Blue chip cryptocurrency markets are recovering on Thursday following Wednesday spot Bitcoin ETF approval FUD/leverage flush out-fuelled pullback, with Bitcoin (BTC) last up more than 3% on the day and back above $44,000 and Ether (ETH) up around 3.5% and eyeing a retest of $2,300.
Most other major altcoins, like Solana (SOL), XRP (XRP), Cardano (ADA), Avalanche (AVAX) and Dogecoin (DOGE) are up between 2-7% in the past 24 hours, as per CoinMarketCap.
Traders continue to monitor newsflow relating to and the debated surrounding the potential near-term approval of spot Bitcoin ETFs in the US, which will undoubtedly be the biggest market mover in the coming days.
Price action suggests most investors remain optimistic that approvals are coming, and the latest bought of dip buying suggests that sentiment remains generally bullish.
Whilst macro has been taking a back seat as a driver of crypto price action as of late, traders will nonetheless also be monitoring the release of US jobs data on Friday, which could impact (i.e. support or push back against) the recent rise in anticipation for Fed rate cuts this year.
For the most part, blue chip cryptocurrencies are still trading below recent highs and as the market waits for news about spot Bitcoin ETFs, conditions are likely to remain rangebound.
That means traders hunting for quick exponential gains will continue to turn to the highly illiquid and volatile shitcoin/meme coin markets.
Here are some of the biggest low-cap gainers being traded on the Ethereum blockchain, as per Decentralized Exchange (DEX) analytics and surveillance website DEXTools.
Pepe (PEPE)
A copycat version of Pepe Coin, also called Pepe (PEPE), has been pumping recently and was last up around 180% in the past 24 hours, as per DEXTools.
The copycap shitcoin version of Pepe Coin last had a still small market cap of around $750,000, with only around $85,000 in unlocked liquidity and just under 1,500 holders.
Investors should be cautious, as the coin really offers no utility and its investors may at any point want to dump it in favor of the real Pepe Coin.
But it probably isn’t a scam, having been around since October, although it does have concerning aspects to its smart contract, such as a modifiable tax and that it is mintable.
0xOS AI (0XOS)
A shitcoin called 0xOS AI (0XOS) that was launched in December has seen a strong recovery in the past 24 hours, gaining around 110% as per DEXTools, making it one of the top-performing shitcoins.
The token’s market cap was last around $390,000, with around $125,000 in locked liquidity and just under 400 holders.
Investors should be cautious given the token’s four smart contract alerts that were identified by DEXTools, including a modifiable tax (which was last at 4% for buys and sells).
Intellix (ITX)
A just-launched shitcoin called Intellix (ITX) has surged over 100% on Thursday and already hit a market cap of over $2.5 million.
Investors should probably steer clear of the token, however, given the high chance that it is a scam.
Intellix has eight concerning aspects to its token smart contract, as identified by DEXTools’ security audit, including a modifiable tax, pausable transfers, external call risk and more.
Crypto Alternatives to Consider
Low-cap coins can offer huge potential returns but also come with a lot of risk.
For 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 utilize affiliate links within our content, and receive commission.
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