Bitcoin’s meteoric rise has sparked renewed excitement in the crypto world. For the first time since July, Bitcoin (BTC) surged to a milestone of $71,500 on Coinbase, according to TradingView, putting it firmly in the spotlight as this Monday's “best crypto to buy now.” With the US presidential election just around the corner and increasing optimism about crypto-friendly policies under a potential Trump victory, BTC and other cryptos could be heading toward a strong close in 2024.
In the past 24 hours, BTC has risen over 3.2%, and investors are eyeing a possible retest of its record high around $74,000. Given the current environment, let’s dive into why Bitcoin, along with a few other strong contenders, might be poised for substantial gains by year-end.
Why Bitcoin Is Primed for Gains
A combination of factors makes Bitcoin particularly attractive right now:
1. Political Tailwinds: With markets anticipating a Trump win, Bitcoin could see increased demand, thanks to Trump’s vocal support for both Bitcoin and decentralized finance (DeFi). His victory could signal a more favorable regulatory landscape for crypto in the US.
2. Economic Environment: As the Federal Reserve eases interest rates, paired with steady US economic growth, Bitcoin finds itself in a growth-conducive environment. These macroeconomic factors strengthen the likelihood that Bitcoin could push to $100,000, a 43% jump from current levels, before the year’s end.
3. Proven Performance: Bitcoin has historically outperformed in times of economic uncertainty and high inflation, drawing in both institutional and retail investors looking for a safe-haven asset in an increasingly volatile global market.
For those new to crypto, Bitcoin’s longevity, market dominance, and growing mainstream acceptance make it a strong entry point. However, investors willing to venture into more volatile territory may look at other coins for potentially greater gains.
Alternative Cryptos to Watch
For those looking to diversify, here are a few of the top contenders in the current market beyond Bitcoin:
1. Ethereum (ETH)
While Bitcoin steals the spotlight, Ethereum (ETH) could be a hidden gem. ETH hasn’t kept pace with BTC’s recent rally, and the ETH/BTC pair has hit its lowest levels since April 2021. But as BTC climbs, some investors may see Ethereum’s current price as a bargain, particularly given its core role in DeFi and smart contract platforms.
This is exactly why $ETH is undervalued. People complain about ETH foundation dumping but if ETH was PoW, the price would have been much lower.
— Bitstein 🇨🇦🇦🇪☪️ (@Bitstein0x) October 26, 2024
Not to mention, ETH is at the cutting edge of research, even more than the memelords favorite Solana, because they have real value… https://t.co/7Vbkl1ncAt
- Upside Potential: Ethereum remains down over 45% from its all-time high, meaning a quick 2x rise to around $5,000 is within the realm of possibility if it attracts renewed interest.
- The Case for Growth: Ethereum’s utility and market dominance make it a compelling option for those who missed Bitcoin’s initial move and want exposure to a major crypto at a discount.
$ETH
— BitBull (@AkaBull_) October 17, 2024
The market is massively undervaluing Ethereum rn pic.twitter.com/byRxoNudXq
2. Dogecoin (DOGE)
As crypto’s most famous meme coin, Dogecoin (DOGE) is known for its explosive, albeit unpredictable, price movements. DOGE surged 13% in the last 24 hours, nearing $0.16. If Trump’s candidacy bolsters pro-crypto policies and appoints figures like Elon Musk to government roles, as rumored, DOGE could experience a cultural and financial boost.
- Pop Culture Appeal: Dogecoin’s popularity could see a resurgence if Musk, who has openly endorsed DOGE, gains a political role.
- Future Growth Potential: With increasing media attention, DOGE may gain traction beyond its current speculative price level, making it a dark-horse candidate for investors willing to take a gamble.
They are talking about Dogecoin not Bitcoin or Ethereum at the Donald Trump rally. You get it?
— 𝓣 𝓞 𝓟 𝓓 𝓞 𝓖 𝓔 (@TOPDOGE007) October 28, 2024
If you don’t have some Dogecoin go get some…pic.twitter.com/ySbLCW5F6n
3. Bitcoin SV (BSV)
Bitcoin SV (BSV) is another coin that’s showing strength, up 10.3% in the past 24 hours and trading above $50. BSV supporters believe its adherence to Satoshi Nakamoto’s original vision sets it apart from other Bitcoin forks. Currently testing its 200-day moving average, a breakout could propel it toward yearly highs of $125.
- Opportunities and Risks: While BSV’s claims of scalability are promising, it faces scrutiny for security concerns and lack of significant adoption. Investors should be prepared for its high volatility and potential setbacks.
For High-Risk, High-Reward Seekers: Crypto Presales
If you’re looking for even higher returns, crypto presales offer the advantage of acquiring tokens at lower prices before they hit the open market. Presales can provide rapid gains if the projects succeed, with some tokens potentially multiplying in value upon listing. However, presales are high-risk due to the lack of historical performance data and the often speculative nature of new projects.
Crypto analysts frequently monitor these presales to find the next "100x gem." Although these investments are high-stakes, the upside can be substantial for those willing to ride the early wave of successful projects.
Final Thoughts
As BTC races towards new highs, Bitcoin presents itself as the best crypto to buy now, particularly for new investors. However, those seeking larger gains should also consider alternative coins with high growth potential, such as Ethereum, Dogecoin, and Bitcoin SV. For experienced traders, crypto presales could provide an exciting entry into emerging projects with significant upside.
With the 2024 year-end approaching, the combination of macroeconomic conditions and potential policy shifts sets up a favorable backdrop for cryptocurrencies across the board. Whether you’re new to crypto or an experienced trader, now could be the time to take advantage of this crypto momentum.
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Bitcoin: bc1q20zx0j2fmmk9jca49hanrk2gl3hgqtysuy6fsv
Ethereum: 0x2132aa994E6b0cb0Bc86074Cb75624FAC71b8548
Doge: DJb9299NMr8kWfqNLwZkbaV7P5kgEANHWB
Solana: CMNBYVJi3Z8axYnu44YKpHhsyrKc3ZtszcznaYEguhSA
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