Crypto markets are under broad selling pressure on Thursday amid a combination of macro and technical selling pressures.
Bitcoin (BTC) was last down around 3%, having recently slipped below its 2023 uptrend to new multi-month lows under $28,000.
Ether (ETH) fell around 3.7% on Thursday, trading under $1,750 after it fell below key support in the form of its 200DMA.
Long-dated US and global bond yields have been rising this week as investors reset expectations about the durability of long-term inflationary pressures in wake of more strong data out of the US, while the hawkish tone to the Fed meeting minutes released earlier this week is also contributing to the upside in yields.
The minutes showed the Fed is purposefully leaving the door open to more rate hikesv, if required.
Investors are encouraged to sell riskier non-yielding assets (like stocks and crypto) when US government bond yields rise, with US bonds seen as a completely risk-free asset (given the assumption the US government would never default on its debt).
With crypto markets performing poorly on Thursday, here are a few tokens that are bucking the trend and might be worth buying.
THORChain (RUNE)
RUNE, the token that powers THORChain’s cross-chain decentralized exchange blockchain, is up close to 10% on Thursday, with its bullish trend still strongly intact.
RUNE broke above a year-long downtrend and its 200DMA earlier this month and is eyeing a surge back towards yearly highs in the $2.0 area, which could mark quick gains of more than 25% from current levels.
Kava (KAVA)
KAVA, the token that powers the decentralized lending and borrowing Kava protocol, is up around 3% on Thursday near $0.75, having found decent support at its June lows $0.73.
The cryptocurrency is currently near the bottom of its 2023 range, meaning now might be a good time to buy the dip.
Cosmos (ATOM)
ATOM, the cryptocurrency that powers the Cosmos network, a decentralized protocol that provides open-source tools for developers to create their own interoperable blockchains, is up over 2% on Thursday, having also found strong support at its June lows.
ATOMv was last changing hands around $8.0 per token, but the bulls won’t truly be back in control unless it can break to the north of its downtrend from earlier yearly highs, which comes into play around $9.0.
Crypto Alternatives to Consider
For crypto investors looking to diversify, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap 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
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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