Blue chip cryptocurrency markets, including Bitcoin (BTC) and Ether (ETH), are experiencing fluctuations in the past 24 hours. Bitcoin remains steady in the $26,700s, while Ether has dropped over 1% and recently hit its lowest level since March at $1,520.
Traders are closely monitoring various macroeconomic information out of the US this week. This includes the slightly higher-than-expected inflation numbers released on Thursday, as well as the minutes of the last Federal Open Market Committee (FOMC) meeting, which were made public on Wednesday. Furthermore, dovish comments from several Federal Reserve officials this week, indicating a preference for no further rate hikes, have also impacted the market.
Ether is facing its own challenges, including weak demand for Ether futures exchange-traded funds (ETFs) that debuted in the US last week. Additionally, the Ethereum Foundation’s unexpected sale of $2.7 million worth of ETH on Sunday has also put pressure on the cryptocurrency. As a result, Ether is at risk of dropping further to its March lows in the $1,370s, representing an 11% decrease from its current levels.
Other major cryptocurrencies such as XRP, Solana, Cardano, and Dogecoin are also experiencing losses over the past 24 hours, according to CoinGecko.
Given the flat to negative bias in the major crypto markets, traders are turning their attention to the highly volatile and illiquid meme coin markets in hopes of making quick profits.
Below are some of the top-performing low-cap coins identified by DEXTools:
Indholdsfortegnelse
LYNX ($LYNX)
LYNX, the native token of a newly launched web3 trading protocol with the same name, has experienced a significant surge in value. It reached a new all-time high on Thursday, gaining over 100% in the past 24 hours and reaching a market cap of nearly $2 million. The token has seen increased trading volumes of $130,000 over the same period, has close to 250 holders, and boasts nearly $170,000 in locked liquidity. However, traders should exercise caution as the token has a 5% buy and sell tax and five security alerts, including modifiable tax and pausable transfers, which raises concerns about the potential for scams.
Dee Jay ($DEE)
Dee Jay, another newly introduced shitcoin, has surged 80% in the last 24 hours. This comes just two days after a successful launch on a decentralized exchange, where it experienced an 8x increase in value on its first day of trading. Dee Jay currently has a market cap of just under $750,000, liquidity close to $400,000, nearly 300 holders, and 24-hour trading volumes of $360,000. However, potential investors should be aware of three concerning aspects of its smart contract identified by DEXTools’ security audit.
Hold ($HOLD)
Hold, a meme coin that aims to evoke the spirit of “diamond hands” in its investors, is also experiencing a significant surge in value. It has increased by 120% in the past 24 hours and is approaching all-time highs. Hold currently has a market cap of approximately $2.2 million, trading volumes of around $160,000 within 24 hours, over 750 holders, and liquidity of about $106,000. The token has a 1% buy and sell tax, with only one concerning aspect identified by DEXTools’ security audit: an anti-whale mechanism.
Crypto Alternatives to Consider
Investing in shitcoins carries a high level of risk as most lack a genuine value proposition. For those looking for a higher probability of near-term gains, another alternative high-risk-high-reward investment strategy worth considering is participating in crypto presales. These presales involve investors buying tokens from up-and-coming crypto projects to finance their development. Typically, these tokens are sold at low prices, and early investors often achieve exponential gains. Many of these projects have strong teams and offer innovative crypto applications or platforms.
It is crucial for investors to identify promising presale projects, as the risk-to-reward ratio of such investments can be favorable. The team at Cryptonews dedicates significant time to reviewing presale projects to assist investors in making informed decisions.
For a list of 15 cryptocurrencies that Cryptonews considers the best presales of 2023, refer to their website.
Please note that cryptocurrencies are high-risk assets, and this article is purely for informational purposes. It does not constitute investment advice, and there is a possibility of losing all invested capital.
