Bitcoin (BTC) experienced a strong rally on Sunday and Monday, reaching new monthly highs in the $28,600s. However, it is currently consolidating just under $28,000 and approaching its daily lows. Traders attributed the rally to the optimism surrounding October, which historically tends to be a good month for Bitcoin. Additionally, the recent debut of Ethereum (ETH) futures ETFs on major traditional asset exchanges contributed to the positive sentiment.
Despite this rally, macroeconomic factors pose a headwind for Bitcoin. On Monday, US 10-year yields reached new multi-decade highs at 4.70%. This strong performance is driven by robust US data, particularly the ISM Manufacturing PMI, which suggests that the US economy is unlikely to enter a recession in the near future. As a result, the Fed is expected to maintain elevated interest rates for an extended period of time. These macroeconomic factors could hinder Bitcoin’s ability to surpass $28,000 and potentially signify that the downtrend observed since July has not yet concluded.
In the coming week, traders will closely monitor several key data points. These include US JOLTS Job Openings, US ADP National Employment Change, official US labor market figures, and the US ISM Services PMI report. The outcome of these reports could further impact the cryptocurrency market.
While major cryptocurrencies struggle to break above crucial resistance levels, traders are turning their attention to the volatility found in shitcoin/meme coin markets. Shitcoins are low-cap cryptocurrencies that offer high-risk, high-reward opportunities. DEXTools provides insights into some of the best-performing low-cap coins currently available.
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One noteworthy shitcoin is Stanley the Bugman ($BUGMAN), which has surged by an impressive 450% in the last 24 hours. Despite being launched a few hours ago, it has already generated nearly $800,000 in trading volume, achieved a market capitalization of nearly $300,000, and attracted close to 200 holders. With only two alerts in DEXTools’ security audit, the token boasts a solid uprating of 66.7%.
Another notable shitcoin is Xpro ($Xpro), which has experienced significant gains over the past 24 hours, rising by approximately 250%. However, it has faced a decline of around 80% from its all-time high earlier in the day. Xpro currently boasts a market capitalization of around $700,000, liquidity of approximately $200,000, nearly 600 holders, and 24-hour trading volumes of around $1.8 million. DEXTools’ security audit reveals no concerning aspects in regard to its token contract, earning it a solid 85% upvote percentage.
PAW ($PAW) is another shitcoin that has performed well recently, surging by 85% on Monday. This surge has contributed to its market capitalization reaching $4.1 million and attracting over 150 holders. However, its 24-hour trading volume remains relatively low at approximately $135,000, and its liquidity is around $160,000, which may seem insufficient compared to its market cap. Nevertheless, DEXTools’ security audit does not highlight any concerning aspects with its token contract, and it has garnered a solid 80% positive rating.
While shitcoins offer the allure of significant gains, it’s important to recognize their inherent risks. Most shitcoins lack a solid value proposition. An alternative high-risk-high-reward investment strategy to consider is participating in crypto presales. This involves purchasing tokens from early-stage crypto projects to support their development. These tokens are typically sold at low prices, and history has shown that early investors in presales can experience exponential gains. However, it’s vital to thoroughly research these projects and their teams to assess their potential for success.
Cryptonews provides a list of 15 top crypto presales of 2023 that investors may find valuable. It highlights projects with strong teams and innovative visions for delivering revolutionary crypto applications/platforms. However, it’s crucial to understand that investing in the crypto market is high-risk, and investors should exercise caution and conduct their own due diligence.
In conclusion, while Bitcoin experienced a rally over the weekend, macroeconomic factors and strong US data present challenges for further upward momentum. Traders will closely monitor upcoming data releases to gauge market sentiment. Shitcoin markets, characterized by low-cap cryptocurrencies, offer volatile trading opportunities. Investors should be aware of the associated risks and consider alternative strategies such as crypto presales. However, these investments also carry risks and require thorough research.
