Blue-chip cryptocurrency markets are pumping on Monday led by Bitcoin (BTC), which just surpassed $42,000 for the first time since April 2022, taking its four-day run of gains to move than 10%.
A cocktail of bullish catalysts are being cited as supporting the BTC rally, including; 1) ongoing optimism for near-term spot Bitcoin ETF approvals which is pumping optimism about institutional adoption, 2) an improving macro outlook as investors bet a Fed rate cutting cycle is near, 3) chatter about Qatar’s sovereign wealth fund stepping in to buy BTC, and other factors such as bullish technicals and the upcoming BTC halving.
Bitcoin bulls will be expecting a near-term test of the next major resistance level just under $43,000 within days, and possibly a retest of 2022 highs around $48,000 before the end of the year.
Ether (ETH), meanwhile, was last up 3% in the past 24 hours and at fresh yearly highs above $2,200.
While the near-term outlook for major cryptocurrencies is strong, investors looking to secure quick exponential gains will continue to turn to the highly illiquid shitcoin/meme coin markets.
Here are some of the biggest gainers as per decentralized exchange analytics website DEXTools.
10000X ($10000X)
A shitcoin called 10000X ($10000X) that was launched last week has seen an impressive 800% pump in the past 24 hours according to DEXTools, making it one of the best-performing shitcoins of the day.
$10000X last had a market cap of around $250,000, with over $175,000 having changed hands in the past 24 hours and the token having accumulated over 300 holders and nearly $300,000 in liquidity.
As per DEXTools’ security audit, the token has three smart contract alerts, so investors should exerice caution that the token might be a scam.
Baby Grok ($BABYGROK)
A shitcoin called Baby Grok has pumped up an impressive 500% in the past 24 hours, as per DEXTools.
$BABYGROK last had a market cap of around $4.4 million, with the token having accumulated over 900 holders.
Bulls should be aware that the latest price pump has been driven by just $265,000 in 24 hour trading volumes and liquidity is thin at just $110,000, so a few big sell orders could quickly see all recent gains reversed.
Safefloki ($SaFLok)
A new shitcoin called Safefloki ($SaFLok) has exploded up more than 300% in the past 24 hours, as per DEXTools.
The token last had a market cap of around $165,000, locked liquidity of around $156,000, just under 250 holders and an impressive $670,000 in 24-hour trading volumes.
But investors should be wary of three concerning aspects to its smart contract, as identified in DEXTools’ security audit, including the potential that the token is a so-called “honeypot” scam.
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
