Blue chip crypto markets are pumping on Thursday, with Ether (ETH) last up over 8% in the past 24 hours and above $2,000 and Bitcoin (BTC) up over 6% and hitting fresh highs for the year above $37,000.
Bitcoin has been pumping more or less since the start of the Thursday Asia session on a renewed optimism that spot Bitcoin Exchange Traded Funds (ETFs) will soon gain approval following reports on Wednesday that the US Securities and Exchange Commission (SEC) is in active dialogue with digital asset manager Grayscale regarding their application to transform their Bitcoin Trust into a spot Bitcoin ETF.
The SEC has previously blocked all spot Bitcoin ETF applications, including from Grayscale, but suffered a legal defeat to the firm in August when a judge ruled their rejection of Grayscale’s application was “arbitrary and capricious”.
With Wall Street behemoths like BlackRock, Fidelity and dozens more having filed their own spot Bitcoin ETF applications back in June, the landscape appears to have shifted towards the SEC working with firms to prepare the ground for spot Bitcoin ETFs, rather than fighting against their existence.
This anticipation is part of the reason for Bitcoin’s pump since mid-October, though analysts have also cited 1) safe-haven demand on concerns about global geopolitics given the Israel/Hamas was and 2) an increasingly favorable macro environment, with US stocks having pumped and US yields having dumped since the end of October on bets that the Fed’s interest rate tightening cycle is over.
Ether, meanwhile, is pumping thanks to reports that BlackRock just filed to set up the iShares Ethereum Trust in Delaware, just as it did with its iShares Bitcoin Trust days ahead of filing its spot Bitcoin ETF application with the US SEC.
Other altcoins are also pumping, but traders looking for the prospect of quick exponential gains will continue to turn to the highly illiquid shitcoin/meme coin markets, where its not uncommon to see a token rally 10x in a single day.
Here are some of the best-performing shitcoins on the Ethereum blockchain according to Decentralized Exchange (DEX) Uniswap.
A gaming token called Exeedme ($XED) has seen an impressive more than 200% pump in the last 24 hours, as per Uniswap.
The price increase comes amid a surge in 24-hour trading volumes to more than $1.1 million, as per DEXTools, which also shows the token to have a market cap of close to $11 million, around 10,750 in holders and over $950,000 in liquidity.
However, investors should be very cautious of the token as, according to DEXTools’ security audit, it is mintable and transfers are pausable, amongst other concerning aspects to its contract.
Another gaming token called GAMEE ($GMEE) is also pumping on Thursday, up over 100% in the last 24 hours as per Uniswap.
According to DEXTools, this pump comes amid a surge in 24-hour trading volumes to more than $1.66 million, with the token’s market cap last just under $12 million and with just over 3,200 holders and liquidity of just over $600,000.
As per DEXTools’ security audit, the token has very few concerning aspects to its smart contract, but investors should nonetheless always be cautious with low cap coins.
A token called Netvrk ($NTVRK) which claims to be a social virtual reality platform on the blockchain, has been pumping in recent days and was last up around 100% in the last 24 hours, as per Uniswap.
$NTVRK has been around since mid-2021 but is on course to post its best month ever, having gained over 400% in the last nine days.
As per DEXTools, the token last had a market cap of around $24 million with nearly $1.5 million in trading volumes changing hands in the past 24 hours.
The token also has close to 10,000 holders and locked liquidity of around $860,000.
Given its been around such a long time, its very unlikely that the token is a scam coin, and only has one risk (external call risk) to its smart contract, as per the 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.
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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