping to fresh all-time highs.
We are nine days away from the six-month mark since the April halving.
Best Crypto to Buy Now – Which Are They?
So “uptober” could be yet to arrive later in the month.
For investors new to crypto, Bitcoin is easily the best crypto to buy now, as it could push towards $100,000 this year.
That could mean gains of over 60% from current levels.
However, some seasoned crypto investors will be looking for higher upside potential.
Smaller and lesser-known altcoins might be a better bet – their smaller market caps give them a higher beta than Bitcoin.
In the good times, they might do 3x as well as BTC. In the bad times, they might do 3x as badly.
Uniswap (UNI) could be one candidate for the best crypto to buy now.
According to CoinMarketCap, the market-leading multi-chain DEX has increased 10% in 24 hours, making it the best performer among the top 100 cryptos by market cap.
UNI is currently probing for a breakout to the north of its 200DMA around $8.0.
A break above here could open the door to a substantial rally towards yearly highs above $16.0, 2x above current levels.
Elsewhere, Solana meme coin Popcat (POPCAT) is another strong performer.
POPCAT has been trading with strong momentum since breaking above tough resistance at $1.0.
The current dip could be a great opportunity for buyers, making POPCAT the best crypto to buy now, and potentially the best meme coin.
Finally, the real-world asset (RWA) tokenization protocol Mantra (OM) continues to nudge higher and is close to record highs just above $1.40.
Mantra has marked itself as a major leader in RWA, but its market cap is still just $1.2 billion.
That means there is plenty of room left for growth as the current bull market matures, making it potentially the best crypto to buy now.
The above-mentioned coins all have 5-10x potential in this bull market.
However, investors looking for high upside potential, i.e., in the 20-50x region, ought to check out Cryptonews.com’s list of the best presales in the market right now.
15 Best Crypto Presales to Invest In Now
Alternatively, check out Cryptonews.com’s in-house analyst Crypto Arjay’s top three meme coins to buy this October.
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