As Bitcoin (BTC) pushes to fresh multi-month highs in the mid-$68,000s this week and eyes a test of July highs at $70,000, investors have been analyzing which cryptos could be the best to buy now in light of recent market conditions.
With the US election approaching, pro-crypto candidate Donald Trump is surging in the polls, and speculation is mounting on how this could impact the cryptocurrency landscape.
Republicans are now favorites to win the Presidency, Senate, and House. pic.twitter.com/tbfrrgFHII
— Polymarket (@Polymarket) October 17, 2024
A Republican sweep, including a Trump victory, could pave the way for pro-crypto regulations, with Citi identifying it as a bullish signal for the market.
[COINDESK] Republican Sweep in U.S. Election Would be the Most Bullish Outcome for Coinbase and the Crypto Market: Citi$C $COIN
— BecauseBitcoin.com (@BecauseBitcoin) October 18, 2024
Given this environment, it’s no surprise to see major cryptocurrencies gaining traction as ETF inflows increase.
This positions BTC as a strong contender among the best crypto to buy now.
Odds of a Bitcoin all-time high in 2024 are up to 73%. pic.twitter.com/0zHkswDXdj
— Polymarket (@Polymarket) October 18, 2024
But while Bitcoin is making strides, traders are also looking at altcoins that could offer even greater upside potential.
Best Crypto to Buy Now – Ethereum, Dogecoin, and Ethena
With Bitcoin showing strong momentum, other cryptocurrencies like Ethereum (ETH), Dogecoin (DOGE), and Ethena (ENA) have emerged as potential investments.
Let’s take a closer look at why they are worth considering.
Ethereum (ETH)
Ethereum, the industry’s second-largest cryptocurrency, has lagged behind Bitcoin in recent weeks.
Despite Bitcoin’s rise, ETH remains locked within a $2,200-$2,800 range, a pattern that’s been in play since August. However, technical indicators suggest that a breakout for ETH is becoming more likely.
ETH has formed a pennant structure over the past few weeks, signaling that a breakout toward resistance in the $2,800s could be imminent.
If successful, ETH may quickly surge back to yearly highs around the $4,000 mark.
Traders looking for a potentially undervalued coin should consider ETH, as it could be on the verge of a major move. This makes Ethereum one of the best cryptos to buy now.
Dogecoin (DOGE)
The growing anticipation of a Trump victory has brought renewed excitement to the Dogecoin community, particularly due to rumors that famous tech entrepreneur Elon Musk might join a future Trump administration.
Musk recently appeared at a Trump rally in Pennsylvania, where he fueled speculation about the possible creation of a new Department of Government Efficiency (D.O.G.E.).
LISTEN: Elon Musk explains how the Department of Government Efficiency (DOGE) will give power back to the people:
"They seem to forget the money being spent is YOUR MONEY and if it's not being spent in a way that's beneficial to the American people, it's a misuse of funds." pic.twitter.com/hmu2ZuRlbn— Benny Johnson (@bennyjohnson) October 17, 2024
Dogecoin has responded positively, becoming the best-performing top 100 crypto by market cap in the past 24 hours, with a 12% gain, according to CoinMarketCap.
If Trump secures victory, Dogecoin could lead a meme coin market surge, potentially doubling from current levels of around $0.1350 to new yearly highs in the $0.20 range.
But Dogecoin isn’t the only option in the meme coin space. Smaller, newer meme coins could see even bigger gains, with some analysts predicting surges of up to 50x.
Getting in early at the presale stage of these meme coins could offer substantial upside.
Analysts at Cryptonews.com keep a close eye on the meme coin presale market. Here are some of their favorite projects right now.
18+ Best New Meme Coins to Buy in October 2024
Ethena (ENA)
Another strong performer this week is Ethena (ENA), a market-leading algorithmic stablecoin protocol that focuses on real-world asset (RWA) tokenization and crypto derivative innovation.
Ethena has posted impressive gains, climbing over 10.5% in the last 24 hours and currently trading in the $0.43 range.
The bulls appear to be firmly in control of the market since Ethena’s strong rebound from the 50-day moving average (DMA).
If this trend continues, ENA is likely to retest its recent highs and potentially push toward earlier yearly highs in the $1.50 range, signaling the possibility of over 3x gains if market conditions remain favorable.
With Bitcoin eyeing a breakout, Ethereum gearing up for a potential surge, and Dogecoin riding high on political speculation, there’s no shortage of opportunities in the crypto market.
Additionally, newer coins like Ethena offer high-risk, high-reward potential for traders willing to take the plunge.
Whether you’re focusing on established giants or emerging altcoins, these cryptos are worth considering as the best crypto to buy now in October 2024.
The post Best Crypto to Buy Now October 18 – Ethereum, Dogecoin, Ethena appeared first on Cryptonews.
