is it safe to save it to a cookie?
No. Cookies can be stolen via XSS attacks (and other vectors) Also, this might be susceptible to CSRF since a cookie will be submitted automatically with any request.
I could encrypt the token using hash just before saving it to the cookie
This will also not work. Hashing is not a secure way to encrypt (and moreover does not allow decryption)
Are there any other alternatives?
Basically, you should give the token to the user over a secured connection (HTTPS) but they should manually submit it for security (again over HTTPS)