Bitcoin (BTC) may be the best cryptocurrency to buy right now. On Thursday, its price rose again to $65,000, surpassing the 200-day moving average (200DMA) and its highs from late August.
As a result of this rise, we may see a retest of the resistance level at $70,000, as the easing of global central bank policies has led to an increase in new investment in Bitcoin Spot ETFs in the United States.
Bitcoin exchange-traded funds (BTC ETFs) saw net new investment of more than $100 million on Wednesday and Thursday, according to data from Farside.
After cutting interest rates by 50 basis points last week - the first time since 2020 - the Federal Reserve is expected to cut rates by another 50 basis points in November.
Not only that, but other central banks in major economies have also eased their policies, with the Peopleâs Bank of China (PBoC) recently cutting its reserve requirement and planning to inject another trillion yuan into financial markets. As such, liquidity across global financial markets is expected to increase in the coming months.
Bitcoin, which some investors see as a proxy for global liquidity conditions, will be one of the biggest beneficiaries. Bitcoin is the best cryptocurrency to buy now for traditional investors looking to add upside potential to their portfolios. October and the last quarter of the year are typically positive periods for Bitcoin.
This positive period coincides with fundamental economic factors including easing central bank policies, the approaching US presidential election, and the delayed positive impact of Bitcoinâs halving, providing significant incentives in the last quarter that could push Bitcoin to $100,000 before the end of the year. However, some investors who already own Bitcoin may want to add some promising coins to their portfolios to achieve greater returns.
So, they turn to the altcoin market for coins that might outperform Bitcoin. Here are some of the strongest performing coins that might generate higher returns than Bitcoin.
Shiba Inu (Shiba Inu-SHIB)
Shiba Inu (SHIB), the Ethereum-based meme coin, is the best performing coin in the top 100 cryptocurrencies list right now, up around 20% according to TradingView.
The motivation behind SHIBâs surge above $0.000018 is not yet clear, but it is clear that its technical analysis is looking great at the moment. Earlier this month, Shiba Inu broke out of its multi-month downtrend and headed higher.
Also, the price is advancing towards the next major resistance level above $0.000020, which is formed by the 200-day moving average (200DMA) converging with the July highs. If SHIB manages to clear this level, it is likely to return to the yearâs highs at $0.000040.
It is worth noting that SHIBâs market cap has risen to over $1.5 billion, which could indicate that the meme season is about to return. If true, Shiba Inu would be the best cryptocurrency to buy right now.
Dogs (DOGS) Coin
Another meme coin worth checking out might be Dogs (DOGS), a meme coin based on the TON blockchain. Despite the broader crypto marketâs recovery, DOGSâ price has been falling in recent weeks, with its market cap falling to $440 million.
As a result, DOGS may be the best coin to buy right now for meme coin traders looking for a low-priced coin with a strong community and solid fundamentals. However, Chester, an analyst at Cryptonews.com, mentioned in a recent video that DOGSâ market cap could drop to around $200 million.
So, it might be a good idea for meme coin investors to join meme coin IPOs, as these offer the opportunity to participate in high-potential projects at a low price before they are listed. You can check out Cryptonews.comâs favorite meme coin IPOs here.
Ethena Coin (ENA)
The last coin on our list is Ethena (ENA), the native token of a decentralized finance (DeFi) protocol, an algorithmic stablecoin issuance protocol. The price of ENA has surged 16% to $0.365 in the past 24 hours, according to CoinMarketCap data; the surge was driven by the protocolâs launch of a new stablecoin called UStb.
