Bitcoin continues to showcase its resilience in the cryptocurrency market, positioning itself as the prime candidate for investment opportunities. As the price surged back into the $65,000 range, surpassing its 200-day moving average and late August highs, investors are eyeing a potential push towards the $70,000 resistance level. This bullish momentum is fueled by a global narrative of central bank easing, resulting in increased inflows into US spot Bitcoin ETFs.
Recent data from Farside indicates that Bitcoin ETFs observed net inflows exceeding $100 million in just two days. With the US Federal Reserve's recent rate cuts and expectations for further cuts in November, alongside other major central banks adopting easing measures, liquidity conditions across global financial markets are poised to expand significantly in the upcoming months.
Bitcoin, often viewed as a barometer for global liquidity, stands to benefit immensely from these favorable market conditions. Traditional investors seeking to enhance the potential gains in their portfolios are turning to Bitcoin as the top cryptocurrency to buy at present.
The convergence of strong seasonality factors, such as central bank easing, the US election, and the delayed impact of the Bitcoin halving, culminates in a positive outlook for Bitcoin's performance in the fourth quarter. Analysts speculate that Bitcoin could potentially reach $100,000 before the year concludes, setting the stage for substantial returns.
While Bitcoin remains a solid investment choice, some investors may be exploring opportunities in the altcoin market to diversify their portfolios and maximize profits. Here are a few standout coins that are showing promising growth potential:
Best crypto to Buy Now – These Are Strong Candidates
Shiba Inu (SHIB)
Shiba Inu, an Ethereum-based meme coin, has been the best-performing cryptocurrency among the top 100 on Thursday, exhibiting a nearly 20% surge in its value. Despite the lack of clarity regarding the catalyst behind SHIB's spike, technical indicators suggest a bullish trajectory for the coin. Breaking out of a multi-month downtrend and approaching key resistance levels signal a potential return to yearly highs.
The sudden surge in SHIB's market cap by over $1.5 billion hints at the return of meme season, positioning Shiba Inu as a top contender in the current market scenario.
Dogs (DOGS)
DOGS, a meme coin based on the TON blockchain, has witnessed a decline in market cap amid the broader market rally. With its market cap recently dropping to $440 million, DOGS presents an intriguing opportunity for meme coin traders seeking community-driven projects at discounted prices.
Cryptonews.com's market analysis suggests a potential downturn in DOGS' market cap, highlighting the importance of strategic decision-making for investors eyeing meme coin opportunities.
Ethena (ENA)
The decentralized finance (DeFi) protocol Ethena has surged by 16% in the past 24 hours, reaching a price of $0.365. The uptick in value follows the launch of a new stablecoin, UStb, fully backed by BlackRock's on-chain BUIDL fund. This innovative product offering sets Ethena apart as a leading DeFi protocol worth considering for investment.
For investors looking to explore the realm of DeFi and capitalize on emerging opportunities, Ethena emerges as a strong candidate for investment in the current market climate.
