Blue chip 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 hikes, 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 the near-term outlook for major coins currently not looking too good, traders will continue to turn to the illiquid meme coin/shitcoin, which continues to offer the prospect of quick exponential returns, if you choose the right gem.
Here are some of the best-performing small-cap coins, as per DEXTools.
Metal (METAL)
Metal, the native token of a platform that claims to be a complete Ethereum on-chain trading suite, is holding onto the bulk of the massive gains it has posted since its launch on Wednesday.
The token is up close to 8,000% from its DEX launch price and last had a market cap of around $1.4 million, with around 1,150 holders and 24-hour trading volumes of around $3.5 million.
METAL also currently has over $200,000 in locked liquidity, reducing the risk of a rug pull.
However, DEXTools’ GoPlus security audit reveals four concerning aspects to the token’s contract, including a 5% buy tax and a 5.19% sell tax, as well as additional functions that could impact how wallets are able to trade the token.
Buyers should thus be wary that the token could be a scam.
XBULL (XBULL)
XBULL, which describes itself as cryptocurrency’s symbol of strength and growth, was last up over 2,000% in the last 24 hours, as per DEXTools’, making it one of the best-performing shitcoins.
The token’s market cap was last around $420,000, with 24-hour trading volume of around $300,000, $170,000 in locked liquidity and with more than 350 holders.
DEXTools’ GoPlus security audit did not highlight any concerning aspects of the token’s contract, which should ease investor fears that the token is a scam.
Of course, it’s always worth being vigilant, as there is always a risk that GoPlus might miss something.
XDoge (XDOGE)
XDoge, which appears to attempting to combine Dogecoin with Twitter’s rebrand to X and pump on this hype, has pulled back on Thursday, but was still up around 230% in the last 24 hours, as per DEXTools.
XDOGE’s market cap was last around $470,000, with over $220,000 in 24-hour trading volumes and $133,000 in liquidity that has been locked for two months.
The token now has over 850 holders and DEXTools’ GoPlus security audit has not identified any concerning aspects to the token’s smart contract.
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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