Top Cryptocurrencies to Invest in Today – Bitcoin, Fantom, Ethereum Name Services
Investors are currently looking for the best cryptocurrency to invest in as major cryptocurrencies, including Bitcoin, experience price drops. Bitcoin recently hit new one-month lows below $63,500, leading investors to explore the market for potential opportunities.
According to crypto analytics platform Santiment, sentiment surrounding Bitcoin has been negative for the past four weeks. Despite this, there are indications that a price bounce may be imminent, although it may not occur until outflows from spot Bitcoin ETFs decrease.
Recent data shows that ETF outflows have exceeded $800 million since June 10th, with additional selling pressure from the German government contributing to the downward trend. However, despite these challenges, Bitcoin remains a strong candidate for investment, with chart analysis suggesting that it could potentially retest $60,000 in the near future.
With the Federal Reserve expected to reduce interest rates later this year, the upcoming US Presidential election, and decreasing sell pressure from miners post-halving, Bitcoin’s bullish run could intensify by late 2024. Options traders have already begun betting on this possibility, with December-March $90,000-100,000 BTC price calls on the rise.
Fantom (FTM), a Layer-1 protocol, is also performing well, currently up by approximately 7% and showing potential for further growth. Ethereum Name Services (ENS) is another cryptocurrency to watch, currently testing key resistance levels that could lead to significant gains in the future.
For investors seeking higher returns, meme coin markets offer opportunities for substantial gains. While established meme coins like Dogecoin and Shiba Inu have limited upside potential, new meme coins present the possibility of significant returns.
Cryptonews.com has identified the top meme coins to watch in June 2024, providing valuable insights for traders looking to capitalize on this emerging market. As with any investment, it’s essential to exercise caution and conduct thorough research before making any financial decisions in the volatile world of cryptocurrency.
