Top Crypto Picks for July 1 – Ethereum, ENS, Dogwifhat
Joel Frank
Updated:
July 1, 2024, 16:12 EDT
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Reading Time: 3 min
As cryptocurrency prices rise on Monday, boosted by weaker-than-expected US ISM Manufacturing PMI data strengthening expectations of Fed rate cuts, crypto investors are eyeing potential gains with the best crypto to buy now.
Bitcoin (BTC) is currently trading around $63,500, up approximately 2.5% over the past 24 hours. Ethereum (ETH) has seen a similar increase and is nearing a retest of $3,500. Most major altcoins have also posted decent gains in the last day. Despite these movements, many key cryptocurrencies remain well below their annual highs.
Focus will now turn to a series of upcoming US economic data releases, culminating in Friday’s jobs report, which analysts hope will support the case for Fed rate cuts starting in September. Such cuts are expected to bolster sentiment in the crypto market. Other factors such as the US election outcome and a potential easing of BTC miner sell-offs could further lift crypto prices.
While the excitement around Bitcoin ETFs has cooled recently, institutional demand could resurge unexpectedly.
Which Crypto Is the Best Buy Now?
As Bitcoin climbs back towards the upper end of its $60,000-$70,000 range, now is an opportune time to accumulate.
Many analysts foresee Bitcoin potentially reaching $100,000 by 2025, suggesting a potential 60% upside from current levels, making it a top pick for many investors. As the most established and secure cryptocurrency, Bitcoin remains ideal for beginners.
For those seeking additional growth potential, Ethereum, the second-largest cryptocurrency, is worth considering. The current dip in Ethereum’s value might indicate undervaluation.
The imminent launch of Ethereum ETFs could mirror Bitcoin’s earlier institutional influx, potentially driving Ethereum’s price higher. According to Mads Eberhardt, an analyst at Steno Research, Ethereum’s current price, 15% below yearly highs, doesn’t fully account for potential ETF effects, suggesting room for growth towards $6,500 this year.
This projection could mean nearly doubling Ethereum’s current price, positioning it favorably among the best cryptocurrencies to buy now.
For the investors hunting for substantial gains, here are two lesser-known altcoins with the potential for significant returns during this bull market.
Ethereum Name Services (ENS)
ENS, a service for naming Ethereum wallet addresses, could benefit significantly from the Ethereum ETF narrative. Already well-established within the Ethereum ecosystem, ENS is poised to perform strongly alongside Ethereum’s growth.
Currently trading near long-term resistance levels of $30-33, ENS has risen 14% in the past day according to CoinMarketCap. A breakout above these levels could pave the way for a return to all-time highs above $170, potentially offering substantial returns and making ENS an appealing choice among cryptocurrencies.
Dogwifhat (WIF)
A prominent meme coin on Solana, Dogwifhat (WIF) has surged 12% in the last 24 hours, leading the broader crypto market rally. With its latest climb, WIF has broken a downtrend from late May highs, hinting at a possible rally towards $4.0, a 75% increase from current levels.
Considering WIF’s market cap of approximately $2.34 billion, there appears to be ample room for growth. Given the success of coins like Dogecoin, which reached a market cap exceeding $32 billion earlier this year, WIF could potentially deliver significant gains during this bull market.
Crypto Alternatives Worth Exploring
For investors comfortable with higher risk, the meme coin market presents opportunities. Established meme coins like Dogecoin and Shiba Inu (SHIB) already boast substantial market caps, limiting potential returns to more modest levels.
Instead, early adoption of emerging meme coins before they gain traction could yield higher returns. Cryptonews.com analysts offer insights into potential opportunities in this segment.
Disclaimer: Cryptocurrency is a high-risk asset class. This article provides information and not investment advice. Capital loss is possible.