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Bitcoin (BTC) is currently viewed as one of the top cryptocurrencies to consider for investment. On Thursday, its price regained momentum, pushing back into the $65,000 range and surpassing the significant 200-Day Moving Average (200DMA) and the highs recorded in late August.
Market Potential and Central Bank Policies
This resurgence could pave the way for a rapid rally towards the resistance level at $70,000. The underlying bull market sentiment is fueled by a global trend of central bank easing, which is drawing renewed interest in US spot Bitcoin ETFs. In fact, data from Farside indicates that Bitcoin ETFs experienced over $100 million in net inflows on Tuesday and Wednesday.
Following a 50 basis points (bps) rate cut last week—the first adjustment since 2020—the US Federal Reserve is anticipated to implement another 50bps cut in November. Other major central banks are also taking steps towards easing their monetary policies. For instance, China’s People’s Bank of China (PBoC) has recently removed reserve requirements and is contemplating injecting an additional 1 trillion yen into the market.
Given this environment, liquidity conditions across global financial markets are expected to improve significantly in the coming months. Since Bitcoin is often seen as a proxy for global liquidity, it stands to benefit immensely from these trends.
Seasonal Trends Favoring Bitcoin
For traditional investors looking for growth opportunities, Bitcoin emerges as a prime candidate. Historically, October and the broader fourth quarter have been periods of bullish performance for Bitcoin. The convergence of favorable fundamentals—such as central bank easing, the upcoming US election, and the delayed positive impacts of the Bitcoin halving—could serve as powerful catalysts during this quarter. Many analysts speculate that Bitcoin could reach as high as $100,000 before the year concludes.
Moreover, investors who already hold substantial Bitcoin positions may seek additional exposure. They might explore the altcoin market for higher volatility investments that have the potential to outperform Bitcoin.
Top Altcoin Candidates
As investors look for promising altcoins, here are a few noteworthy candidates from Thursday that may outpace Bitcoin.
Shiba Inu (SHIB)
Leading the pack is Shiba Inu (SHIB), a prominent meme coin on the Ethereum network. On Thursday, SHIB surged nearly 20%, moving above the $0.000018 mark. Although the exact reasons for this spike remain unclear, the technical indicators for SHIB suggest a potential breakout. Earlier this month, the coin broke free from a prolonged downtrend and is progressing toward a key resistance level just above $0.000020, where the 200DMA and July highs intersect.
If SHIB can breach this resistance, there is a strong likelihood of a rally back to yearly highs around $0.000040. Following this sudden price movement, SHIB’s market capitalization has increased by over $1.5 billion, potentially signaling the return of the meme coin season. In this context, SHIB could be considered one of the best cryptos to buy right now.
Dogs (DOGS)
Another meme coin to consider is Dogs (DOGS), situated on the TON blockchain. Despite the overall market surge, DOGS has seen a decline in recent weeks, with its market cap dropping to around $440 million. For traders involved in meme coins, DOGS may represent an appealing option due to its strong community backing and underlying fundamentals, particularly as it trades at a discount.
However, some analysts caution that DOGS might experience further declines, possibly bringing its market cap down to approximately $200 million. As a result, investing in meme coin presales could offer a more advantageous opportunity, allowing entry into promising projects before they gain mainstream attention. For further insights, visit Cryptonews.com’s recommendations on meme coin presales.
Ethena (ENA)
Lastly, Ethena (ENA) stands out as a noteworthy DeFi protocol. The coin has experienced a 16% increase over 24 hours, reaching $0.365, according to CoinMarketCap. This price surge follows the recent launch of Ethena’s new stablecoin, UStb, which will be completely backed by BlackRock’s on-chain BUIDL fund.
The introduction of UStb represents a significant development, as it will operate separately from Ethena’s existing USDe stablecoin. For investors interested in exploring innovative DeFi protocols, Ethena could emerge as a prime opportunity in the cryptocurrency landscape.
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