The Bitcoin (BTC) melt-up has continued on Tuesday, with the BTC price briefly hitting $44,000 before pulling back to the upper $43,000s, taking its run of gains since last Friday to around 15%.
Investors continue to panic buy amid bets that 1) spot Bitcoin ETFs will soon gain approval in the US, driving a wave of new institutional demand and 2) bets that Fed policy will be more dovish in the coming months, with rate cuts possible in early 2024.
And with Bitcoin having broken convincingly to the north of resistance in the $43,000 area in the form of the late-April 2022 highs, the pathway higher to a quick test of the 2022 highs at $48,000 is clear.
Major altcoins are mixed, with Ether (ETH) up around 2% in the past 24 hours and Cardano (ADA) and Dogecoin (DOGE) up between 3-4%, while the likes of XRP (XRP), Solana (SOL) and BNB (BNB) are slightly lower.
Dogecoin got an intra-day boost from the news that Elon Musk’s X.AI Corp will raise $1 billion in equity, perhaps related to speculation that Dogecoin may somehow feature in Musk’s future plans for his companies.
While Bitcoin is the star of the show in the blue-chip crypto market right now and its outlook remains very strong, traders looking to turn quick exponential profits will continue to turn to the highly illiquid and volatile shitcoin/meme coin markets, where tokens can routinely post gains of as much as 10x in one or two days.
Of course, these tokens can lose their value just as quickly as they gained it, given most are backed by projects of questionable or no utility.
Here are some of the biggest gainers on the Uniswap decentralized exchange (DEX) on Tuesday.
Ordinal Doge ($ODOGE)
A shitcoin that launched earlier this year called Ordinal Doge ($ODOGE) has seen a sudden more than 300% spike in the last 24 hours, as per Uniswap, making it one of the best performing low cap coins.
The sudden spike comes amid a surge in trading volumes to over $850,000 in the past 24 hours, as per DEXTools.
$ODOGE last had a market cap of around $133,000, liquidity of just under $120,000 and slightly over 1,400 holders.
Investors should exercise caution with the coin, not just because of its small market cap and low liquidity, but also as a result of two smart-contract alerts identified by DEXTools’ security audit.
ordinex ($ORD), which powers an all-in-one platform for trading Bitcoin-based NFTs, has seen an impressive near 200% pump in the past 24 hours, according to Uniswap.
The token last had a market cap of around $6 million as per DEXTools, which also shows that $1.5 million in trading volumes in the past 24 hours, around $650,000 in liquidity and 1,450 holders.
The token has three concerning aspects to its smart contract, as per DEXTools’ security audit, so potential investors should be cautious.
The governance token that powers DeFi protocol Antimatter.Finance has been melting higher in recent days and was last up around 100% in the past 24 hours as per Uniswap.
At current levels around $0.22 per token, $MATTER is up around 7x in the past five days, with its market cap last around $22 million, as per DEXTools.
The platform also shows the token to have experienced around $1.45 million in trading volumes in the past 24 hours, around $640,000 in liquidity and around 5,500 holders.
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.
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 utilise affiliate links within our content, and receive commission.
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