Blue chip cryptocurrencies are mixed, with Bitcoin (BTC) flat just above $27,500 and Ether (ETH) about 1% lower, having recently slipped under $1,650.
Traders are still monitoring the broader macro picture after strong US data on Monday and Tuesday pertaining to the manufacturing sector and labor market sent long-dated US yields to fresh multi-decade highs.
That spike in yields, which saw the US 10-year hit its highest since 2007 near 4.9%, has largely put a halt to what had been a promising start to the month for Bitcoin, which briefly rallied as high as the $28,600s on Monday.
However, Bitcoin remains up on the month, with the latest US jobs data from payroll firm ADP showing monthly private sector job gains at their weakest since 2020, muddying the picture regarding the health of the US labor market slightly.
Friday’s official jobs report will clarify things, but if it also shows job gains at their weakest since 2020, that would probably underpin cryptocurrencies like Bitcoin, as it would probably trigger a reversal lower in yields.
Ahead of Friday’s data, things are set to be quiet in broader macro and crypto markets.
That means traders will continue turning to the shitcoin/meme coin market in the hunt for volatility and short-term gains.
Here are some of the top-performing low-cap coins as per DEXTools.
Big DOGE ($BDOGE)
A new Dogecoin copycat shitcoin called Big DOGE ($BDOGE) that launched on Tuesday has seen a solid pump in the last two days.
As per DEXTools, it was last up more than 400% in the last 24 hours, making it the best-performing shitcoin.
Its market cap was last just below $400,000, with around $100,000 in liquidity, around 350 holders and 24 hour trading volumes of $1.8 million.
The token’s contract only has one alert, as per DEXTools’ security audit, but unlocked liquidity means it could still be a scam.
The price action is also concerning, with having pulled lower by over 90% versus its earlier session highs in the $0.05 area (it was last trading just under $0.004).
BoltBot ($BOLT)
A coin called BoltBot ($BOLT) that is the native token for a “lightning fast” Telegram trading bot has pumped in the last 24 hours, gaining 120% as per DEXTools.
That’s a decent rally, but has only been driven by trading volumes of around $25,000 in the last 24 hours, suggesting the move higher lacks conviction and market liquidity remains very weak.
$BOLT last had a market cap of around $200,000, locked liquidity of around $70,000, over 1,250 holders.
The token has a 5% buy-and-sell tax, as well as an anti-whale mechanism, so investors should be careful.
Gold Fever ($NGL)
The native token of a crypto game called Gold Fever, $NGL, has seen a healthy 75% pump from the record lows it hit earlier this week.
$NGL has seen a huge decline from the all-time highs it hit in late 2021 around $12 per token, and was last around $0.023.
But it has still been able to cling on to a market cap of around $4 million, with over 1,700 holders, around $70,000 in liquidity and around $65,000 in 24-hour trading volumes.
Whether this is the start of a longer-term recovery remains to be seen.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even 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 up-start 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.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
