On the eve of the US Federal Reserve’s first interest rate cut since 2020, major cryptocurrency prices are seeing a significant rise, and investors are evaluating the best cryptocurrencies to buy right now.
Bitcoin (BTC) last traded around the $61,000 level, posting strong gains during U.S. trading.
According to reports, the price of Bitcoin rose by nearly 5% on the day.
Despite rebounding 16% from the previous month’s lows, Bitcoin is still a strong candidate to be among the best cryptocurrencies to buy right now.
The Fed's easing cycle in 2020 was a major catalyst for the late 2020/2021 bull market.
The upcoming Fed easing cycle coincides nicely with the lagging bullish impact of the quadruple rate cut event and the US presidential election.
Both events could be a tailwind for Bitcoin, potentially pushing it past $100,000 in 2025.
This could mean gains of over 60% for Bitcoin in the coming months, which is impressive.
However, smaller, less popular cryptocurrencies with greater market risk may generate gains that exceed these expectations for Bitcoin.
Therefore, investors with a high risk appetite will be looking into the altcoin markets for the best cryptocurrencies to buy now.
Here are some strong performing cryptocurrencies that investors might be interested in.
Best Cryptocurrencies to Buy Now – What Are They?
GameFi Immutable X (IMX) is leading the altcoin market with a 15% rise in 24 hours to $1.41.
Given the positive technical developments, IMX might be one of the best cryptocurrencies to buy right now.
IMX is struggling to break the resistance level of the 50-day moving average for several months.
But its recent push higher could mark a clear breakout of this key level.
This could lead to a quick rise to the resistance level at $1.70 and the 200-day moving average near $2.
Meanwhile, the innovative blockchain protocol saw a 13% surge in 24 hours.
This cryptocurrency has been trading around the $5.15 level, trying to break out of a downtrend that has lasted for several months.
This could open the door for a quick rally to the $7.60 resistance area.
With a market cap of just over $1 billion, TIA seems to have plenty of room to grow.
However, the fully diluted market cap is over $5.5 billion. This may limit future growth potential due to the potential for significant inflation of this coin.
It may not be the best buy right now, although it could perform well in the short term.
The last cryptocurrency worth mentioning is the decentralized AI network Bittensor (TAO).
This exciting project has risen by more than 10% in 24 hours to reach $320.
TAO bounced off the 50-day moving average on Tuesday, suggesting that the market has regained control from buyers.
This could mean that a rally to $360 levels is imminent in the short term.
But in the long run, TAO may be one of the best cryptocurrencies to buy right now.
If AI continues to be a major driving force in global markets as it has been since 2022, TAO could see significant price growth.
But traders should be careful. Its current market cap of $2.3 billion is barely more than a third of its fully diluted market cap of $6.5 billion.
Hyperinflation may also limit their price growth.
Better alternatives to consider
The above mentioned cryptocurrencies may all be among the best cryptocurrencies to buy right now.
However, traders looking for returns of more than 5-10x will need to look to smaller, newer, and less popular cryptocurrencies.
One of the best ways to stay ahead of high-potential cryptocurrency projects is to participate in crypto presales.
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