Altcoins are moving higher in a catch-up play on Thursday as Bitcoin (BTC) consolidates below $44,000 following its impressive recent performance.
Solana (SOL), Cardano (ADA), XRP (XRP) and Ether (ETH) were all up 2-3% in the past 24 hours, as per CoinMarketCap, with Ether hitting fresh highs for the year in the mid-$2,300s as bulls eye a near-term push higher towards the next major long-term resistance area around $3,500.
Generally, amid ongoing expectations for near-term approvals of spot Bitcoin ETFs in the US and for an imminent dovish policy pivot from the Fed, market sentiment looks set to remain net bullish, with dips likely to continue to be bought into.
Friday’s US jobs data release could trigger some choppiness in the market, especially if it comes in weak and amplifies bets that the Fed will start cutting interest rates in early 2024.
In the meantime, traders looking for explosive volatility and the possibility of booking quick exponential gains will continue to turn to the highly illiquid shitcoin/meme coin market.
Here are some of the biggest gainers on Uniswap on Thursday.
Virtual Player Points ($VPP)
The native token of poker protocol Virtual Poker, called Virtual Player Points ($VPP), has seen a strong pump in the past 24 hours, with gains last in the region of 90% as per Uniswap.
The token last had a market cap of around $6.6 million, with around $1.3 million having changed hands in the past 24 hours, as per DEXTools.
$VPP has over 12,500 holders, but has relatively thin liquidity of around $230,000, so large orders could trigger large price swings.
The token has five concerning aspects to its smart-contract, as per DEXTools’ security audit.
HYPR ($HYPR)
Game development-focused Hyper Network’s HYPR ($HYPR) token was last up around 50% in the past 24 hours, as per Uniswap.
The token last had a market cap of around $10.6 million, with close to 1,500 holders and just over $750,000 in partially locked liquidity, as per DEXTools.
The token has a 5% sell tax, but also has three other smart contract alerts as per DEXTools’ security audit, so investors should tread with caution.
Crypto Alternatives to Consider
Shitcoins 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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