A risk-off tone to macro trading conditions on Monday amid jitters regarding the escalating Israel/Palestine is weighing on crypto prices.
Bitcoin (BTC) was last down just over 1% in the mid-$27,000s, while Ether (ETH) was last down over 3% at $1,580.
Ether is also suffering following an unexpected sale of $2.7 million worth of the token by the Ethereum Foundation on decentralized exchange Uniswap.
ETH has now fallen decisively back from its 21 and 50DMAs and also snapped an uptrend that had been in play since early September, suggesting its near-term technical outlook has taken a turn for the worse.
Bears will be watching for a potential break below support in the $1,550 area.
Bitcoin, meanwhile, remains in its recent uptrend, keeping alive the prospect of a sustained move above $28,000 in the weeks ahead.
The macro focus will shift from geopolitics to the US economy once again on Wednesday and Thursday, when US PPI and CPI inflation data is scheduled for release.
US yields have been pulling lower on Monday amid a safe-haven bid, but hot inflation data could send them back towards multi-decade highs, which could be a headwind for crypto.
With risks to the near-term outlook for blue chip cryptocurrencies high, traders will continue to turn to the highly illiquid shitcoin/meme coin market in the hunt for profitable short-term investment opportunities.
Here are some of the best-performing low-cap coins on Monday, as per DEXTools.
Versus ($VS)
A shitcoin called Versus ($VS) that was launched in late September has been pumping on Monday and was last up over 200% as per DEXTools.
Its market cap was last around $430,000 amid 24 hour trading volumes of around $140,000, over 200 holders and over $140,000 in locked liquidity.
The token has seven concerning aspects to it, as per DEXTools’ security audit, including a hefty 5% buy tax and 6.41% sell tax.
With this tax modifiable, investors should exercise great caution investing in this shitcoin, as it could easily turn out to be a scam.
Only Possible On Ethereum ($OPOE)
A shitcoin that was stealth launched as a meme coin in early October called Only Possible On Ethereum ($OPOE), which claims to be building a multi-chain bridge, has been pumping recently and was last up around 40% in the last 24 hours, as per DEXTools.
The token last had a market cap of around $5.3 milllion, 24-hour trading volumes of around $240,000, close to 1,000 holders and around $240,000 in locked liquidity.
$OPOE has six concerning aspects to its token contract, according to DEXTools’ security audit, so investors should be careful when buying the token.
Qlindo Realestate ($QLINDO)
A token called $QLINDO that claims to be “the green real estate token” has been pumping on Monday and was last up by around 40% in the last 24 hours, as per DEXTools.
The token last had a market cap of around $22.55 million, with over 10,500 holders.
But the recent rally has only been driven by around $15,000 in 24-hour trading volumes, suggesting it lacks conviction and could easily reverse.
The token has fairly shallow liquidity compared to its market cap of only just over $100,000, suggesting it could remain volatile.
The token has no concerning aspects to its token contract as per DEXTools’ security audit, and it has a 100% upvote rating according to DEXTools’ community trust score.
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.
See the 15 Cryptocurrencies
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.
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