Major blue-chip cryptocurrencies are trading with a positive bias on Friday despite a lack of trading volumes with US market participants away for the Thanksgiving holidays.
Bitcoin (BTC) briefly hit fresh highs for the year above $38,000 and at current levels around $37,800 is currently trading up around 1.6% in the last 24 hours, as per CoinMarketCap.
Bitcoin bulls have noted that the cryptocurrency is probing a break above key resistance at $38,000 which could open the door to a swift move above $40,000.
Ether (ETH), meanwhile, recovered back to the north of $2,100, up 2.6% in the past 24 hours.
The bullish bias could reflect optimism that Binance’s recent settlement deal with US authorities removes systemic risk to the market of a potential collapse of the exchange, as well as ongoing optimism surrounding expected near-term spot Bitcoin ETF approvals and an improving macro backdrop.
Macro traders wills be monitoring US Core PCE Price Index Inflation figures, US ISM Manufacturing data and a speech from Fed Chair Jerome Powell next week.
Recent US data has painted a picture of the economy cooling, leading markets to bet that the Fed’s rate hiking cycle is over and a cutting cycle is coming next year, despite still hawkish warnings from the central bank’s policymakers that further rate increases remain on the table.
While cryptocurrency markets could see big moves next week, volumes will remain low until US markets properly come back online.
Traders seeking quick exponential returns will thus continue to turn to the highly illiquid and volatile shitcoin/meme coin markets in the hunt for a quick profit.
Here are some of the biggest gainers as per DEXTools.
PEPEDAO ($PEPED)
A newly launched shitcoin called PEPEDAO ($PEPED), which appears to be attempting to masquerade as representing the decentralized Pepe Coin community, has seen a more than 8,000% pump since its launch earlier on Friday as per DEXTools.
$PEPED’s market cap was last around $700,000 amid just over $200,000 in 24-hour trading volumes, close to 300 holders and liquidity of around $250,000.
As per DEXTools’ smart contract security review, the token has one concerning aspect transfers are potentially pausable.
Bonsai3 ($SEED)
A shitcoin called Bonsai3 ($SEED) is pumping for a third straight day, having gained 45% in the past 24 hours as per DEXTools.
The token last had a market capitalization of around $3.43 million, close to $500,000 in locked liquidity and around 650 holders.
24-hour trading volumes were last at $700,000 suggesting interest in the token remains high.
As per DEXTools’ security audit, the token has a 4% buy and sell tax, as well as a number of other concerning aspects to its smart contract, so investors need to exercise caution.
Crypto Alternatives to Consider
Shitcoins can offer huge potential returns but also come with a lot of risk.
Those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
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