Crypto Markets Respond to Macro Factors with Positive Momentum


Crypto Markets Respond to Macro Factors with Positive Momentum

The blue-chip cryptocurrency markets are displaying an upward trajectory on Thursday, buoyed by macroeconomic factors such as the rise in US stocks and a decline in US government bond yields and the US Dollar Index (DXY).

This movement in traditional asset classes is concurrent with aggressive investor bets on the Federal Reserve initiating interest rate cuts in early 2024, following a dovish policy announcement on Wednesday. Consequently, the crypto market has rebounded into positive territory, recovering from a brief mid-session dip triggered by stronger-than-expected US retail sales data.

Bitcoin (BTC) is currently trading just above $43,000, marking a slight gain of over 0.5% in the past 24 hours. Ether (ETH) has seen an approximately 1.8% increase, reaching just under $2,300. Other cryptocurrencies like Solana (SOL), XRP (XRP), and Dogecoin (DOGE) are also trading in positive territory.

While the majority of major cryptocurrencies are experiencing positive sentiment as the year comes to a close, traders seeking rapid exponential gains are still turning to the highly illiquid and volatile markets of low-cap or “shitcoin/meme coin” sectors.

Noteworthy Performances on Uniswap’s DeFi Platform

Several low-cap coins on the Decentralized Finance (DeFi) industry’s largest decentralized exchange (DEX), Uniswap, are standing out on Thursday:

1. Hord ($HORD):

  • A social DeFi protocol on Ethereum enabling key opinion leaders to monetize strategies.
  • Up more than 30% in the past 24 hours.
  • Market cap: Just under $400,000.
  • Liquidity: Around $175,000.
  • Holders: Over 250.
  • Caution: Low volumes ($25,000) and security concerns in smart contract (DEXTools audit).

2. Kenshi ($KNS):

  • A platform for crafting tailor-made blockchain solutions.
  • Up more than 20% in the past 24 hours.
  • Market cap: Around $5.5 million.
  • Liquidity: Around $750,000.
  • Holders: Close to 1,250.
  • Positive: Sustained pump, no concerning aspects in smart contract (DEXTools audit).

3. Astra DAO ($ASTRADAO):

  • A decentralized and non-custodial automated crypto asset allocator on Ethereum.
  • Up around 25% in the past 24 hours.
  • Market cap: Around $13.2 million.
  • Liquidity: Over $400,000.
  • Holders: Over 3,600.
  • Caution: Three smart-contract alerts (DEXTools audit).

Considerations for Crypto Alternatives

While “shitcoins” can offer significant returns, they also entail considerable risks. For those seeking better near-term gain probabilities, an alternative high-risk, high-reward investment strategy is participation in crypto presales.

Investors contribute to the tokens of emerging crypto projects during presales to support their development. These tokens are typically sold at lower prices, historically resulting in substantial gains for early investors.

The Cryptonews team extensively reviews presale projects to aid investors in identifying potential opportunities. A list of 15 deemed as the best crypto presales of 2023 is available for consideration.

Disclaimer: Cryptocurrency investments carry inherent risks, and this information is provided for informational purposes only. Users should conduct their research and consider individual circumstances before making investment decisions.

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