Best Crypto to Buy Now July 1 – Ethereum, ENS, Dogwifhat
As cryptocurrency prices push higher on Monday, with the latest weaker-than-expected US ISM Manufacturing PMI data bolstering Fed rate cut bets and thus aiding sentiment, crypto investors are hunting for the best crypto to buy now for quick gains in the coming months.
Bitcoin (BTC) was last trading around $63,500, up around 2.5% in the past 24 hours.
Ethereum (ETH), meanwhile, was up a similar margin a nearing a retest of $3,500.
*US JUNE ISM MANUFACTURING INDEX FALLS TO 48.5; EST. 49.1 pic.twitter.com/QVV3GXdK9Y
— Christian Fromhertz 🇺🇸 (@cfromhertz) July 1, 2024
Most other major altcoins also gained decently in the past 24 hours. That said, most major cryptos are currently stranded well below yearly highs.
The focus will now shift to the barrage of further US economic data releases later this week. The most important of these releases will be Friday’s official jobs report.
Analysts will be hoping for data that supports the case for Fed rate cuts starting in September.
Assuming they arrive as expected later in the year, Fed rate cuts are expected to lift crypto market sentiment.
Other catalysts like the US election – and a likely Trump win – and an expected easing of BTC miner sell pressure should also lift crypto prices.
While the hype surrounding Bitcoin ETFs has died down in recent weeks, institutional demand could surge back at any point.
What Is the Best Crypto to Buy Now?
As Bitcoin gradually makes its way higher again from the bottom of its multi-month $60,000-$70,000 range, now is a great time to accumulate.
Many analysts still think $100,000 is on the cards for 2025. The prospect of a 60% upside means that, for many investors, Bitcoin is the best crypto to buy now.
Given its status as the most trusted, secure, and oldest crypto, Bitcoin is definitely the best coin for beginners.
But those looking for further upside might want to consider diversifying into Ethereum, the second largest crypto.
Indeed, now might be a great time to buy, with Ethereum potentially undervalued.
Ethereum ETFs go live potentially in a matter of days. Like with Bitcoin earlier this year, that could open the door to a flood of institutional inflows.
ETH is 15% down from earlier yearly highs, which “screams an ETF that is not priced in,” Steno Research analyst Mads Eberhardt noted on X.
This screams an ETF that is not priced in.
We only need to go back to April and March to see Ethereum reaching as high a price in dollars and against Bitcoin as it is now. In April, the Grayscale Ethereum Trust traded at discounts as high as 25%, indicating that the market did… pic.twitter.com/iCg6yWnje9
— Mads Eberhardt (@MadsEberhardt) June 29, 2024
His comments come after Steno Research recently predicted stronger-than-expected Ethereum ETF inflows could send ETH to $6,500 this year.
That would mean a near 100% upside for Ethereum from its current levels, which could make ETH comfortably one of the best cryptos to buy now.
100%, or 2x gains, are more than enough for most investors, but many investors are hunting for that rags-to-riches story in crypto.
Here are two lesser-known altcoins that could deliver 10x gains this bull market and be the best crypto to buy now.
Ethereum Name Services (ENS)
Ethereum wallet address naming service Ethereum Name Services (ENS) could be a great beta play on the Ethereum ETF narrative.
ENS is already a household dApp in the Ethereum ecosystem, and it is all but guaranteed to perform well if Ethereum continues to grow.
And growth in the Ethereum ecosystem seems very likely with ETFs about to go live.
ENS is currently probing long-term resistance in the $30-33 area, up 14% in the past 24 hours per CoinMarketCap.
A convincing break above here could open the door to a return to record highs around $170 and beyond.
10x gains are on the cards, meaning ENS could be the best crypto to buy now.
Dogwifhat (WIF)
One of the leading Solana meme coins Dogwifhat (WIF) is up 12% in the past 24 hours as per CoinMarketCap.
That means it is leading the broader crypto market rally. Last at $2.30, WIF is up 57% from last week’s lows.
Its latest push higher has seen it break a downtrend from the late May highs. This could reignite a pushback to $4.0, a 75% rally from current levels.
Looking at WIF’s market cap (last around $2.34 billion) suggests that there is plenty of room for growth.
Dogecoin reached a market cap of over $32 billion earlier this year, after all.
Investors shouldn’t rule out the possibility that WIF posts 10x gains in this bull market. It could thus be the best crypto to buy now.
Crypto Alternatives to Consider
For crypto investors with a higher risk tolerance, meme coin markets might be worth checking out.
Well-established meme coins like Dogecoin or Shiba Inu (SHIB) already have bloated market caps and won’t deliver 50-100x upside.
Rather, to secure these gains, traders would need to get in on a new meme coin before it starts trending.
Analysts at Cryptonews.com keep a close eye on the meme coin market. Here are some of their top picks for June 2024.
16 Best Meme Coins to Buy in July
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
