Major cryptocurrencies are staging a tentative comeback on Friday in the wake of strong US economic data that has eased US recession fears. Investors are looking for the best crypto to buy now to benefit from a potential rally into the month’s end.
Bitcoin (BTC) was last up over 2% in 24 hours to $62,000, according to CoinMarketCap.
Other major altcoins, such as Ethereum (ETH), BNB (BNB), and Solana (SOL), were up 1.5-3% over the same time period.
The latest strong US jobs report has boosted the likelihood that the US economy enjoys goldilocks conditions for the foreseeable future, where inflation and interest rates fall while the economy continues to grow.
#FedWatch: Traders temper rate cut expectations following jobs.
The market-implied probability of a 25bp cut in November jumped to 91% following NFP. The Fed Funds futures curve is pricing ~150bps of cuts over the next year, down from 200bps a week ago. pic.twitter.com/iQJrols0oW— CME Group Interest Rates (@Interest_Rates) October 4, 2024
Of course, that is a great macro backdrop for risk assets, hence the rise in crypto prices.
That said, most major coins remain substantially lower weekly as geopolitical risks hang over the market.
Israel is assumed to be readying a military response to Iran’s missile attack earlier this week.
Israel has many options and possible targets to strike in Iran. The end result and strategic objectives will decide what, when and how Israel will engage the Iranian regime. Watch this @CNN exclusive for more. https://t.co/fHNYpI19SD pic.twitter.com/2kpxR41u4r
— Jonathan Conricus (@jconricus) October 4, 2024
An all-out war between the two countries could seriously disrupt a large portion of the global oil supply, potentially causing a negative shock to the global economy.
So, markets will likely remain nervous, and major cryptos could easily dip back to recent lows.
Investors who believe the long-term bull market remains intact might want to use the current dip to accumulate.
Bitcoin could surge 60% from current levels to above $100,000 in 2025.
But smaller, lesser-known altcoins with higher beta might see substantially great gains.
Here are some strong performers on Friday that might be the best crypto to buy now.
Best Crypto to Buy Now – Which Are They?
Popcat (POPCAT)
A good sign of a coin that will outperform is its resilience during times of broader market turmoil, as seen this week.
One crypto showing a lot of resilience is the leading Solana meme coin Popcat (POPCAT).
POPCAT has surged to new record highs above $1.16 on Friday after struggling at the $1 level for over one week.
That marks a breakout from a longer-term bullish ascending triangle pattern that could signal significant further gains in store for the meme coin.
POPCAT could easily double from current levels in the coming months, making it a strong candidate for the best crypto to buy now.
Beam (BEAM)
GameFi-focused blockchain protocol Beam (BEAM), last at $0.017, is enjoying a strong bounce from its 50DMA at $0.015.
The strong bounce from the 50DMA is a good sign, as this moving average had previously acted as a strong resistance area.
It suggests that the bulls are in control of the market and that a quick 2x rebound back to recent highs in the $0.35 area is on the cards.
For those looking to gain exposure to a high-potential GameFi protocol, Beam may well be the best crypto to buy now.
BitTensor (TAO)
Decentralized machine learning protocol Bittensor (TAO) is another one of the best-performing coins on Friday.
According to CoinMarketCap, it was last trading with gains of around 15% in the past 24 hours in the $570s.
TAO bulls will be eyeing a near-term retest of recent highs in the $620 region.
As one of the leading AI crypto coins, BitTensor could be the best crypto to buy now for believers in the AI revolution.
However, BitTensor’s market cap is over $4.2 billion, and its fully diluted market cap is over $12 billion.
That reduces the prospect of further exponential gains from current levels.
This also means that TAO token releases could substantially affect the TAO price in the coming years, raising sell pressure.
Could These Presales Be The Best Crypto to Buy Now?
Investors looking for higher upside potential might want to consider presale investing.
Savvy presale investors frequently book profits of 10x or more if they identify high-potential projects that gain traction in the market.
Analysts at Cryptonews.com are always on the hunt for the next 10x play and the next best crypto to buy now.
They have compiled a list of their favorite presales right now that could be a good starting point for interested readers.
16 Best Crypto Presales to Invest In Now
The post Best Crypto to Buy Now October 4 – Popcat, Beam, BitTensor appeared first on Cryptonews.
