Muhurat Trading 2023: Top 5 Crypto Picks for Diwali!

Key Takeaways

Notable US candidates embracing Bitcoin donations signals growing mainstream recognition.
12 firms seeking SEC approval for a Bitcoin ETF indicate increasing institutional involvement in the crypto market.
G20 countries' efforts to regulate crypto make it a more appealing investment choice by enhancing market stability.

11-11-2023 Lokesh Gupta

Muhurat Trading 2023: Top 5 Crypto Picks for Diwali!

Top 5 Crypto Picks for Diwali Muhurat Trading 2023

Cryptocurrency gains traction as US candidates, including Kennedy Jr., DeSantis, and Ramaswamy, accept Bitcoin donations. 12 firms seek SEC approval for a Bitcoin ETF. Amidst bank challenges, crypto emerges as a promising alternative. G20 countries work on crypto regulations, making it an appealing investment option.

These are the coins that you should consider holding for long-term investments, particularly noteworthy during the Diwali week.

Bitcoin	Based on the chart data, BTC has shown a strong and consistent uptrend, surging over 116% since January 1, 2023. Bitcoin's surge is attributed to rising institutional interest, seen as a value store. Bitcoin ETF approval marks a milestone, boosting accessibility and investor interest. SEC’s first window to approve all 12 spot Bitcoin ETFs to begin today.
Ethereum	Based on the chart data, ETH has shown a strong and consistent uptrend, surging over 76.50% since January 1, 2023. In November 2023, Ethereum followed Bitcoin's surge, returning to $2100 after 6 months, signaling a promising, sustained bullish trend. Blackrock recently registered the "iShares Ethereum Trust," similar to the events preceding spot Bitcoin ETF. Ethereum's daily chart confirms a bullish flag breakout, suggesting a potential target at $2,678.
Solana	BitMex co-founder Arthur Hayes buys SOL amid Solana's positive momentum. Solana funds gained $24 million in October, signaling renewed investor confidence. Solana, once seen as an "Ethereum killer," now outperforms Ethereum. Solana surged 81% in a month, 30% in a week after Firedancer scaling solution testnet launch.
XRP	July 13: Ripple wins court battle, declares XRP not a security, triggering 70% price surge. In "Uptober," the crypto market and XRP both thrived, with XRP surging over 25% from its October lows. The daily chart shows a rounding bottom pattern that is driving the current recovery trend. If Ripple wins the case, the price could climb to $0.938, with a potential 38% gain.
Chainlik	Chainlink's LINK price surged over 90% in October, riding the broader crypto market recovery. After a 1.5-year rectangle consolidation breakout, an upward rally is now evident. ChainlinkBUILD partners with Rollup Finance for oracle services and support. Grayscale Chainlink Trust skyrockets 200%, signaling high institutional demand for LINK.

The crypto market's bullish trend, combined with the favorable regulatory environment, paints a promising picture for the future of digital assets. However, investing in cryptocurrency should be a well-informed decision. Remember to do your own research, stay updated with the latest developments, and approach this dynamic market with caution.

Also Read: Solana's Mysterious Surge and Crash: The Inside Scoop You Didn't Know!

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