Best Crypto to Buy Now June 21 – Bitcoin, Fantom, Ethereum Name Services
As major cryptos experience price declines, with Bitcoin (BTC) touching new one-month lows under $63,500 on Friday, investors are assessing their options and scouring markets for the best crypto to buy now.
As per crypto analytics platform Santiment, BTC crowd sentiment has been negative now for four weeks.
🫣 The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K. This extended level of FUD is rare, as traders continue to capitulate. BTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient. pic.twitter.com/WMy3lbdjEB
— Santiment (@santimentfeed) June 20, 2024
This could suggest a near-term price bounce is coming, they suggest. But a bounce won’t come until spot Bitcoin ETF outflows ease up.
ETF outflows were more than $800 million since June 10th, as per an ETF.com post on X on Thursday.
Spot bitcoin ETFs have suffered outflows on six of the past seven trading days totaling a net $813 million, according to Farside Investors (@FarsideUK)—part of a wider sell-off in digital asset investments. See more: https://t.co/jSkbA6iWns pic.twitter.com/rtktG48wv2
— etf.com (@etfcom) June 20, 2024
Selling from the German government might also be weighing on the price. They appeared to move 1,000 BTC on Thursday to exchanges. In total, the German government holds 43,000 in confiscated BTC.
Chart analysis suggests that Bitcoin’s recent bleed may continue. The crypto found strong resistance at its 50DMA on Thursday, a bearish sign.
Is Bitcoin the Best Crypto to Buy Now?
A retest of mid-May lows around $60,000 could be a near-term possibility. But traders ought to view near-term Bitcoin price downside/consolidation as an opportunity to further accumulate.
With the Fed expected to begin cutting interest rates later this year, the US Presidential election fast approaching (these are typically associated with bull runs), and post-halving sell pressure from struggling miners also likely to also ease up later in the year, there are lots of reasons to think the BTC bull run could heat up in late 2024.
Options traders certainly seem to be betting on as much. Singapore-based QCP Capital noted on Friday that they had seen an uptick in December-March $90,000-100,000 BTC price calls in the past 24 hours.
“We believe this suggests the market is calling the bottom and positioning itself for a sustained rally,” they commented.
The prospect of Bitcoin surging above $100,000 in 2025 suggests it’s a strong candidate for best crypto to buy now.
That’s especially true for beginner crypto investors taking their first steps into the market.
Not only is its price outlook strong, but Bitcoin is widely considered the oldest, largest and most secure of all cryptocurrencies.
The 10th richest man in the world just reposted this comment by Michael Saylor. 🤯
Michael Dell is worth a whopping $120 billion.
The billionaires are coming. #Bitcoin pic.twitter.com/ID4sRpdcuv
— The ₿itcoin Therapist (@TheBTCTherapist) June 21, 2024
Fantom (FTM)
Layer-1 protocol Fantom (FTM) is up around 7% on Friday, making it one of the best-performing cryptos.
That means FTM, last around $0.585, is now up roughly 25% from earlier weekly lows in the $0.48 region.
Bulls will now be eyeing whether FTM can break back above the key $0.60 resistance zone. This is also roughly where the 200DMA lays.
A break above here could open the door to a swift rally back to yearly highs around $1.20. That could mean 2x upside for FTM, making it potentially the best crypto to buy today.
Ethereum Name Services (ENS)
Ethereum Name Services (ENS), last around $26.40, is probing key long-term resistance in the $30 area. This marks the highs from 2024 and mid-2022.
A break above here might not be imminent. But it could come when Ethereum ETFs launch later this summer, and new liquidity flows into the Ethereum ecosystem.
A bullish breakout could open the door to a pushback to 2021 record levels to the north of $100.
ENS could easily post 5x gains this bull market, making it potentially the best crypto to buy now.
Crypto Alternatives to Consider
The above-noted altcoins could post solid gains this bull market.
However, for highly risk-tolerant traders targeting the bigger gains, meme coin markets are the place to go.
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.
15 Best Meme Coins to Buy in June 2024
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.
