Blue-chip cryptocurrencies continues to decrease from their multi-month/year highs, attributed to profit-taking ahead of what is expected to be a calmer and lower volume period leading up to the end of the year. Bitcoin has seen a 1.3% decrease in the last 24 hours and is currently being traded at around $41,500, according to CoinMarketCap. In the same timeframe, Ether has dropped by around 3.0% and is now in the mid-$2,100s.
Other major altcoins such as BNB, XRP, Solana, Cardano, Avalanche, and Dogecoin have also experienced decreases between 2-6% over the same time period.
Recent developments in the crypto space generating discussion include concerns about wallet safety in DeFi following the recent Ledger vulnerability, a spike in layer-1 blockchain transaction fees due to meme coin mania, and hawkish commentary from a Fed official muddying the waters regarding interest rate cuts in 2024.
Optimism about near-term expected spot Bitcoin ETF approvals continues to be a reason for dip-buyers to enter the market. However, price risks remain tilted to the downside for major cryptos this week, with Bitcoin recently dropping below a short-term uptrend and its 21DMA, indicating a potential short-term dip back to $38,000.
Upcoming volatility in the market is expected with the release of US Core PCE inflation data on Friday. If the data indicates that the deflation trend in the US continues, it could serve as a positive catalyst. However, conditions are expected to remain subdued in the meantime.
As a result, traders looking to book quick exponential gains will continue to flock to the highly volatile and more illiquid low-cap markets. Here are some of the biggest low cap gainers on decentralized exchange (DEX) Uniswap on Monday:
Indholdsfortegnelse
Metis ($METIS)
Layer-2 scaling solution Metis’ native token $METIS has seen a 13% increase in the past 24 hours, making it one of the best-performing low-cap coins. Its market cap is currently around $127 million, with trading volume over the past 24 hours reaching around $1.4 million. The token has nearly 18,500 holders and around $2.4 million in liquidity. $METIS was last priced at around $28 per token, with potential to retest 2023 highs in the $45 area.
Injective ($INJ)
Finance-focused layer-1 blockchain Injective’s native token $INJ has increased by around 10% on Monday, with a market cap of around $2.8 billion. The token has seen 24-hour trading volumes of around $8 million, over 25,000 holders, and liquidity of around $1.8 million. $INJ’s latest rally saw it print a record-high price just below $34 per token on Monday.
Open Exchange Token ($OX)
Decentralized spot, derivatives, and claims exchange the Open Exchange’s native token $OX has seen an impressive 9% increase in the last 24 hours. The token currently holds a market cap of around $42 million, with trading volume over the past 24 hours reaching around $1 million. It has 5,640 holders and around $2.4 million in liquidity. Despite the Monday pump, $OX’s price was last at $0.0145, locked within recent trading ranges and still a long way from its summer record price highs in the $0.08 area.
Crypto Alternatives to Consider
Low-cap coins can offer huge potential returns but also come with a lot of risk. For those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales. This is where investors buy the tokens of upstart crypto projects to help fund their development. These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform. If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
