Blue chip cryptocurrency markets are currently consolidating with low trading volumes due to the Thanksgiving holidays in the US. Bitcoin (BTC) and Ether (ETH) are trading within their recent weekly ranges, with BTC at around $37,000 and ETH at approximately $2,050. Traders are taking this opportunity to reflect on recent developments concerning Binance, which recently settled criminal lawsuits with the US Department of Justice (DoJ) and Commodity Futures Trading Commission (CFTC) by paying fines over $7 billion. Despite initial panic in the crypto market, prices quickly recovered as traders saw the settlement as creating more certainty and removing existential risk for Binance.
The focus has now shifted to whether these developments will help or hinder the approval of spot Bitcoin ETFs in the near future. The US Securities and Exchange Commission (SEC) is reportedly working with Grayscale on their own spot Bitcoin ETF application, raising optimism for potential approvals. As a result, the risks seem to be leaning towards further upside in Bitcoin prices, especially since the cryptocurrency has formed a bullish ascending triangle structure recently. Breaking above $38,000 could lead to a swift move above $40,000.
While major cryptocurrencies show strength, traders looking for quick exponential profits continue to turn to the highly illiquid and volatile shitcoin/meme coin markets. Here are some of the top performers on the Ethereum blockchain according to decentralized exchange Uniswap.
PowBlocks ($XPB):
Mining-focused token PowBlocks has surged over 200% in the past 24 hours, making it one of the top-performing shitcoins of the day. It currently has a market cap of around $2 million, liquidity of just over $300,000, close to 1,000 holders, and 24-hour trading volumes of nearly $2 million. However, investors should exercise caution as there are concerning aspects to its smart contract based on a DEXTools security audit.
GameSwift ($GSWIFT):
Gaming token GameSwift has rallied 80% in the past 24 hours, reaching a new all-time high market cap of over $16 million. It has impressive 24-hour trading volumes of around $1.5 million, close to 13,000 holders, and liquidity of approximately $1.9 million. Unlike PowBlocks, GameSwift does not have any concerning aspects to its smart contract based on the DEXTools security audit.
Viridis Network ($VRD):
Viridis Network, the token powering the decentralized carbon market-focused Ethereum layer-2 scaling blockchain, has experienced an impressive 80% pump in the past 24 hours. It currently has a market cap of just over $7 million, locked liquidity of around $350,000, 24-hour trading volumes of $1.23 million, and 1,250 holders. However, investors should be cautious as there are several concerning aspects to its token contract based on a DEXTools security audit.
Considering Crypto Alternatives:
Shitcoins can offer significant returns but also come with high risks. For those seeking a higher probability of near-term gains, participating in crypto presales is an alternative high-risk, high-reward investment strategy. Investors can buy tokens of upstart crypto projects during presales to support their development. These tokens are often sold at low prices and have a history of delivering exponential gains to early investors. The team at Cryptonews spends time reviewing presale projects to help investors make informed decisions.
Hot Take: Exploring the Top Crypto Presales for 2023
Crypto presales can be a lucrative investment strategy for those willing to take risks. These projects have strong teams and ambitious visions for revolutionary crypto applications/platforms. Identifying promising presale projects can lead to favorable risk/reward ratios for investors. Cryptonews has compiled a list of what they consider the best crypto presales for 2023. However, it’s important to note that crypto is a high-risk asset class, and this article should not be considered investment advice.
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