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Blue-chip cryptocurrency markets are mostly higher on Thursday as the crypto market benefits from macro tailwinds with US stocks pushing higher and US government bond yields and the US Dollar Index (DXY) dumping.
The latest moves in traditional asset classes come as investors bet aggressively that the Fed will start cutting interest rates in early 2024 in wake of Wednesday’s dovish Fed policy announcement.
That has helped crypto prices recover back into the green from a brief but sharp mid-session dip which was seemingly triggered at the time by the release of stronger-than-expected US retail sales data.
Bitcoin was last trading just to the north of $43,000, with bulls eyeing a retest of yearly highs nearly $45,000, up just over 0.5% in the past 24 hours.
Ether (ETH), meanwhile, was up around 1.8% over the same time period and just under $2,300, while Solana (SOL), XRP (XRP) and Dogecoin (DOGE) were all trading in the green.
Avalanche is a notable underperformer, with the cryptocurrency suffering as a result of profit-taking in wake of its recent strong gains.
While the outlook for major cryptos is positive into the year’s end, traders looking to turn quick exponential profits will continue to turn to the highly illiquid and volatile shitcoin/meme coin markets.
Here are some of the best performing low cap coins on the Decentralized Finance (DeFi) industry’s largest decentralized exchange (DEX) Uniswap on Thursday.
Hord ($HORD)
Hord ($HORD), which claims to be a social DeFi protocol built on Ethereum that enables key opinion leaders to monetize their strategies while crypto enthusiasts can invest in tokenized portfolios, is up an impressive more than 30% in the past 24 hours, as per Uniswap.
As per DEXTools, the token last had a market cap of just under $400,000, liquidity of around $175,000 and just over 250 holders.
Traders should be aware that the latest price rise has only been driven by low volumes of around $25,000 in the past 24 hours, meaning a few big sell orders could see the price quickly reverse.
DEXTools’ security audit has also revealed a few concerning aspects to the token’s smart contract, so potential investors should be wary that the token might be a scam.
Kenshi ($KNS)
Kenshi ($KNS), which claims to deliver a versatile and user-friendly platform for crafting tailor-made blockchain solutions, is up an impressive more than 20% in the past 24 hours, as per Uniswap.
$KNS last had a market cap of around $5.5 million, liquidity of around $750,000 and close to 1,250 holders.
Traders should note that the latest price pump has only been driven by fairly low trading volumes of around $50,000, but the pump has been fairly sustained in recent days, suggesting bears may struggle to turn this momentum around.
On the plus side, $KNS doesn’t have any concerning aspects to its smart contract, as per DEXTools’ security audit.
Astra DAO ($ASTRADAO)
Astra DAO ($ASTRADAO), a decentralized and non-custodial automated crypto asset allocator built on Ethereum which claims to provide convenient and practical access to crypto-oriented investment strategies, is up around 25% in the past 24 hours, as per Uniswap.
$ASTRADAO last had a market cap of around $13.2 million, as per DEXTools, with close to $400,000 in liquidity and over 3,600 holders.
The token has three smart-contract alerts, as per DEXTools’ security audit, so possible investors should tread with caution.
Crypto Alternatives to Consider
Shitcoins can offer huge potential returns but also come with a lot of risk.
For 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 utilize affiliate links within our content, and receive commission.
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