Crypto Markets on the Rise as Bitcoin and Ether Gain
Bitcoin and Ether are experiencing gains, with Bitcoin reaching its highest level in nearly a week and Ether approaching a retest of $1,850. The total crypto market’s capitalization is also up, as investors react positively to PayPal’s move to launch its own stablecoin. Galaxy CEO Mike Novogratz believes that secure spot Bitcoin ETF approval from the SEC is likely to happen within the next four to six months. Technical factors, such as Bitcoin testing its 2023 uptrend and Ether testing its 200DMA, may also be contributing to the positive sentiment. However, major coins remain within recent multi-month ranges, leading risk-tolerant traders to explore smaller, more volatile coins for opportunities.
Best-Performing Small-Cap Coins
- Toshi (TOSHI): A cat-themed meme coin that has seen a surge of nearly 200% in the last 24 hours. However, caution is advised as its liquidity is not locked, leaving the possibility of a rug pull.
- Bullet (BULLET): The token powering a blockchain-powered Telegram Russian roulette game has experienced significant gains, up over 450% in the last 24 hours and 5500% since its DEX launch. The token has a 5% buy and sell tax.
- XBTC: A scam coin with a market cap of close to $1 million and a 100% sell tax. Investors should avoid this coin and always check the audit of a token contract before investing.
Better Low-Cap Alternatives
While the above coins have performed well recently, they may not hold their value in the long term. Consider exploring the following projects:
- Wall Street Memes (WSM): A meme coin with a presale that has already raised over $22 million. Backed by respected crypto experts and influencers.
- XRP20: An improved version of XRP that runs on the Ethereum blockchain and offers passive income opportunities for stakers. The project has raised $1.3 million.
- BTC20: An ERC20 version of the bitcoin token with benefits of running on Ethereum and a tokenomics model based on bitcoin’s early days. The presale raised $6.05 million and staking will go live soon.
Hot Take
The crypto market continues to show positive momentum, with Bitcoin and Ether leading the way. While small-cap coins can offer short-term gains, it’s important to exercise caution and thoroughly research token contracts before investing. Projects like Wall Street Memes, XRP20, and BTC20 present interesting opportunities for those looking to diversify their investments and explore new possibilities in the crypto space.
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