After a strong Sunday rally that carried into Monday morning and saw the BTC price hit new one-month highs in the $28,600s, Bitcoin (BTC) is consolidating just under $28,000 and at lows for the day.
Traders attributed Sunday’s rally to optimism about the fact that October is usually a good month for Bitcoin, and amid recent Ether (ETH) futures ETF debuts on major traditional asset exchanges.
But macro remains a headwind, with US 10-year yields hitting new multi-decade highs at 4.70% on Monday amid strong US data (ISM Manufacturing PMI) that further strengthened the argument that the US economy won’t be in recession anytime soon, and that the Fed will subsequently leave interest rates at elevated levels for a prolonged period of time.
Whether Bitcoin can get back above $28,000 this week will be a key question for traders as this roughly aligns with its 200DMA.
Another rejection could be a strong sign that the downtrend in place since July is yet to end.
And if Monday’s data is anything to go by, further macro headwinds could be in store.
The main data points to watch this week are US JOLTS Job Openings, US ADP National Employment Change and official US labor market figures, as well as the US ISM Services PMI report.
As major cryptocurrencies struggle to break above key resistance levels, traders will continue to turn to shitcoin/meme coin markets in the hunt for volatility.
Here are some of the best-performing low-cap coins, as per DEXTools.
Stanley the Bugman ($BUGMAN)
A new shitcoin called Stanley the Bugman ($BUGMAN) is up an impressive 450% in the last 24 hours as per DEXTools, making it the best-performing low-cap coin on Monday.
Despite launching only a few hours ago, the token has already amassed nearly $800,000 in trading volumes, reached a market cap of nearly $300,000, has liquidity of around $250,000 and close to 200 holders.
The token only has two alerts as per DEXTools’ security audit and has an uprating of 66.7%.
Xpro ($Xpro)
Another shitcoin called Xpro ($Xpro) that launched on Sunday is also up big versus its price 24 hours ago.
As per DEXTools, $Xpro is up around 250% over this time period, though at the current price of around $0.007, is down around 80% versus the all-time high it hit earlier in the day at $0.035.
The token last had a market cap of around $700,000, liquidity of around $200,000, close to 600 holders and 24-hour trading volumes of around $1.8 million.
$Xpro has no concerning aspects to its token its contract, according to DEXTools’ security audit and has a solid 85% upvote percentage.
PAW ($PAW)
PAW ($PAW) is up another 85% on Monday, continuing its run of recent impressive gains that has seen the token reach a market cap of $4.1 million and over 150 holder.
However, 24-hour trading volumes were only around $135,000, not much and liquidity is only around $160,000, which isn’t much considering the token’s market cap.
Whilst some of the numbers don’t seem to add up, $PAW has no concerning aspects to its token contract as per DEXTools’ security audit and has a solid 80% positive rating.
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.
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