Two days after the Federal Reserve’s first rate cut since 2020, major cryptocurrencies are still trading with strong momentum, and investors are considering the best cryptocurrencies to buy now ahead of a potential rally in October.
Bitcoin (BTC) has pulled back slightly below $63,000 and has been slightly down over the past 24 hours.
However, it is still close to its weekly highs, while most other major cryptocurrencies like Ethereum (ETH) and Solana (SOL) are trading higher on Friday.
Risk appetite has increased significantly since the massive 50 basis point rate cut.
“The Fed cut rates by 50 basis points,” said Anthony Pompliano. “That means a bull market is on its way.”
This optimism is due to increased hope that markets may be entering a positive period of continued US economic growth in conjunction with the easing of monetary policies by the Federal Reserve.
The upcoming US economic data will be of utmost importance, as strong economic data will support this positive scenario.
October is usually a bullish month in the cryptocurrency world, and traders are wondering which coins might be the best to buy now before a potential rally.
Here are some strong cryptocurrencies that are performing well on Friday and could be solid picks.
Best Cryptocurrencies to Buy Now Before a Potential October Surge
Upcoming layer-one protocol Sui (SUI) is leading the market on Friday with an 11% gain.
SUI is priced at around $1.48, and reached nearly $1.60 earlier today.
SUI has seen a significant upside since breaking through a major resistance in the $1.17 area.
The total value locked in smart contracts on the Sui blockchain has jumped to an all-time high of $850 million.
This rapid rise may continue after USDC joins the Sui blockchain, making it a strong candidate as the best cryptocurrency to buy now.
Decentralized machine learning network Bittensor (TAO) is one of the big winners today, up 9%.
Since breaking a major resistance in the $360 area, the doors are open for a quick return to the all-time highs at $760.
The potential for gains of nearly double from current levels suggests that TAO could be the best cryptocurrency to buy right now.
Another new layer-one protocol, Aptos (APT), developed by the developers behind Facebook’s failed Libra cryptocurrency, performed well on Friday.
APT is up 6% to hit resistance at $7.20. A breakout could quickly send it trebling to yearly highs at $19.50.
Alternatives to consider
The above mentioned cryptocurrencies could surge significantly during a potential rally in October, and are all candidates as the best cryptocurrencies to buy now.
However, some traders may seek out higher risk currencies with greater upside potential.
A good way to get into such currencies is through ICOs.
IPOs give investors the opportunity to get into high-potential projects early and at a low price.
