Top Cryptocurrencies to Invest in Now – Bitcoin, Fantom, Ethereum Name Services
As the prices of major cryptocurrencies decline, with Bitcoin (BTC) hitting new one-month lows below $63,500 on Friday, investors are exploring the market for the best cryptocurrencies to invest in now.
According to crypto analytics platform Santiment, BTC’s crowd sentiment has been negative for four weeks. This could indicate a potential price bounce in the near future. However, a bounce may not occur until outflows from the spot Bitcoin ETF ease up.
Since June 10th, ETF outflows have exceeded $800 million, as reported by ETF.com on Thursday. Additionally, selling pressure from the German government, who moved 1,000 BTC to exchanges on Thursday, may also be impacting the price. Overall, the German government holds 43,000 confiscated BTC.
Chart analysis suggests that Bitcoin’s recent decline may continue, as it faced strong resistance at its 50-day moving average on Thursday, indicating a bearish trend. Despite this, Bitcoin could retest $60,000 soon, making it a strong contender for the best cryptocurrency to invest in now.
With the Federal Reserve expected to cut interest rates later this year, the upcoming US Presidential election, and reduced sell pressure from miners post-halving, there are several reasons to believe that the BTC bull run could intensify in late 2024.
Options traders are betting on Bitcoin surpassing $100,000 in 2025, making it an attractive choice for beginner crypto investors. Not only does Bitcoin have a strong price outlook, but it is also considered the oldest, largest, and most secure cryptocurrency.
Fantom (FTM), a Layer-1 protocol, has seen a 7% increase in price on Friday, making it one of the best-performing cryptocurrencies. With FTM currently priced around $0.585, up 25% from earlier weekly lows, it could potentially double in value if it breaks above the $0.60 resistance zone.
Ethereum Name Services (ENS), priced around $26.40, is approaching key long-term resistance at $30. A breakout above this level could lead to a push towards record levels above $100. ENS has the potential to deliver significant gains this bull market, making it a top cryptocurrency to invest in now.
For investors seeking higher returns, meme coin markets offer opportunities. While established meme coins like Dogecoin and Shiba Inu have large market caps and limited upside potential, new meme coins could provide substantial gains if invested in early.
Analysts at Cryptonews.com have identified the top meme coins to watch in June 2024 for investors looking for potential high returns. Please note that investing in cryptocurrencies is high-risk and this article is for informational purposes only and not investment advice. Potential capital loss is a risk.