Top Cryptocurrencies to Consider Buying Now: Ethena, Mog Coin, and Dogwifhat
Altcoins
Bitcoin
Cryptocurrency
Last updated:
October 11, 2024 15:07 EDT
By Joel Frank
The cryptocurrency market experienced a positive shift on Friday, with major coins rebounding from Thursday’s dip. Investors are now looking for the best cryptocurrencies to buy in anticipation of a strong rally in the second half of October.
Bitcoin (BTC) saw a 3.6% rally in the past 24 hours, reaching the $62,000s after briefly falling below $59,000 on Thursday, according to CoinMarketCap.
This rally can be attributed to several positive factors, including a one-year delay in Mt Gox repayments and hopes for fresh stimulus in China.
Other major altcoins, such as Ethereum (ETH) and Solana (SOL), also experienced gains of 2% and 5% respectively over the last 24 hours.
The strong rebound after Thursday’s dip indicates a high demand for buying the dip at the moment, increasing the likelihood of a market-wide rebound in the second half of October.
Anticipation of a pro-crypto Trump presidency, as indicated by the strong lead of Republican US Presidential nominee Donald Trump in the betting odds over Democrat rival Kamala Harris, could act as a strong tailwind as the November 5 election approaches.
Additionally, the easing of financial conditions by the Federal Reserve, assuming US economic growth remains stable, is a positive sign for risk assets like major cryptocurrencies.
It has also been nearly six months since the April Bitcoin halving, and historically, bull markets have accelerated six months after previous halvings. This combination of factors could drive Bitcoin to new record highs and towards $100,000 by the end of 2024.
For new investors, Bitcoin is a strong contender for the best cryptocurrency to buy now. It has the potential to rally another 60% this year and is the oldest, most well-known, widely adopted, decentralized, and secure cryptocurrency.
However, seasoned crypto investors with a substantial BTC portfolio may be looking for higher beta plays. This is where smaller and lesser-known altcoins come into play.
Here are some top performers that could be considered the best cryptocurrencies to buy now.
Ethena (ENA), an innovative yield-bearing algorithmic stablecoin protocol, has been the best-performing crypto in the top 100 today, with a 28% increase, according to CoinMarketCap.
ENA recently launched a new US government debt-backed stablecoin, signaling its entrance into the growing real-world asset tokenization space. Technical analysis suggests that ENA is in a strong position, with its Friday rally confirming a rebound from its 50-day moving average (DMA), indicating that the bulls are in control of the market.
At its current price of $0.333, ENA has the potential to reach nearly 5 times its record highs in the $1.50 region, making it a strong contender for the best cryptocurrency to buy now.
Mog Coin (MOG), an Ethereum meme coin, is another top gainer today, with a rise of 24.5%, according to CoinMarketCap, currently trading at around $0.0000017.
MOG continues to move higher within an upward trend channel and is comfortably above its 200-day and 50-day moving averages (DMAs). This suggests that the near-term bias is towards more upside for MOG, with a quick 2 times rally to above $0.0000030 possible.
This makes MOG a strong candidate for the best cryptocurrency to buy now and possibly the best meme coin.
Dogwifhat (WIF), a rival Solana-based meme coin, is also performing well on Friday. TradingView reports a 13% increase to around $2.76, with WIF currently testing key resistance.
WIF appears to have formed a bullish ascending triangle structure, indicating a high probability of a near-term breakout. A quick near-2 times rally could be on the cards for WIF. Additionally, as a leading Solana meme coin, WIF has a strong long-term outlook, making it a contender for the best cryptocurrency to buy now.
Both WIF and MOG have the potential to post 5 times gains from their current levels. However, investors seeking even higher potential returns will need to consider newer, smaller meme coins before they start trending.
Cryptonews.com is constantly searching for the next 20 times meme coin play and maintains a list of their favorite meme coin presales with promising potential. Here are their top picks.
Please note that cryptocurrency is a high-risk asset class, and this article is for informational purposes only and does not constitute investment advice. It’s important to be aware of the risks involved and that you could potentially lose all of your capital.