Traders Shift Focus from Bitcoin to Altcoins
On Monday, traders are pivoting away from Bitcoin (BTC) in favor of altcoins, seeking investments that might offer quick returns. After coming close to hitting the coveted $100,000 mark last week, Bitcoin has faced some profit-taking, causing its price to settle around $96,000. Despite this slight downturn, the overall sentiment in the crypto market remains positive.
Market Dynamics in the Wake of Political Changes
The optimism in the crypto space is bolstered by the recent announcement that Gary Gensler, the SEC Chair known for his anti-crypto stance, will be stepping down in January. Additionally, the appointment of Scott Bessent, a well-regarded pro-crypto hedge fund manager, as Treasury Secretary by U.S. President-elect Donald Trump further enhances this optimistic outlook. Many in the crypto community believe that this marks the beginning of a significant regulatory shift that could favor digital currencies.
Current Market Performance
As of the latest updates, Bitcoin has seen a slight decrease of around 1% in the past 24 hours, according to CoinMarketCap. In contrast, Ethereum (ETH) has observed gains exceeding 4% during the same timeframe. Many major altcoins are also experiencing robust growth, although some like Solana (SOL), BNB (BNB), Tron (TRX), and Dogecoin (DOGE) appear to be lagging behind.
Bitcoin’s Bullish Potential
Despite its recent pullback, Bitcoin is still regarded as a strong candidate for the best crypto to buy right now. Analysts suggest that a breakout above the $100,000 level is highly likely as we approach 2025. Historical trends indicate that Bitcoin typically experiences a bullish breakout 6-12 months following each halving, implying that there could be substantial upside potential. With the possibility of at least a 50% gain within the next six months, Bitcoin remains a compelling option for many investors.
Noteworthy Altcoins to Consider
While Bitcoin offers promise, seasoned traders are also looking at altcoins with higher potential returns. In particular, three standout options are gaining attention this Monday.
The Sandbox (SAND)
The Sandbox (SAND), a metaverse game, has surged by 30% in the past 24 hours, marking a nearly 90% increase since last Friday. After almost reaching the $0.90 mark, SAND has hit its highest price levels since early 2023. Having traded at around $0.20 earlier this year, following a dismal performance at around 98% below its all-time highs, SAND is emerging as an attractive opportunity as it aligns with traders’ expectations of a new alt-season. Should it recover to its previous record highs, investors could see gains exceeding 10x from its current price.
Lido DAO (LDO)
Lido (LDO), an Ethereum staking solution, is also performing well, with a 20% increase in the last 24 hours. With prices currently hovering just under $1.70, LDO has broken above its 200-day moving average for the first time in early 2024, in addition to overcoming a crucial resistance level around $1.40. This bullish trend suggests that LDO could potentially triple its value in the coming weeks, making it a strong candidate for investment.
Uniswap (UNI)
Uniswap (UNI), the leading decentralized exchange (DEX) protocol, has reached six-month highs above $12, nearly doubling its value from recent lows. After a challenging period characterized by regulatory uncertainties in 2023 and 2024, including a Wells Notice from the SEC, UNI is well-positioned to benefit from the anticipated regulatory shift under the new administration. Analysts believe that UNI could see a 4x increase as it approaches its 2021 record highs, solidifying its position as a promising cryptocurrency to invest in.
Exploring New Opportunities
While the altcoins mentioned above show substantial promise for investment, some traders are on the lookout for even greater gains. The presale stage of new cryptocurrency projects, particularly meme coins, can offer lucrative returns if they begin to trend. Analysts from several crypto news outlets consistently search for the next breakout meme coin. For those interested, they have compiled a list of the best new meme coins to buy this November 2024.