Blue-chip cryptocurrency markets have been exhibiting significant fluctuations on Friday due to a surge of option expiries on the final day of trade for traditional asset markets. While crypto markets operate continuously and do not have a closing day, the 31st of December is considered the final day of trade for the year in these markets.
Bitcoin (BTC) experienced a slight dip of just over 1% and is currently trading around $42,000. This dip occurred as more than $11 billion in options reached their expiration. The growth of the crypto derivatives market to new record levels is a positive indicator for the market’s long-term prospects. It suggests an increasing participation of sophisticated market participants, including institutional investors, which further validates cryptocurrencies as an asset class.
Ether (ETH), on the other hand, is currently trading around $2,300, reflecting a decrease of just over 2% in the past 24 hours according to CoinMarketCap. BNB (BNB) experienced a 5.5% decline, while Solana (SOL) witnessed a slight increase of just over 7%.
Key Drivers in 2024
Traders are closely monitoring several key factors that are expected to drive the cryptocurrency market in 2024. These include the potential approval of near-term spot Bitcoin ETFs in the US, Ethereum’s Dencun upgrade, the halving of Bitcoin’s issuance rate, the possibility of a new Fed interest rate cutting cycle, the US elections, and further developments in major cryptocurrency lawsuits such as the US SEC vs Ripple and the US SEC vs Binance and Coinbase.
While blue-chip markets will likely remain volatile in the coming days, the low-cap “shitcoin” or meme coin market continues to experience explosive and unpredictable movements. Let’s take a look at some of the biggest gainers today on the decentralized exchange (DEX) protocol DEXTools.
Notable Gainers in the Meme Coin Market
- Catcoin ($CAT): After a relatively quiet start since its launch last week, Catcoin has seen a sudden 400% surge in value according to DEXTools. It currently has a market cap of over $1.4 million with $800,000 in 24-hour trading volumes. However, investors should exercise caution as unlocked liquidity poses the risk of a potential rug pull. Fortunately, Catcoin’s smart contract has been audited by DEXTools and shows no concerning aspects.
- PolarSync ($POLAR): The native token of the blockchain data query protocol PolarSync has recorded a 150% increase in the past 24 hours, making it one of the top-performing meme coins, as per DEXTools. It currently holds a market cap of approximately $2.5 million with unlocked liquidity of around $165,000 and over 1,600 holders. However, the relatively low 24-hour trading volumes of just over $60,000 suggest that the recent surge may lack conviction and could potentially reverse if significant sell orders are executed.
- WhatBot ($WHAT): The newly launched native token of WhatBot, a protocol aiming to simplify token creation, marketing, and management, has surged an impressive 150% in the last 24 hours according to DEXTools. Despite its modest market cap of $180,000 and around $125,000 in liquidity, WhatBot currently has 250 holders and 24-hour trading volumes of approximately $65,000. However, potential investors should take note of DEXTools’ security audit, which identified four issues with WhatBot’s smart contract, as well as the token’s 3% buy and sell tax.
While low-cap coins may offer substantial returns, they also carry a higher level of risk. For investors seeking a higher probability of near-term gains, participating in crypto presales may be an alternative high-risk, high-reward investment strategy. Crypto presales involve purchasing tokens of emerging crypto projects to support their development. These tokens are typically sold at lower prices, and historical data shows that early investors in presales have enjoyed significant exponential gains. It is essential, however, to thoroughly research and identify promising projects with strong teams and revolutionary visions. Cryptonews regularly evaluates presale projects to assist investors in their decision-making process.
Disclosure: Crypto assets are considered high-risk investments. This article is for informational purposes only and should not be interpreted as investment advice. By using this website, you agree to our terms and conditions. Please note that we may include affiliate links in our content and may receive commissions.
