Blue chip cryptocurrencies like Bitcoin (BTC) and Ether (ETH) are experiencing mixed performance in the market. Bitcoin is trading flat just above $27,500, while Ether is around 1% lower, having recently slipped below $1,650. Traders are closely monitoring the broader macro picture, particularly the strong US data on manufacturing and labor market that pushed long-dated US yields to multi-decade highs.
The spike in yields, with the US 10-year hitting its highest level since 2007 near 4.9%, has temporarily halted the promising start to the month for Bitcoin. The cryptocurrency briefly rallied as high as the $28,600s on Monday. However, Bitcoin is still up on the month, supported by the latest US jobs data from payroll firm ADP, which showed monthly private sector job gains at their weakest since 2020. This data slightly muddied the overall health of the US labor market.
Traders are now eagerly awaiting Friday’s official jobs report, which will provide further clarity on the state of the labor market. If the report also indicates weak job gains similar to those in 2020, it could underpin cryptocurrencies like Bitcoin and potentially trigger a reversal lower in yields.
Until the release of Friday’s data, both the broader macro and crypto markets are expected to remain quiet. During this lull, traders may turn to the shitcoin/meme coin market in search of volatility and short-term gains.
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One of the top-performing low-cap coins currently is Big DOGE ($BDOGE), a new Dogecoin copycat shitcoin that launched on Tuesday. According to DEXTools, it has seen a pump of over 400% in the last 24 hours, making it the best-performing shitcoin. Despite its strong performance, caution is advised as the token’s contract only has one alert, indicating potential scam risks.
Another coin that has experienced a significant pump in the past 24 hours is BoltBot ($BOLT), the native token for a “lightning fast” Telegram trading bot. It has gained 120% during this period, but with relatively low trading volumes of around $25,000, the market liquidity remains weak, suggesting a lack of conviction in the upward movement.
Gold Fever ($NGL), the native token of a crypto game called Gold Fever, has seen a healthy 75% pump from its record lows earlier this week. Despite the decline from its all-time highs in late 2021, the token has maintained a market cap of around $4 million, with over 1,700 holders. However, it remains uncertain whether this recent pump is the start of a longer-term recovery.
Although shitcoins pose high risks due to their lack of real value proposition, there are alternative high-risk-high-reward investment strategies that investors can consider, such as getting involved in crypto presales. In these presales, investors buy tokens of up-start crypto projects to fund their development. These tokens are usually sold at low prices and have a history of delivering exponential gains to early investors. However, it is important to thoroughly research the projects and assess their teams and vision before investing.
For investors interested in crypto presales, Cryptonews provides a list of 15 top-rated presales for 2023. It is worth noting that investing in crypto is considered a high-risk asset class and this information is provided for informational purposes only and should not be construed as investment advice. There is a possibility of losing all invested capital.
In summary, blue chip cryptocurrencies like Bitcoin and Ether are experiencing mixed performance due to the macroeconomic conditions. Traders are closely monitoring the US jobs data to gauge the health of the labor market and its potential impact on the cryptocurrency market. Meanwhile, low-cap coins like Big DOGE, BoltBot, and Gold Fever are showing signs of volatility and short-term gains. Investors looking for alternative investment strategies may consider participating in crypto presales, although the risks associated with such investments should not be overlooked.
