On Thursday, blue chip cryptocurrency markets showed signs of recovery following the recent spot Bitcoin ETF approval FUD/leverage flush-out fueled pullback. Bitcoin (BTC) saw a gain of over 3% on the day, pushing the price back above $44,000. Ether (ETH) also recorded a gain of around 3.5% and is eyeing a retest of $2,300. Other major altcoins such as Solana (SOL), XRP (XRP), Cardano (ADA), Avalanche (AVAX), and Dogecoin (DOGE) experienced gains between 2-7% in the past 24 hours, according to CoinMarketCap.
The approval of spot Bitcoin ETFs in the US has been a major topic of interest for traders, and continued newsflow and debates about their potential near-term approval are expected to be the biggest market movers in the coming days. Despite recent market fluctuations, investor sentiment remains generally bullish, as indicated by the latest round of dip buying.
While macroeconomic factors have taken a back seat in influencing crypto prices, traders will be keeping an eye on the release of US jobs data on Friday, as it could impact the current anticipation for Fed rate cuts this year. However, it is worth noting that most blue chip cryptocurrencies are still trading below their recent highs, and market conditions are likely to remain rangebound until news about spot Bitcoin ETFs emerges.
As a result, traders seeking quick exponential gains may turn to the highly illiquid and volatile shitcoin/meme coin markets. Decentralized Exchange (DEX) analytics and surveillance website DEXTools has identified some of the biggest gainers among low-cap coins being traded on the Ethereum blockchain.
Pepe Coin (PEPE)
A copycat version of Pepe Coin, also known as Pepe (PEPE), has gained significant traction recently, with a 180% increase in the past 24 hours. The coin currently has a small market cap of around $750,000, with limited liquidity and a relatively low number of holders. While caution is advised, considering the lack of utility and the possibility of investors dumping the coin in favor of the real Pepe Coin, it is worth noting that this coin has been in existence since October.
0xOS AI (0XOS)
0xOS AI (0XOS), a shitcoin launched in December, has experienced a strong recovery in the past 24 hours, with a gain of approximately 110%. While the token’s market cap currently stands at around $390,000, caution is advised due to the identification of four smart contract alerts by DEXTools. These alerts include a modifiable tax and should be taken into consideration by potential investors.
Intellix (ITX), another recently launched shitcoin, has surged over 100% on Thursday, reaching a market cap of over $2.5 million. However, due to the high likelihood of this token being a scam, investors are advised to exercise caution. DEXTools’ security audit has identified eight concerning aspects within Intellix’s token smart contract, including a modifiable tax and pausable transfers.
Investing in low-cap coins can offer significant returns but also comes with a higher level of risk. For those seeking a higher probability of near-term gains, participating in crypto presales can be an alternative high-risk, high-reward investment strategy. In crypto presales, investors buy tokens of upstart crypto projects to support their development. These tokens are often sold at discounted prices, and presales have a history of delivering exponential gains to early investors.
Crypto News has compiled a list of 15 crypto presales that are considered to be the best investments of 2023. It is important to note that cryptocurrency investments are high-risk and this article is provided for informational purposes only and should not be considered as investment advice.
