Bitcoin (BTC) is backing off after hitting fresh highs for the year in the $38,800s earlier in the session, but at current levels in the $38,300s, is still up close to 2% in the past 24 hours.
Other major cryptocurrencies like Ether (ETH), XRP (XRP), Solana (SOL) and Cardano (ADA) were all also trading with moderate gains over the same time period, with analysts citing a recent uptick in demand for Bitcoin futures ETFs as a sign that institutional demand for crypto continues to pick up.
Regulated crypto investment products have been enjoying inflows in recent weeks thanks to bets that spot Bitcoin ETFs will soon garner approval in the US, which is widely viewed as bullish for the BTC price.
Meanwhile, just released weaker than expected US ISM Manufacturing PMI figures for November strengthens the narrative that the US economy is cooling, just as Fed policymakers appears to be warming to the idea of interest rate cuts next year.
Chicago Fed President Austan Goolsbee on Friday remarked that US Core PCE inflation data released earlier in the week was in fitting with inflation falling back to the bank’s 2% goal, a viewpoint that could be used to argue in favor of a lowering of interest rates in 2024.
If the Fed does start lowering interest rates in 2024, this would result in a broad easing of financial conditions and injection of new liquidity into the economy, which has historically been bullish for BTC and the broader crypto market.
While the crypto market outlook subsequently continues to look bright, traders looking to turn even quicker profits will continue to turn to the highly illiquid and volatile shitcoin/meme coin markets.
Here are some of the biggest gainers according to decentralized exchange (DEX) Uniswap.
Gaming monetization token MetaBlox ($MBX) has seen an impressive 65% pump in the past 24 hours, as per Uniswap, making it the best performing low cap coin of the day.
As per DEXTools, $MBX’s market cap was last around $3.8 million, with over $700,000 having changed hands in the past 24 hours.
The token last had liquidity of around $250,000 and just over 1,300 holders.
Despite its good reputation amongst crypto investors, with an upvote rating on DEXTools of around 90%, potential investors should be aware of MetaBlox’s 5% buy and sell tax and five other concerning aspects to its smart contract.
Web3 game studio Morra Games’s native token $MORRA has seen an impressive 40% pump in the past 24 hours according to Uniswap.
Its market cap was last around $8 million, with just under $800,000 having changed hands in the past 24 hours, as per DEXTools.
The token last had liquidity of around $340,000 and around 1,800 holders.
Potential investors should be wary of the token’s 4% buy and 6.06% sell tax, as well as eight other concerning aspects to its token contract, as identified by DEXTools’ security audit.
Agoras Currency of Tau ($AGRS)
A shitcoin called Agoras Currency of Tau ($AGRS) is up over 40% in the past 24 hours, as per Uniswap.
As per DEXTools, the token last had a market cap of more than $50 million, having pumped around 900% in the last week.
$AGRS has seen over $900,000 in trading volumes in the past 24 hours, has over $500,000 in liquidity and over 1,350 holders, but does have five concerning aspects to its smart contract, as per DEXTools’ security audit.
Crypto Alternatives to Consider
Shitcoins can offer huge potential returns but also come with a lot of risk.
Those looking for a 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
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.