Blue-chip cryptocurrencies are trading flat/with a modestly negative bias on Wednesday, as traders weigh up optimism regarding potential near-term approvals of spot Bitcoin ETF applications in the US against macro headwinds as US yields rise on strong US data.
Bitcoin (BTC) was last trading in the $28,300s, down around 0.5% in the past 24 hours as per CoinGecko, but still above its 200DMA just above $28,000.
A recent report from data analytics firm CryptoQuant suggested that the approval of spot Bitcoin exchange-traded funds (ETFs) could push Bitcoin’s market capitalization to grow by $900 billion, with the total crypto market expanding by an additional $1 trillion.
Ether (ETH), meanwhile, was last trading close to $1,570, with the cryptocurrency for now still holding above key support in the $1,520-30 area.
But with Ether still struggling below its 21 and 50DMAs, bears remain confident that the downwards trend remains intact.
XRP (XRP), Solana (SOL), Cardano (ADA) and Dogecoin (DOGE) were all trading with losses in the last 24 hours of around 1%.
With most blue-chip cryptocurrencies still stuck within multi-month ranges, its no surprise that traders still continue to turn to the highly illiquid shitcoin/meme coin market in the hunt for volatility.
Here are some of the top-performing low-cap coins, as per DEXTools.
Ash Satoshi ($SC4)
A newly launched shitcoin called Ash Satoshi ($SC4) has pumped over 200% in the past 24 hours, as per DEXTools, making it one of the best-performing low-cap coins.
$SC4 has seen over $2.2 million in volumes change hands over the past 24 hours, with the token having now achieved a market cap of $420,000, over 200 holders and liquidity of around $170,000.
As per DEXTools’ security audit, TokenSniffer has identified the token as a “honeypot”, suggesting that it potentially contains malicious code to steal from investors.
Potential investors should thus be very cautious when buying into this coin.
Boba Fett ($BOBA)
Despite having pulled back sharply from Tuesday’s highs, a newly launched shitcoin called Boba Fett ($BOBA) is still up over 110% in the last 24 hours, making it one of the best-performing shitcoins of the day, as per DEXTools.
$BOBA has seen over $1.5 million in trading volumes over the past 24 hours, with the token having accumulated more than 250 holders and a market cap of close to $200,000.
The shitcoin has been identified as a potential “honeypot” token, as per TokenSniffer’s security audit on DEXTools, so investors should be very careful with this coin.
A meme coin called Everybody ($HOLD) which claims to be “programmed for success regardless of the market conditions” continues to perform well, up another 60% in the past 24 hours as per DEXTools.
The token last had a market cap of around $4 million, with over $300,000 changing hands in the past 24 hours.
$HOLD last had over 850 holders and over $150,000 in liquidity.
The token doesn’t have any concerning aspects to its contract, aside from an “antiwhale” mechanism.
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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