[ad_1]
Since its late reversal lower from the more than one-month highs that Bitcoin (BTC) posted early during Monday trade in the $28,600 area, the world’s largest cryptocurrency by market capitalization has been consolidating in the mid-$27,000s on Tuesday.
Optimism about Bitcoin’s history of posting strong gains in October and short position liquidations were cited as behind Monday’s rally, before macro headwinds took over and pushed prices lower again.
US yields, particularly at the long end of the duration curve, have spiked higher in the past two days following stronger-than-expected US economic data – data released on Tuesday showed an unexpected jump in US job openings, signaling continued strength in the US labor market (making the Fed’s inflation fight more difficult) and ISM Manufacturing PMI data was also stronger than expected.
Higher yields on risk-free assets like US government bonds reduce the incentive for investors to hold riskier or non-yielding assets, of which Bitcoin is both.
As long as US yields keep pushing higher, this will be a headwind for the BTC price.
Looking ahead to the rest of the week, US ISM Services PMI data and the official US jobs report will be the main things to watch on the macro front, with risks seemingly tilted towards stronger-than-expected data that pushes yields ever higher.
Other themes to watch include the fallout of disgraced former FTX CEO Sam Bankman-Fried’s trial, which just begun, and the tepid launch of the first Ether futures ETFs in the US, which have seen very low trading volumes thus far.
With Bitcoin and Ether (ETH) both stuck within recent ranges, traders with a higher tolerance for risk will likely continue to look for opportunities in the highly illiquid shitcoin/meme coin market.
Here are some of the top-performing low-cap coins as per DEXTools.
Master Shifu ($SHIFU)
A new shitcoin called Master Shifu ($SHIFU) that launched on Tuesday has seen an explosive start to life and is already up around 300%, with a market cap of around $240,000, liquidity of close to $220,000, over 200 holders and over $400,000 in trading volumes.
Master Shifu has two token alerts as per DEXTools’ security audit, but investors should still be cautious that the token could be a rug pull, as liquidity isn’t locked.
HairyPlotterFTX ($FTX)
A joke coin called HairyPlotterFTX ($FTX), which was clearly launched opportunistically on Monday given the start of disgraced form FTX CEO Sam Bankman-Fried’s trial, is up a massive 240% in the past 24 hours, as per DEXTools.
It last had a market cap of $3.2 million, liquidity of around $280,000, close to 800 holders and $2.3 million in 24 hour trading volumes.
The token contract only has one concerning aspect, as per DEXTools’ security audit, but investors should still be cautious that the token could be a rug pull, as liquidity isn’t locked.
Oozaru Vegeta ($VEGETA)
A shitcoin called Oozaru Vegeta ($VEGETA) that was launched earlier on Tuesday has seen a strong first day of trade, gaining over 200% as per DEXTools.
The token last had a market cap of around $175,000, over 225 holders and has seen nearly $550,000 in 24 hour trading volumes.
Its token contract only has two alerts, as per the DEXTools security audit, but investors should still be cautious that the token could be a rug pull, as the token’s near $200,000 in liquidity isn’t locked.
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 up-start 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.
[ad_2]
cryptonews.com
