Investors Eyeing Best crypto to Buy Now Amid Fed Rate Cut
Two days after the Federal Reserve's first rate cut since 2020, major cryptocurrencies are still exhibiting positive momentum. Investors are carefully considering the best crypto to buy now in anticipation of a potential surge in October.
bitcoin (BTC) saw a slight dip below $63,000 in the past 24 hours, according to CoinMarketCap data. However, it remains in proximity to its weekly highs while other major cryptos like ethereum (ETH) and Solana (SOL) are trading with gains on Friday.
Market sentiment has improved markedly since the Fed initiated its latest rate-cutting cycle with a substantial 50 basis points reduction. This move, coupled with growing optimism, suggests the possibility of a goldilocks period characterized by ongoing US economic growth and Federal Reserve easing.
US Macro Data Crucial for crypto Market Outlook
Releasing upcoming US macroeconomic data will play a critical role in determining the market's trajectory. Strong economic data from the US is likely to uphold the optimistic narrative, setting the stage for a potentially favorable environment in October, historically known as a bullish month for cryptocurrencies.
Traders are now contemplating which cryptocurrencies might be the most promising investment options as they prepare for a potential surge in the crypto market. Some top performers on Friday are emerging as strong candidates.
Best crypto to Buy Now Ahead of Potential October Surge
Sui (SUI)
Sui (SUI), an upcoming layer-1 blockchain protocol, is leading the market with an impressive 11% gain. Trading around $1.48, SUI came close to breaching the $1.60 mark earlier in the day. The cryptocurrency has been on a significant uptrend since breaking above key resistance levels.
According to DeFi Llama, Sui's Total Value Locked (TVL) recently surged to over $850 million, highlighting the blockchain's growing adoption. With the potential for a return to yearly highs around $2.20, SUI stands out as a strong contender for the best crypto to buy now.
Bittensor (TAO)
Decentralized machine learning network Bittensor (TAO) has also registered a notable 9% gain on Friday. After surpassing critical resistance levels around $360, the path is clear for TAO to revisit all-time highs near $760, offering the possibility of significant gains.
Aptos (APT)
Aptos (APT), a new layer-1 protocol developed by the minds behind Facebook's erstwhile Libra project, exhibited a solid performance on Friday. With a 6% rally pushing against resistance at $7.20, a successful breakout could pave the way for a triple surge back to yearly highs at $19.50.
Exploring High-Potential Alternatives
While the aforementioned cryptocurrencies present substantial upside potential during a potential October rally, some traders may opt for higher-risk coins with greater profit prospects. One method to access these high-potential projects early and at an advantageous valuation is through crypto presales.
Cryptonews.com analysts have highlighted some of the most promising presale opportunities in the cryptocurrency space. To explore these enticing investment prospects, check out the 17 Best crypto Presales to Invest in.
