Blue chip cryptocurrency markets are currently in a period of consolidation, as trading volumes remain thin due to US market participants being away for the Thanksgiving holidays. Bitcoin (BTC) is currently trading in the low $37,000 range, staying within its recent weekly ranges with minor fluctuations in the past 24 hours. Similarly, Ether (ETH) is holding steady around $2,050, also within its recent weekly ranges.
While the markets take a breather on Thursday, traders have more time to analyze recent developments concerning Binance, the world’s largest cryptocurrency exchange by market capitalization. Binance recently settled criminal lawsuits with the US Department of Justice (DoJ) and Commodity Futures Trading Commission (CFTC) by paying fines of over $7 billion, and their former CEO was forced to step down and plead guilty to personal charges. Initially, this news caused panic in the crypto market. However, prices quickly recovered as traders assessed the settlement to create more certainty for the market, removing the existential risk to Binance as a company.
The focus has now shifted to the impact of these recent developments on the approval of spot Bitcoin ETFs in the coming weeks and months. Reports earlier in the week suggested that the US Securities and Exchange Commission (SEC) is collaborating with digital asset manager Grayscale on their own spot Bitcoin ETF application, raising optimism for near-term approvals. As a result, the risks seem to be in favor of more upside potential for Bitcoin prices, especially considering the formation of a bullish ascending triangle structure in recent weeks. A break above $38,000 could lead to a rapid move above $40,000.
Although the outlook for major cryptocurrencies is promising, traders looking for quick exponential profits continue to turn to the highly illiquid and volatile shitcoin/meme coin markets. Here are some of the best performers on the Ethereum blockchain, as per decentralized exchange Uniswap.
Top Performers on the Ethereum Blockchain
- PowBlocks ($XPB) – This mining-focused token has seen a remarkable pump of over 200% in the past 24 hours, making it one of the top performing shitcoins of the day. With a market cap of approximately $2 million, liquidity of over $300,000, close to 1,000 holders, and 24-hour trading volumes nearing $2 million, PowBlocks has reached a new all-time high. However, investors should remain cautious due to some concerning aspects of the token’s smart contract, as per the DEXTools security audit.
- GameSwift ($GSWIFT) – Another token experiencing a significant pump is GameSwift, which has rallied 80% in the past 24 hours, reaching a new all-time high market cap of over $16 million. With impressive 24-hour trading volumes around $1.5 million, close to 13,000 holders, and liquidity of approximately $1.9 million, GameSwift has no concerning aspects to its smart contract based on the DEXTools security audit, reducing the likelihood of it being a scam.
- Viridis Network ($VRD) – This token, powering the decentralized carbon market focused Ethereum layer-2 scaling blockchain of the same name, has seen an impressive 80% pump in the past 24 hours, making it one of the best performers of the day. Currently, just below its all-time highs, $VRD boasts a market cap of just over $7 million, locked liquidity of around $350,000, 24-hour trading volumes of $1.23 million, and 1,250 holders. However, it is important to note that the token has several concerning aspects to its token contract, warranting caution among investors, as outlined in the DEXTools security audit.
While shitcoins can offer substantial returns, they also come with significant risks. For those seeking a higher probability of near-term gains, getting involved in crypto presales can be an alternative high-risk, high-reward investment strategy. Crypto presales involve buying tokens from upcoming crypto projects to assist in their development. These tokens are usually sold cheaply, and historically, presales have delivered exponential gains to early investors. Many of these projects have outstanding teams and ambitious visions for delivering revolutionary crypto applications/platforms. Identifying such projects can provide investors with a favorable risk/reward ratio for their presale investment.
The team at Cryptonews dedicates a significant amount of time to researching and analyzing presale projects to assist investors. They have compiled a list of what they consider to be the 15 best crypto presales of 2023.
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 utilize affiliate links within our content and receive commissions.
