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Joel Frank
Author
Joel Frank
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Why Trust Cryptonews
Bitcoin (BTC) might be the best crypto to buy now. On Thursday, the price pushed back into the $65,000s, above its 200DMA and late August highs.
That could open the door to a swift return to resistance at $70,000, as bullish global central bank easing narrative drives renewed inflows into US spot Bitcoin ETFs.
Per data presented by Farside, Bitcoin ETFs clocked over $100 million of net inflows on Tuesday and Wednesday.
Following its 50bps rate cut last week, the first since 2020, the US Federal Reserve is expected to cut interest rates by a further 50bps in November.
Other central banks in major economies are also easing. China’s PBoC recently axed its reserve requirements and is mulling injecting another 1 trillion yen into financial markets.
Liquidity conditions across global financial markets are set to surge in the months ahead.
Bitcoin, which some investors view as a proxy for global liquidity conditions, is set to be one of the biggest beneficiaries.
For traditional investors looking to add upside potential to their portfolios, Bitcoin is certainly the best crypto to buy now.
October and, more broadly, Q4 are typically bullish seasons for Bitcoin.
The fundamentals align nicely with strong seasonality – central bank easing, the US election, and the delayed bullish impact of the BTC halving could all be major tailwinds in Q4.
Bitcoin could well hit $100,000 before the end of the year.
That said, some investors who already own a solid BTC bag might want to add even more upside exposure to their portfolios.
They will be scouring the altcoin market for higher beta plays that might outperform BTC.
Here are some stronger performing coins on Thursday that might outperform BTC.
Best Crypto to Buy Now – These Are Strong Candidates
Shiba Inu (SHIB)
Dominant Ethereum meme coin Shiba Inu (SHIB) is the best performing top 100 crypto on Thursday, surging nearly 20% on the day, per TradingView.
The catalyst for SHIB’s surge, which has taken it to above $0.000018, isn’t clear. But what is clear is that SHIB technicals are looking very good right now.
Shiba Inu broke to the north of a multi-month downtrend earlier this month.
It has also made solid progress towards the next key resistance target, just above $0.000020, where the 200DMA and July highs reside.
If SHIB can overcome this level, a return to yearly highs in the $0.000040s is likely.
SHIB’s sudden spike has seen its market cap leap by over $1.5 billion.
That could be a signal that meme season is about to return. If that is true, Shiba Inu could be the best crypto to buy now.
Dogs (DOGS)
Another meme coin worth considering might be Dogs (DOGS), a TON blockchain-based meme coin.
Despite the broader market’s rally, DOGS has been declining in recent weeks, its market cap recently falling back to $440 million.
For meme coin traders looking for a coin with strong community and strong underlying fundamentals that is trading at a discount, DOGS could be the best crypto buy now.
That said, in a recent price analysis video, Cryptonews.com’s Chester noted that DOGS could fall to a market cap of around $200 million.
A better bet for meme coin investors might be to get involved in meme coin presales.
These presales offer investors a chance to get in on high-potential projects before they go mainstream, and at a favorable valuation.
See Cryptonews.com’s favorite meme coin presales here.
Ethena (ENA)
The final crypto worth mentioning on this list is DeFi protocol Ethena (ENA).
The algorithmic stablecoin issuing protocol is up 16% in 24 hours to $0.365, per CoinMarketCap.
The price jump comes in wake of the protocol launching a new stablecoin, UStb.
The new stablecoin will be fully backed by BlackRock’s on-chain BUIDL fund.
It will be an entirely seperate product to Ethena’s pre-existing USDe stablecoin.
For those looking to add exposure to an innovative DeFi protocol, Ethena might be the best crypto to buy now.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
