Surging Dollar and Rising Bond Yields Cap Crypto Gains
The US Dollar Index (DXY) and US government bond yields are capping gains in major cryptocurrencies due to fresh hawkish commentary from the US Federal Reserve Chair Jerome Powell and a strong US jobs report.
Powell argued for patience on rate cuts in an interview, which is helping to keep the Bitcoin price under $43,000.
An ISM Services PMI report released on Monday is also limiting gains in crypto as it gives further reasons to push off Fed rate cut bets.
The probability of a Fed interest rate cut in March has decreased, but Bitcoin and the broader market remain well supported.
BTC is holding above support at $42,000, possibly due to strong net flows into spot Bitcoin ETFs.
Ethereum Name Services (ENS)
Ethereum Name Services (ENS) has seen a 7% increase in the past 24 hours, making it the top-performing crypto in the top 100 by market cap.
If it can break above resistance at $20.70, it could quickly return to January highs near $28, making it a potential buy now option.
Gnosis (GNO)
Gnosis (GNO), a decentralized prediction market, has rebounded from its 21DMA and is up around 6% in the past 24 hours. Bulls are eyeing a pump back towards last December highs, offering potential gains of over 25%.
Chainlink (LINK)
Chainlink (LINK) has broken multi-month resistance and is approaching $20. It is up over 4% in the past 24 hours and could pump back to its 2022 highs at $29, potentially offering gains of nearly 50%.
Crypto Alternatives to Consider
For those looking for near-term gains, getting involved in crypto presales is an alternative high-risk, high-reward investment strategy. These presales often deliver exponential gains to early investors. The team at Cryptonews provides a list of 15 top crypto presales of 2023.
Hot Take: Best Crypto to Buy Now
If you’re looking for the best crypto to buy now, Ethereum Name Services (ENS), Gnosis (GNO), and Chainlink (LINK) are top contenders. These altcoins have shown significant gains recently and have the potential for further growth. Additionally, considering alternative investment strategies such as crypto presales can offer high-risk, high-reward opportunities. However, always remember that investing in cryptocurrencies carries risks and it’s important to do thorough research before making any investment decisions.
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