Two days after the Fed’s first rate cut since 2020, major cryptos are still trading with good momentum, and investors are weighing up the best crypto to buy now ahead of a potential October surge.
Bitcoin (BTC) slipped back under $63,000 and was slightly in the red in the past 24 hours, according to CoinMarketCap.
However, it remains close to weekly highs, and most other major cryptos, such as Ethereum (ETH) and Solana (SOL), are trading with gains on Friday.
Risk appetite has picked up substantially since the Fed kicked off its latest rate-cutting cycle with a super-sized 50bps cut.
The Fed just cut interest rates by 50 basis points.
Fire up the money printer too and we got a bull market on our hands.— Anthony Pompliano
(@APompliano) September 18, 2024
That’s because optimism is building, and markets could enter a goldilocks period of continued US economic growth combined with Fed easing.
Upcoming US macroeconomic data releases will be of utmost importance, with strong US economic data set to support this feel-good narrative.
October is generally a bullish month in crypto, and traders are wondering which might be the best cryptos to buy now ahead of a potential surge.
Here are some strong performers on Friday that could be strong candidates.
Best Crypto to Buy Now Ahead of Potential October Surge
Sui (SUI)
The upcoming layer-1 blockchain protocol Sui (SUI) will lead the crypto market higher on Friday, with an 11% gain, per CoinMarketCap.
Last around $1.48, SUI went within a whisker of $1.60 earlier in the day.
SUI has been on a tear since breaking above key resistance in the $1.17 area.
Per DeFi Llama, Sui’s TVL just surged to a new record high above $850 million.
TVL refers to the USD value of crypto locked in smart contracts on a blockchain.
Surging TVL is a good proxy for a blockchain’s adoption, and Sui’s TVL could keep rapidly rising in the wake of USDC joining the blockchain.
BREAKING: @Circle’s native $USDC is coming soon to Sui
Additionally, Cross-Chain Transfer Protocol (#CCTP) will be launching on Sui, enabling developers to be able to build cross-chain flows from other chains (like @Solana, @Ethereum, and more).This is huge for the Sui… https://t.co/klxqurAt3U pic.twitter.com/iamcolqqfK
— Sui (@SuiNetwork) September 17, 2024
With SUI set to soon blast back to yearly highs in the $2.20 area, it is a strong candidate for the best crypto to buy now.
Bittensor (TAO)
Decentralized machine learning network Bittensor (TAO) is another top gainer today, rising 9% on Friday, according to TradingView.
Since breaking above key resistance in the $360 area, the door is open for a rapid return to record highs in the $760 area.
The prospect of quick near 2x gains from TAO’s current levels in the $400 area suggests this AI coin could be the best crypto to buy now.
Aptos (APT)
Another new layer-1 protocol, Aptos (APT), was built by the developers behind Facebook’s failed Libra cryptocurrency and performed well on Friday.
APT rallied 6% to probe resistance in the $7.20 area. A break above here could see it quickly rally 3x back to yearly highs in the $19.50 area.
Alternatives to Consider
The above-noted coins could all rally substantially during a potential October surge, with all potentially ranking as the best crypto to buy now.
However, some crypto traders will hunt higher-risk coins with bigger upside potential.
And a good way to get into such coins is via crypto presales.
Presales offer investors the chance to get into high-potential crypto projects early and at a low valuation.
Here are some of the analysts at Cryptonews.com’s top presale picks right now.
17 Best Crypto Presales to Invest
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