Cryptocurrency Market: Strong Recovery After Tuesday’s Pullback
After profit-taking liquidations of overly aggressive/greedy leveraged long positions saw major cryptocurrencies pull back aggressively from highs on Tuesday, the market is enjoying a strong recovery on Wednesday amid renewed dip buying.
Indholdsfortegnelse
Bitcoin Recovers Over $1,500
Bitcoin (BTC) dipped as low as $35,000 on Tuesday but has since recovered over $1,500 to trade back above $36,500, with the cryptocurrency enjoying strong support at a short-term uptrend/its 21DMA and last up nearly 3% on the day.
Ether Back Above $2,000
Ether (ETH), meanwhile, was last trading back to the north of $2,000, up more than 4% from Tuesday’s lows.
Notable Performers
Solana (SOL) and Avalanche (AVAX) were also notable strong performers, enjoying gains of around 14% and 17.5% respectively in the past 24 hours.
Sentiment and Capital Inflows
Sentiment in crypto markets remains buoyant amid ongoing expectations that spot Bitcoin ETFs will soon gain approval in the US, while capital inflows into the broad crypto market have amped up in recent weeks.
CoinShares’ weekly fund flow report revealed net investor inflows into regulated digital asset investment products remained at close to $300 million for a third consecutive week, with institutions moving into the space in size ahead of expected spot Bitcoin ETF approvals.
Notable Shift in Stablecoin Supply
Data presented by Glassnode shows that the 90-day net change of the outstanding supply of the top four stablecoins by market capitalization has shifted into a notable uptrend, signifying investors are shifting increasing amounts of capital onto the blockchain.
Low-Cap Shitcoins on Uniswap
While sentiment in the broader crypto market remains buoyant, investors looking to turn quick exponential profits are likely to continue flocking to the highly illiquid shitcoin/meme coin market, where tokens routinely post 10x gains in less than 24 hours.
Here are some of the best-performing low-cap shitcoins on the Ethereum blockchain, as per decentralized exchange Uniswap.
Dojo Supercomputer ($DOJO)
A shitcoin called Dojo Supercomputer ($DOJO) has seen a sudden more than 330% pump in the last 24 hours, according to Uniswap.
The Balkan Dwarf ($KEKEC)
Another shitcoin called the Balkan Dwarf ($KEKEC) has seen an impressive more than 200% pump in the last 24 hours, as per Uniswap.
FrontFanz ($FANZ)
A token called FrontFanz ($FANZ), which describes itself as the ultimate social subscription utility token, is pumping for a third successive day and was last up around 250% in 24 hours, according to Uniswap.
Crypto Alternatives to Consider
Shitcoins can offer huge potential returns but also come with a lot of risk. 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.
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.
