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Jimmy Aki
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Jimmy Aki
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Bitcoin reached a record high of $94,878.75 on Wednesday, spurred by BlackRock’s iShares Bitcoin Trust (IBIT) becoming the first spot Bitcoin ETF approved for options trading.
This has reignited enthusiasm in the cryptocurrency market, driving investors to seek the best crypto to buy during this bullish phase.
The IBIT ETF debuted on the Nasdaq with nearly $1.9 billion in notional exposure, demonstrating strong institutional interest.
However, CryptoQuant’s analysis warns that Bitcoin’s MVRV ratio, currently at 2.67, could signal an overextension if it reaches levels above 3.7.
Nevertheless, Bitcoin’s dominance is stirring activity in the altcoin market, where MANTRA (OM), HEDERA (HBAR), and Peanut the Squirrel (PNUT) are emerging as strong candidates for the best crypto to buy now.
MANTRA (OM): Technical Indicators Point to Strong Growth Potential
MANTRA (OM), a blockchain prioritizing security and real-world asset tokenization, has become one of the most promising altcoins in today’s market.
Its decentralized finance (DeFi) framework supports staking, lending, and governance, making it a versatile choice for investors.
The project has seen major momentum, with its market cap climbing to $3.59 billion and its price soaring 177.29% in the past week.
Recent price action highlights a robust bullish rally, as MANTRA tested the $2.618 Fibonacci level before stabilizing at $3.99.
While still 7% below its all-time high of $4.47, technical analysis points to future growth, supported by increasing adoption of tokenized real-world assets.
The price could reach $6.25 by 2025, with minor pullbacks potentially bringing it to $3.27 before stabilizing around $4.51.
HEDERA (HBAR): Bullish Momentum and Key Technical Levels to Watch
Following MANTRA’s strong performance, HEDERA (HBAR) has also emerged as a top contender.
The native token of Hedera’s proof-of-stake public ledger, HBAR has surged over 115% this week, reclaiming the psychological $0.13 level. Its market cap now stands at $5.28 billion.
While trading volume has dipped 65.11% over the past 24 hours to $1.19 billion, HBAR’s price reflects a V-shaped reversal and is approaching its 52-week high of $0.1567.
Technical indicators like the EMA crossover and a potential Golden Cross suggest that the token could sustain upward momentum, attracting further investor interest.
Hedera continues to solidify its role in the decentralized application (dApp) and smart contract ecosystem, making it one of the best cryptos to buy now.
Peanut the Squirrel (PNUT): Price Action and Key Support Levels Drive Market Sentiment
Peanut the Squirrel (PNUT), a Solana-based meme coin, has captivated investors following its listing on Binance.
Inspired by the viral story of a pet squirrel, PNUT has experienced extraordinary price action, rising 325% last week to reach $1.63 and achieving a market cap of over $1.6 billion.
The token initially saw a 500% pump earlier this month, briefly pushing its market cap to $2.4 billion.
While PNUT’s current price suggests potential for continued gains, profit-taking phases could lead to corrections toward support levels of $1.55 or $1.29.
Despite its volatility, PNUT exemplifies the meme coin trend, offering a high-risk yet intriguing opportunity for speculative investors.
Top Alternatives to Bitcoin: Best Cryptos to Buy Now
As Bitcoin continues to dominate the market, the broader cryptocurrency space is gearing up for a shift towards altcoins, potentially sparking a new phase of growth.
Institutional players like MicroStrategy are increasing their Bitcoin holdings, with figures such as Michael Saylor actively advocating for crypto strategies across corporate sectors.
This growing interest in Bitcoin is creating favorable conditions for altcoins and presale opportunities.
For early investors, these up-and-coming altcoins present the possibility of substantial returns as liquidity and market support increase.
Below are some of the most promising altcoins to consider in the current market.
18 Best New Meme Coins to Buy in November 2024
