Current Market Overview
On Tuesday, major cryptocurrency prices experienced a lull, with Bitcoin (BTC) falling back into the $61,000 range. This period of market calm has prompted investors to take a closer look at potential crypto buys. With various positive developments brewing behind the scenes, Bitcoin may present itself as a viable option for those looking to invest.
Factors Supporting Bitcoin’s Potential
One significant catalyst is the anticipated presidential election result in the United States, where pro-crypto Republican candidate Donald Trump is currently favored. His growing lead over Democratic candidate Kamala Harris—up by 7.3% in the odds—might foster a supportive environment for major cryptocurrencies in the near future.
Additionally, the ongoing stability of the US economy and the easing policies from the US Federal Reserve are likely to underpin Bitcoin’s price. The increasing liquidity in stablecoins, which reached a record $169 billion by late September according to CryptoQuant data, further enhances the market’s foundation. Investors are also beginning to feel the delayed bullish impact from the Bitcoin halving event that occurred in April.
Market Risks and Future Outlook
While the market seems poised for a potential rally as October progresses, the threat of escalation in conflicts, such as a full-blown war between Israel and Iran, continues to loom. This unpredictability casts some uncertainty over the market’s trajectory. However, even if October does not exhibit strong performance, the outlook for November and December appears promising, with the possibility of Bitcoin reaching new all-time highs.
Top Cryptocurrencies to Consider for Investment
For investors seeking alternatives to Bitcoin with substantial upside potential, several strong-performing altcoins deserve attention. Among these, Chiliz (CHZ), a sports fan token protocol, has emerged as the best-performing cryptocurrency within the top 100 on Tuesday, with a notable increase of 14.5% in the past 24 hours, according to CoinMarketCap. This surge is linked to excitement surrounding an upcoming airdrop of the new token, PEPPER, which will be exclusively available to CHZ holders.
CHZ has shown solid technical performance, recently trading around $0.077, bolstered by a strong uptrend since surpassing its 50-day moving average (DMA) in mid-September. Investors will be watching for potential resistance levels around $0.085 and the possibility of a retest of the 200DMA near the $0.090 mark.
Other Notable Tokens and Presales
Following Chiliz, Dogecoin (DOGE) and Uniswap (UNI) have also performed well, with both tokens rising by 2-3% over the last 24 hours. As per CoinMarketCap, Uni trades at approximately $7.28, while Dogecoin is just under $0.11. Both tokens are comfortably positioned above their respective 50DMAs, with Dogecoin bulls aiming for a return to recent highs and the 200DMA, and UNI targeting recent peaks in the $7.80 range.
For investors seeking higher risk and reward, considering crypto presales can be an advantageous strategy. While presales carry inherent risks, savvy investors often achieve significant returns, sometimes exceeding 10-20x gains. Cryptonews.com has compiled a list of the top 16 presales worth exploring for those interested.