Blue chip cryptos like Bitcoin (BTC) and Ether (ETH) are trading within their thin weekend ranges on Monday, with the latter recently edging back under $26,000 and the former holding just to the north of the $1,650 level.
Cryptocurrency markets took a beating last week as the recent pullback in US stocks extended and long-dated US bond yields rose back to multi-year highs amid bets that interest rates in the US will remain higher for longer thanks to sticky inflation and continued economic strength.
Reports that the US Securities and Exchange Commission (SEC) is close to approving a raft of Ether futures exchange-traded funds (ETFs), which while not as useful a financial product as equivalent spot ETFs could still attract significant inflows, failed to lift the broader market’s mood.
Rather, sell pressure was high following Bitcoin and Ether’s respective breaks below their 2023 uptrends and 200DMAs.
Traders will be monitoring remarks from Fed Chair Jerome Powell, who will be speaking alongside other major central bankers on Friday.
In the meantime, bearish but for now contained market conditions mean that traders looking for quick gains will likely continue to turn to the highly illiquid meme coin/shitcoin market.
Here are some of the best-performing low cap coins on Monday.
Bic Token ($BIC)
A new shitcoin called Bic Token ($BIC) has been pumping since its launch on Sunday.
$BIC was last changing hands around $0.012, up 300% in the last 24 hours as per DEXTools, making it one of the best performers in the shitcoin market.
The token has fallen back 70% versus its Sunday highs, but has been picking up pace in the last few hours.
$BIC currently has a market cap of around $230,000, with $160,000 in liquidity that is locked for at least six months.
Trading volumes in the past 24 hours are an impressive more than $3 million, with the token having now accumulated nearly 650 holders.
DEXTools’ GoPlus security audit reveals no concerning aspects to the token’s contract, which combined with the fact that liquidity is locked, means that $BIC probably isn’t a scam, though investors are always encouraged to do their own diligence.
Ultraman ($ULTRA)
A shitcoin ($ULTRA) themed on a superhero called Ultraman has been pumping on Monday.
As per DEXTools’ the coin is up over 250% in the last 24 hours and was last trading around $0.000025 with a market cap of around $280,000.
$ULTRA’s 24-hour trading volume was last around $300,000, with the token having now accumulated over 250 holders and $280,000 in unlocked liquidity.
DEXTools’s GoPlus security audit has revealed no concerning aspects to the token contract, but the fact that liquidity isn’t locked means that traders should remain cautious of a potential rug pull attempt.
0xS ($0xS)
0xShibarium Token ($0xS), the token that powers 0xShibarium, an all-in-one solution for the recently launched Shibarium layer-2 scaling solution, continues to pick up pace.
$0xS was last up close to 200% in the last 24 hours as per DEXTools, with a market cap of now more than $5.5 million and over 750 holders, plus $270,000 in six-month locked liquidity.
The project seems to be legitimate, but the token has a 5% buy-and-sell tax and this tax is modifiable, so traders should be aware that it could still be a scam.
Alternatives to Consider
For crypto investors looking to diversify, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
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.
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