Blue-chip cryptocurrencies are consolidating close to recent highs, with Bitcoin (BTC) having once again challenged year-to-date highs earlier in the session in the $38,400s.
The world’s largest cryptocurrency by market capitalization was last trading in the $37,800s, roughly flat on the day as traders monitor commentary from a top US Treasury official, who warned that crypto firms and USD-stablecoin issuers need to take action against bad actors using their platforms to avoid regulatory action.
Crypto traders and investors fear that Tether, the issuer of the world’s most widely used USD-stablecoin USDT, might be in the US government’s firing line and this could be keeping the market slightly nervous on Wednesday.
However, the broader macro backdrop remains positive, with stocks and gold still in a multi-week uptrend and US bond yields still trending lower as macro investors bet on rate cuts from the Fed next year, with the latest bets provoked by dovish commentary from Fed policymaker Christopher Waller who is normally considered more of a hawk.
Buy-the-dip is likely to remain the best strategy for Bitcoin, with lows consistently getting shallower in recent weeks.
Indeed, amid expectations of near-term spot Bitcoin ETF approvals, the April 2024 halving of the BTC inflation rate and an improving macro backdrop, medium-term price predictions are likely to remain bullish, as is likely also the case for major altcoins.
But traders looking to secure quick exponential gains will continue to turn to the highly volatile and illiquid shitcoin/meme coin market.
Here are some of the biggest gainers as per the most widely used decentralized exchange (DEX) Uniswap.
KAP Games ($KAP)
Web3 game developer KAP Games native token ($KAP) has seen a stunning near 300% pump in the past 24 hours, making it Uniswap’s top-performing shitcoin.
As per DEXTools, the token last had a market cap of $16.8 million, with nearly $900,000 in volumes having changed hands in the past 24 hours.
The token has close to 500 holders and over $200,000 in liquidity and two concerning aspects to its smart contract, as per DEXTools’ security audit.
Satellite Doge-1 Mission (DOGE-1)
Satellite Doge-1 Mission (DOGE-1), a shitcoin that has sprung up in honor of Elon Musk’s space company SpaceX’s plans to launch a new satellite into space called Doge-1, has been pumping in recent days.
As per Uniswap, it was last up 200% in the past 24 hours, taking its market cap to around $2.4 million.
As per DEXTools, the token has seen 24-hour trading volumes of around $1.1 million, has accumulated over 1,100 holders and has around $180,000 in locked liquidity.
The token has a very poor community trust rating on DEXTools of just 27% upvotes.
It also has three smart-contract security alerts, as per DEXTools’ smart-contract, so potential investors should be cautious.
Crypto Alternatives to Consider
Shitcoins can offer huge potential returns but also come with a lot of risk.
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.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
Read the full article here
