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Joel Frank
Author
Joel Frank
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In wake of Bitcoin (BTC) hitting two-month highs on Friday above $66,000, and looking to have convincingly broken back above its 200DMA and snapped its recent multi-month downtrend, traders are assessing what might be the best crypto to buy now ahead of what could be a very bullish October.
September is normally one of the worst months of the year for major cryptos.
But Bitcoin is set to end the month up nearly 12%, setting up the prospect of an even stronger October, which is already the strongest month of the year for Bitcoin.
The impressive rally comes in wake of the Fed kicking off a new monetary policy easing cycle with a 50bps rate cut last week, and other major global central banks like China’s PBoC following suit.
Bitcoin to $100K?
Markets are expecting significant Fed interest rate easing in the coming years which investors are hoping will keep the US economy out of recession.
Weaker than expected US inflation data on Friday only fed into that narrative, helping push BTC above $66,000.
A positive macro backdrop, the alleviation of US election uncertainty in November and the delayed bullish impact of the April BTC halving could all kick in together to power Bitcoin to fresh record highs in Q4, with a charge towards $100,000 possible.
The prospect of 50% gains for BTC from current levels suggests that, for many investors, it might be the best crypto to buy now.
However, some investors hungry to 3, 4 or even 5x their portfolios are turning to the higher beta altcoin market.
After all, Bitcoin breakout in Q4 could trigger a new altcoin/meme coin season.
Here are some strong performers on Friday that might be the best crypto to buy now.
Best Crypto to Buy Now in the Altcoin Market
Tap-to-earn GameFi crypto Notcoin (NOT) is the top crypto performer today in the top 100 coins by market cap.
Per CoinMarketCap, it has surged an impressive 20% in the past 24 hours, taking its price back above $0.10.
The surge comes in wake of NOT breaking above a downtrend in play since the June highs, and with NOT breaking back above its 50DMA at $0.09.
The breakout opens the prospect of a swift rally back towards June’s highs in the $0.29 area, which would mark gains of nearly 3x from current levels.
That could easily rank it as the best crypto to buy now.
Two other coins performing very well on Friday are Bonk (BONK) and Pepe (PEPE), up around 12% each in the past 24 hours.
Bonk’s jump to $0.000023 has seen it retest its 200DMA.
Pepe’s rally, meanwhile, has seen it jump close to $0.000011, now comfortably above its 200DMA.
The trend in both meme coins appears to be changing, and the rally could soon go into overdrive if a new meme season beckons.
Both are leading meme coins backed by massive dedicated communities.
That means its highly likely that both coins will be leading movers in a future meme market surge.
For investors looking to gain exposure to the volatile but fast growing meme coin space, BONK and PEPE could well rank as the best crypto to buy now.
Alternatively, investors might want to check out meme coin presales.
Presales offer investors the chance to get into high potential projects before they go viral and at a low valuation.
If investors can identify high potential projects that go on to gain market traction, they can make big returns.
Meme coin presales can be particularly profitable. Here are some of the best new meme coins, according to experts at Cryptonews.com.
19 Best New Meme Coins to Buy in September 2024
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.
