Blue Chip Cryptocurrencies Maintain Positive Bias Despite Bitcoin’s Failure
Despite Bitcoin’s inability to stay above $30,000, blue chip cryptocurrencies are still trading with a positive bias. Bitcoin is currently up around 1% in the last 24 hours, while Ether is up close to 0.7%. Traders are hesitant to push these cryptocurrencies higher due to key resistance levels and the upcoming release of US Consumer Price Index inflation data. However, optimism remains regarding spot bitcoin ETF applications and PayPal’s creation of its own stablecoin. As a result, volatility is expected to remain subdued, leading traders to turn to small cap coins for potential gains.
Top-performing Small Cap Coins
- XDoge (XD): XDoge has seen a more than 500% surge in value, going from $0.0000000003 to $0.000000002. It has a market cap of $850,000 and over 1,250 holders. Traders should exercise caution due to the potential for scams and lack of locked liquidity.
- Juicebox (JBX): JBX has experienced a 420% increase in the last 24 hours. Its market cap is around $1 million, but trading volumes are low. Liquidity is poor, and the token contract has concerning aspects.
- FukuToshi (FUKU): FUKU, a new cat-themed meme coin, has surged 65x since its creation. It has a market cap of $360,000, close to 350 holders, and $150,000 in trading volumes. Traders should be cautious due to limited information about the coin’s security and potential transaction limits.
A Better Alternative to Consider
While the small cap coins mentioned above have performed well, they may not hold long-term value. A more promising option is Wall Street Memes (WSM), a meme coin backed by the popular online retail stock investing community. The presale has already raised over $22.5 million and has garnered support from respected crypto experts and influencers. Another option is XRP20, an improved version of XRP that runs on the Ethereum blockchain and offers passive income opportunities. BTC20, an ERC20 version of Bitcoin, is also worth exploring for its potential staking rewards and access to DeFi markets.
Hot Take
While small cap coins may offer short-term gains, it’s important to exercise caution and consider more established options like WSM, XRP20, and BTC20 for long-term investment potential.
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