US Dollar Index and US Government Bond Yields Cap Crypto Gains
The surging US Dollar Index (DXY) and rising US government bond yields are limiting gains in major cryptocurrencies. This is due to fresh hawkish commentary from the US Federal Reserve Chair Jerome Powell and a strong US jobs report. However, meme coin markets continue to pump, with $POP, $INEDIBLE, and $PANDORA being the top crypto gainers on DEXTools.
Fed Chairman Advocates for Patience on Rate Cuts
In an interview aired on Sunday, Fed Chairman Jerome Powell once again urged patience on rate cuts. This is contributing to the cap on Bitcoin’s price, which is currently below $43,000.
Strong ISM Services PMI Report Adds to Crypto Gains Cap
The release of a stronger-than-expected ISM Services PMI report on Monday further limits gains in the crypto market. This report gives the market additional reasons to push off Fed rate cut expectations.
Money Market-Implied Probability of Fed Rate Cut Decreases
According to the CME’s Fed Watch Tool, the probability of a 25 bps interest rate cut by the Fed in March has decreased to around 15%. This is down from about 50% one week ago.
Bitcoin Remains Well Supported
Despite the cap on gains, Bitcoin and the broader market are still well supported. BTC is holding above support at around $42,000. Net flows into spot Bitcoin ETFs have been strong recently, with $700 million in net flows last week.
Top Crypto Gainers Today on DEXTools
Popeye ($POP)
A shitcoin called Popeye ($POP) is the top crypto gainer today on DEXTools. It has seen a gain of over 900% in the past 24 hours. The token has a market cap of around $500,000 million with approximately 600 holders.
Inedible Coin ($INEDIBLE)
Inedible Coin ($INEDIBLE) has experienced a pump since Sunday. It has seen an increase of around 180% in the past 24 hours, making it one of the top crypto gainers today. The token has a market cap of about $1.9 million and nearly $260,000 in locked liquidity to reduce rug pull risk.
BEBE ($BEBE)
Pandora (PANDORA), an experimental shitcoin, has surged over 200%, making it one of the top crypto gainers today. The token has a market cap of approximately $46 million and around $13.6 million in locked liquidity.
Crypto Alternatives to Consider
While low-cap coins can offer potential high returns, they also come with significant risks. An alternative investment strategy to consider for better near-term gains is getting involved in crypto presales. This involves buying tokens from upstart crypto projects to support their development. These tokens are typically sold at low prices and have a history of delivering exponential gains to early investors. It’s important to research and identify projects with strong teams and revolutionary visions. Cryptonews provides a list of the best crypto presales for investors to consider.
Hot Take: Opportunities and Risks in Crypto Investing
Investing in cryptocurrencies comes with both opportunities and risks. It’s important to stay informed and make well-informed decisions. While some major cryptocurrencies may be experiencing limited gains due to external factors, the meme coin markets continue to provide opportunities for exponential gains. However, it’s crucial to exercise caution and conduct thorough research before investing in low-cap coins. Additionally, alternative investment strategies such as participating in crypto presales can offer high-risk, high-reward opportunities. Remember that cryptocurrency investments carry a high level of risk, and it’s essential to be aware of the potential loss of capital.
Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.