Bitcoin (BTC) has experienced a slight dip below the $27,000 mark; however, it is still trading positively for the month and above its 50-Day Moving Average (DMA). This is an encouraging sign as September is typically a challenging month for Bitcoin, making its performance leading into October significant. The ability for Bitcoin to break above the $28,000 level and surpass its 200 and 100 DMAs will be a key question to monitor in October.
While technical indicators and seasonal trends favor Bitcoin’s performance, there are macroeconomic factors that could hinder its progress. Yields in major developed economies remain close to multi-decade highs, presenting headwinds for Bitcoin and other cryptocurrencies.
In terms of other leading cryptocurrencies, Ether (ETH) has seen a modest increase of over 1% and is trading around the $1,660 range. XRP has shown a stronger growth of over 3.5% and is trading at approximately $0.52.
The blue-chip crypto market has remained within its recent trading ranges, resulting in traders seeking higher volatility and potential short-term gains in the highly illiquid shitcoin and meme coin markets.
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In this context, DEXTools has identified some of the best-performing low-cap coins in terms of price movement. One such coin is DumbMoney ($GME), which has experienced an astounding 8,000% pump in the last 24 hours. It is considered a shitcoin due to its name’s reference to GameStop ($GME) and the implication that GameStop’s investors are “dumb money.” DumbMoney currently has a market cap of around $2.4 million, with liquidity of $140,000 and trading volumes surpassing $2.4 million in the past 24 hours. However, caution is advised as the coin’s unlocked liquidity could potentially lead to a rug pull.
Another low-cap coin drawing attention is Taizo Hori ($TAIZO). Since its launch earlier in the day, $TAIZO has witnessed a remarkable 550% increase in value, reaching a market cap of $250,000 and liquidity of $190,000. With volumes of $380,000 and close to 100 holders, $TAIZO is generating substantial interest. Although no concerning aspects have been identified with $TAIZO’s token contract, investors are urged to conduct their due diligence.
DERP Coin ($DERP), an AI-coin established in early May, experienced a significant 170% pump on Friday, making it a top performer according to DEXTools. With a market cap around $440,000, locked liquidity exceeding $110,000, and over 800 holders, DERP Coin shows promise. However, caution is advised due to the low 24-hour trading volumes of $46,000, as this suggests a lack of conviction in the price movement. DEXTools has not identified any concerning aspects in DERP Coin’s token contract, but the community trust score is relatively poor at around 50%.
While the allure of high short-term gains may prompt investors to consider such shitcoins, it is important to recognize the inherent risks. Shitcoins often lack a legitimate value proposition. Alternatively, investors may explore high-risk-high-reward strategies such as participating in crypto presales. These presales involve purchasing tokens of up-and-coming crypto projects to support their development. Though risky, presales have a history of delivering exponential gains to early investors. The team at Cryptonews conducts thorough research on presale projects and provides valuable insights for interested investors.
It’s important to note that investing in cryptocurrencies, including shitcoins and presales, carries significant risks. Individuals should conduct their own research and exercise caution, as the potential for loss of capital is substantial.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. The risk of losing all invested capital should be considered.
