With the end of October approaching, the crypto market is seeing notable movements as Bitcoin surges past $70,000 on Coinbase, driven by investor anticipation ahead of the U.S. presidential election. Here’s a look at some of the top contenders for crypto investors, including Bitcoin, Ethereum, Dogecoin, and Bitcoin SV.
1. Bitcoin (BTC) on the Rise, Targets $100,000
Bitcoin, the largest cryptocurrency by market cap, has climbed 3.2% over the past 24 hours, recently hitting $70,000 for the first time since July, according to TradingView. Analysts are optimistic about BTC potentially reaching $100,000 before year’s end—a 43% rise from current levels—especially as markets respond to U.S. election dynamics. Former President Donald Trump’s support for Bitcoin and decentralized finance (DeFi) is seen as a bullish factor for the crypto, alongside the Fed’s continued rate cuts and robust U.S. economic growth.
2. Ethereum (ETH) Shows Potential Despite Underperformance
Ethereum hasn’t kept pace with Bitcoin’s recent rally, with ETH/BTC hitting its lowest level since April 2021. However, some investors see Ethereum’s current dip as a buying opportunity, given it remains down 45% from its all-time highs. With Bitcoin attracting heavy interest, Ethereum could soon catch investors’ eyes as a potential “undervalued” asset, with the possibility of doubling in value toward $5,000, making it a strong candidate for a long-term play.
The market is massively undervaluing Ethereum rn pic.twitter.com/byRxoNudXq
— BitBull (@AkaBull_) October 17, 2024
3. Dogecoin (DOGE) Gains Amid Rising Political Influence
Dogecoin, often regarded as a meme coin, saw a 13% surge over the last day, nearing $0.16. The coin’s recent attention is partly due to speculations surrounding Elon Musk’s potential role in a future Trump administration. With Musk’s influence and frequent mentions of Dogecoin, the meme coin’s cultural significance could increase, potentially driving its value higher. The narratives favoring Bitcoin’s rise to $100,000 might similarly boost Dogecoin as it gains further prominence.
They are talking about Dogecoin not Bitcoin or Ethereum at the Donald Trump rally. You get it?
If you don’t have some Dogecoin go get some…pic.twitter.com/ySbLCW5F6n
— 𝓣 𝓞 𝓟 𝓓 𝓞 𝓖 𝓔 (@TOPDOGE007) October 28, 2024
4. Bitcoin SV (BSV): Speculative Surge with High-Risk Reward
Bitcoin SV, a Bitcoin fork, recently saw a 10.3% increase, reaching above $50 and approaching its 200-day moving average. Although some question Bitcoin SV’s long-term stability due to security issues and low adoption beyond trading, short-term traders may find value if it surges toward yearly highs of around $125.
Alternative Options: Crypto Presales
For traders seeking high profits, presale tokens offer a unique opportunity to buy assets at discounted prices before they reach the open market. Although they come with added volatility and risk, successful presales can yield substantial returns for early investors.
With market movements as Q4 progresses, Bitcoin, Ethereum, Dogecoin, Bitcoin SV, and presale options offer diverse strategies for crypto investors.
