Having just pushed back to the north of the $31,000 level, Bitcoin is eyeing a retest of yearly highs in the $31,800s as FOMO (fear of missing out) starts to creep in amid still-building optimism about upcoming spot Bitcoin ETF application approvals.
Macro is also helping support the latest push higher – the US Dollar Index (DXY) and yields on long-term US government bonds turned sharply lower in wake of bearish commentary on the US economy from widely followed and respected hedge fund manager Bill Ackman.
According to Ackman, the US economy is slowing faster than recent strong data suggests.
Ackman also announced that he had closed a short position he had open on US government bonds, contributing to the collapse in yields (which is caused by a spike in bond prices).
Lower US yields are good for the price of Bitcoin, a non-yielding asset.
Safe haven demand amid geopolitical concerns are likely also still contributing to Bitcoin’s strong recent performance, with gold having also pumped in recent weeks.
Bitcoin’s rally is pulling the rest of the market higher, with Ether (ETH) up around 3.2% in the last 24 hours, XRP (XRP) up close to 3%, Solana (SOL) up 2% and Cardano (ADA) up 3%.
Whilst Bitcoin’s recent performance is impressive, investors looking for quick exponential gains will continue to turn to the highly illiquid and volatile shitcoin/meme coin markets.
Here are some of the top-performing low-cap coins as per DEXTools.
LONG ($LONG)
A newly launched shitcoin called LONG ($LONG) is up 370% in the past 24 hours as per DEXTools, making it Monday’s best performer.
$LONG last had a market cap of around $1 million, with over $3.8 million in 24 hour trading volumes.
The token has already been able to accumulate over 19,000 holders and currently has around $350,000 in unlocked liquidity.
$LONG has two concerning aspects to its token contract, as per DEXTools’ security audit, including potential external call risk and an antiwhale mechanism.
It also has a 2% buy and sell tax.
Traders should be careful as unlocked liquidity means the token could be a rug pull.
Oggy Inu ($OGGY)
Another newly launched shitcoin called Oggy Inu ($OGGY) was last up around 1,000% in the last 24 hours as per DEXTools.
$OGGY’s market cap was last around $4 million and the token has already seen impressive trading volumes of over $2.3 million.
The token currently has over $560,000 in partially locked liquidity, as well as more than 1,500 holders.
Investors should be very cautious with Oggy Inu, however.
It currently has a 3% buy and sell tax, but this tax is modifiable, meaning the issuer could essentially take all investors money by setting it to 100%.
The token has other concerning aspects too, like potentially hidden owner, external call risk and other problematic functions as per DEXTools’ security audit.
Real World ($RW)
Gaming token Real World ($RW) has pumped over 300% in the last 24 hours, as per DEXTools, to a market cap of more than $2.5 million amid over $1.2 million in 24-hour trading volumes.
$RW last had over $470,000 in partially locked liquidity and more than 800 holders, and only two concerning aspects to its token contract as per DEXTools’ security audit.
The token has a 1% buy and sell tax.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, 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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