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Bitcoin (BTC) is consolidating in the mid-$34,000s, as market participants digest Friday’s weaker-than-expected US jobs report, which caused a dump in US government bond yields and the US Dollar Index (DXY), and a pump in US stock prices.
Weaker yields/USD and stronger stock prices tend to boost crypto prices, but Bitcoin is still trading close to 1.0% lower on the day as a result of profit-taking in wake of the cryptocurrency’s recent stunning rally from October’s lows in the $26,000s.
Propelling this upside was optimism about the expected upcoming approval of spot Bitcoin Exchange Traded Funds (ETFs) in the US, though as macro traders begin heavily betting that the Fed’s interest rate tightening cycle is over, few would be surprised to see Bitcoin vault even higher from here.
That’s because Bitcoin, and crypto more broadly, tend to perform well in an environment of easing financial conditions (i.e. yields and the US dollar falling and stocks rising on bets of easier Fed policy ahead).
Of course, it’s rarely that simple with financial markets, especially crypto.
Technicians wouldn’t be surprised if Bitcoin pulled back to prior yearly highs just under $32,000, wiping out some of the weak hands that FOMOed into the market in October as they saw the price vaulting higher, and wiping out some of the overly greedy/leveraged short-term bulls.
But given the above-noted optimism about spot Bitcoin ETFs, which feed into the broader theme of institutional adoption, and assuming that macro conditions continue to improve, any such pullbacks are likely to remain shallow, with traders likely to also cite 2024’s halving event as another key reason to buy the dip.
Looking across the major blue chip altcoin market, the picture is mixed, which isn’t surprising given that crypto markets remain locked within recent intra-day ranges.
Ether (ETH) is up around 1.5% in the past 24 hours as per CoinGecko, with XRP (XRP) and Cardano (ADA) also a touch higher, while the likes of BNB (BNB), Solana (SOL) and Tron (TRX) are each a touch lower.
With blue chip cryptocurrencies in a state of consolidation, traders looking for explosive volatility will continue to turn to the highly illiquid shitcoin/meme coin markets in the hunt for volatility.
Here are some of the top-performing low-cap shitcoins on Friday.
A new GambleFi token called Snapcat ($SNAPCAT) that launched on Thursday is pumping for a second successive session.
$SNAPCAT was last trading higher by close to 300% in the last 24 hours, amid $150,000 in trading volumes and with a market cap of $2.7 million, as per DEXTools.
The shitcoin last had just over 250 holders and slightly more than $225,000 in locked liquidity.
As per DEXTools’ security audit, the token has one undefined smart contract risk, so investors should be careful when getting involved.
Pegeta Super Saiyan ($PEPETA)
A recently launched shitcoin called Pegeta Super Saiyan ($PEPETA) pumped on Friday and was last up around 250% over the last 24 hours amid nearly half a million in trading volumes.
The token has a market cap of around $720,000, with locked liquidity of around $460,000 and 230 holders.
As per DEXTools’ security alert, the token has two smart-contract risks that investors should be aware of.
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.
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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