Market Insights:
Blue chip cryptocurrencies have shown a mixed performance on Thursday, exhibiting varied price movements. Bitcoin (BTC) has experienced a 1.5% decline, falling below the $42,500 mark, while Ether (ETH) remains relatively flat in the upper $2,300s. On the other hand, BNB has seen a 6.6% increase over the past 24 hours, indicating a potential catch-up trade for underperforming investments. However, Solana (SOL) and Avalanche (AVAX) have both experienced a decrease of over 6% during the same time period, potentially due to profit-taking ahead of the year’s end.
The decline in certain cryptocurrencies that have performed well in recent months, such as BTC, SOL, and AVAX, could be attributed to investors taking profits before the end of the year. Conversely, the upside in BNB could be a result of investors shifting to weaker performers and capitalizing on their potential growth. Overall, the macroeconomic environment continues to support the crypto market, as US equities remain close to yearly highs and the US Dollar Index (DXY) and US yields decline. These factors should limit any short-term downside, particularly for Bitcoin.
“Jitters are growing that spot Bitcoin ETF approvals in the US, expected before January 10th, could trigger a sell the news event and a flush out of leverage longs.”– CryptoQuant
However, concerns are emerging regarding the potential impact of spot Bitcoin ETF approvals in the US. If approved before January 10th, these ETFs could create a “sell the news” event, leading to a liquidation of leverage long positions. CryptoQuant has warned that BTC could dip as low as $32,000 in the coming month. As a result, market conditions appear choppy and disjointed within the broader crypto landscape.
Low-Cap Shitcoins and Top Performers:
Despite the volatile nature of the broader crypto market, low-cap shitcoins and meme coins continue to experience significant price surges. DEXTools, a decentralized exchange analytics website, has identified some of the top performers in this category.
- Analos ($ANALOS): This recently launched shitcoin has surged by a staggering 1000% in the past 24 hours, indicating strong investor interest. The token primarily targets Ethereum users who are enthusiastic about Solana but unable to transition to the platform. While Analos’ smart contract presents a single concerning aspect, caution is advised as it could still experience unlocked liquidity issues.
- Juno Moneta: Another just-launched shitcoin, Juno Moneta has seen an impressive 500% surge within the past 24 hours. With a market cap of approximately $1.3 million and locked liquidity of nearly $200,000, this coin has garnered the attention of investors. However, potential buyers should be aware of the token’s highlighted smart contract issues and the 3.35% buy and sell taxes associated with it.
- Vabble ($VAB): Over the last few weeks, Vabble, a film industry web3 token, has witnessed a tremendous pump, resulting in gains of approximately 10 times within just nine days. With a market cap of around $10 million, $VAB has earned its spot among the top-performing low-cap coins. The token boasts a considerable number of holders and impressive 24-hour trading volumes. Additionally, Vabble’s security audit does not reveal any concerning aspects regarding its token contract, indicating a lower risk potential compared to other low-cap coins.
While low-cap coins offer the potential for significant returns, they also come with considerable risk. Alternatively, investors can consider participating in crypto presales, a high-risk, high-reward investment strategy. During presales, investors purchase tokens from upstart crypto projects to support their development. Often sold at lower prices, these tokens have historically delivered exponential gains to early investors. However, thorough research and evaluation of the projects are crucial to identifying the most promising opportunities.
The team at Cryptonews continuously examines and filters through presale projects to assist investors in making informed decisions. To aid investors, Cryptonews has curated a list of the 15 best crypto presales of 2023.
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes only 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 a commission.
