Despite the release of hotter-than-expected US jobs numbers, Bitcoin (BTC) is making a push to rise above the $28,000 level. The initial reaction to the data was a drop in Bitcoin’s price, but the cryptocurrency has since rebounded by around 3% from its session lows in the $27,100s. This surge can be attributed to the pullback of US yields and the US Dollar Index (DXY) from recent highs.
Some market analysts speculate that the strong jobs data may trigger concerns about the Federal Reserve becoming too confident in the US economy’s strength. This could potentially lead to a prolonged period of high-interest rates and ultimately cause a recession. However, the rebound in Bitcoin’s value suggests that it is still in an upward trend that has been dominant since mid-September.
The Potential for Further Gains and the Role of Shitcoins
If Bitcoin breaks through the north of the 200-day moving average (DMAs) and the support-turned-resistance zone at $28,500, it could pave the way for a swift jump back above $30,000. This would mean a significant opportunity for quick gains of 7-8%. While the short-term outlook for BTC is favorable, traders seeking faster profits are turning to the highly illiquid shitcoin/meme coin market.
In this market, low-cap coins have been performing exceptionally well. According to DEXTools, Unvest ($UNV), a token that powers a multi-chain platform for secure trading of locked (or vested) tokens, saw a massive surge of over 500% in trading volumes exceeding $500,000 in the last 24 hours. Despite its strong market cap of close to $4 million, $UNV has a concerning community down rating of 60%.
Another notable performer in the shitcoin market is SuperPEPE ($SPEPE), a Pepe Coin copycat that experienced a more than 400% jump in trading volumes of over $1.6 million in the past 24 hours. However, $SPEPE’s market cap is currently around $340,000, significantly lower than its earlier highs. This suggests that the bubble may have already burst for this particular coin.
Hammer Bro ($HAMMER), a shitcoin that launched recently, has seen a pump of approximately 350%, making it one of the top performers according to DEXTools. With a market cap of around $230,000, liquidity of approximately $210,000, nearly 150 holders, and trading volumes just under $600,000 in the last 24 hours, $HAMMER shows some promise. DEXTools’ security audit only identifies two concerning aspects, and the token has an overall good community trust rating.
High-Risk Investment Alternatives and Crypto Presales
While shitcoins pose significant risks due to their lack of real value propositions, some investors are exploring alternative high-risk-high-reward investment strategies. One such strategy is getting involved in crypto presales, where investors purchase tokens of up-and-coming crypto projects to support their development. These tokens are usually sold at lower prices and have a history of delivering exponential gains to early investors.
Identifying promising presale projects requires thorough research, and the team at Cryptonews is dedicated to helping investors navigate this landscape. For the top crypto presales of 2023, refer to the list curated by Cryptonews. However, it is important to remember that investing in crypto is a high-risk venture, and this article should not be considered as investment advice.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
