Blue-chip cryptocurrencies are currently consolidating in recent intra-day ranges, with Bitcoin (BTC) hovering just below yearly highs in the upper $37,000s. This comes as traders analyze the latest US inflation figures and commentary from Fed policymakers.
Bitcoin Price Prospects Remain Optimistic
Bitcoin bulls remain optimistic about the short-term price prospects of the cryptocurrency. It has consistently found strong support at its 21DMA in recent weeks and may be on the verge of breaking towards $40,000. The Proshares’ Bitcoin Strategy ETF, a US-based bitcoin futures ETF, has seen a rise in demand and hit an all-time high in assets under management (AUM). This indicates that there is still high optimism regarding near-term spot Bitcoin ETF approvals, and institutions are positioning themselves for potential BTC price increases.
Ethereum, Binance Coin, XRP, and Solana Show Consolidation
Ether (ETH), Binance Coin (BNB), XRP (XRP), and Solana (SOL) are all experiencing relative stability on the day, aligning with the overall tone of consolidation in the blue-chip markets.
While the blue-chip markets remain quiet, traders seeking quick exponential profits are turning to the highly illiquid and volatile shitcoin/meme coin markets. According to decentralized exchange (DEX) analytics websites DEXTools, here are some of the biggest gainers of the day:
- A shitcoin called Eternal AI ($MIND) has skyrocketed by more than 10,000% in the past 24 hours, making it the best-performing shitcoin of the day. However, potential investors should exercise caution due to issues such as a 5% buy and sell tax, smart-contract concerns, and a downvote rating of around 43% on the DEXTools platform.
- BABYFROGE ($BABYFROGE) has also experienced explosive upside of more than 7% within the past 24 hours, placing it among the top-performing shitcoins of the day. The token has a market cap of approximately $400,000, 24-hour trading volumes of around $400,000, and just over 350 holders. Investors should be aware that the shitcoin’s liquidity is not locked, increasing the risk of a potential rug pull attempt.
- Betrock ($BETROCK), a crypto casino token, has surged over 300% in the last 24 hours, making it another high-performing shitcoin. The token has a market cap of around $235,000, around $80,000 in locked liquidity, and 24-hour trading volumes of about $200,000. However, investors should exercise caution due to buy and sell taxes of 3% and 3.31%, as well as concerns found in the token smart contract.
While shitcoins can offer significant returns, they also come with substantial risk. 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 of upstart crypto projects to support their development. These tokens are typically sold at low prices, and many presales in the past have delivered exponential gains to early investors. Identifying promising projects is key to maximizing the risk/reward of presale investments.
The team at Cryptonews spends considerable time researching and evaluating presale projects to assist investors. They have compiled a list of the 15 best crypto presales of 2023, each with a strong team and a vision to deliver a revolutionary crypto application/platform.
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 utilize affiliate links within our content and receive commissions.)
