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The world’s first and largest cryptocurrency, Bitcoin (BTC), has witnessed a surge in its price once again, rising above $35,000 with more than 3% gains in the past 24 hours. The optimism about the expected upcoming spot Bitcoin ETF approvals is seen as one of the driving factors behind this bullish movement in the market. However, market analysts have identified other BTC narratives that are propelling the price increase, such as Bitcoin’s strong performance despite the recent weakness in the US stock market and the fact that long-term US bond yields remain close to multi-decade highs.
In the past, Bitcoin had a positive correlation to stocks and a negative correlation to yields, as many market participants had viewed it as a speculative and risky investment. However, the narrative seems to be shifting towards Bitcoin being viewed as a safe haven asset against government and central bank largesse and geopolitical risks, similar to gold.
Bitcoin saw a huge safe haven pump back in March on fears of the US banking system going under, and since then, leaders at major financial institutions like BlackRock’s Larry Fink have been touting Bitcoin as a safe haven asset. With stock and bond prices trending lower but Bitcoin moving higher, more and more macro/traditional investors are likely to look at Bitcoin as an uncorrelated but strong-performing asset worth diversifying into.
Furthermore, there are other exciting narratives that are likely to fuel the Bitcoin bulls in 2024, such as the halving and the potential start of a Fed easing cycle, which could be viewed as inflationary, thus boosting scarce assets like Bitcoin. It may not be long before Bitcoin surges above $40,000.
In the altcoin market, blue-chip cryptocurrencies like Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Tron (TRX) have all witnessed gains between 2-8% in the past 24 hours, as per CoinGecko. However, highly illiquid shitcoin/meme coin markets remain the most volatile place in the crypto space, attracting traders looking for 2-3x gains in a matter of days or hours. DEXTools.
SamurAI Bot ($SAMBO)
On Tuesday, a new AI trading bot named SamurAI Bot, also known as $SAMBO, was launched. Since then, the token has seen a tremendous growth in its market cap, which now stands at around $350,000, representing a 140% increase in the last 24 hours as per DEXTools. Additionally, the token has around $130,000 in 24-hour trading volumes, more than 230 holders, and approximately $70,000 in liquidity.
However, potential investors should exercise extreme caution when considering investing in this coin. DEXTools’ security audit has identified several highly concerning aspects of its token contract, including high buy and sell taxes, modifiable taxes, and the possibility of the token being mintable, as well as the ability to pause transfers.
It is important to note that investing in this token carries a high degree of risk, and investors could potentially lose all of their money.
Obama6900 ($OBX)
A cryptocurrency called Obama6900 ($OBX) has experienced a surge in its value in recent days. According to DEXTools, $OBX has risen by over 110% in the past 24 hours, making it one of the top performers in the market for low-value cryptocurrencies (often referred to as “shitcoins”). As of the last check, its market capitalization was around $1.25 million, and its 24-hour trading volume exceeded $400,000. There are currently over 1,100 holders of $OBX, and the liquidity of the token has been locked at around $115,000.
However, investors should be aware that there are three aspects of the token’s contract that may be concerning. These include a maximum sell ratio, an anti-whale mechanism, and a potential trading cooldown. cautious that it could be a scam.
Crypto Alternatives to Consider
Investing in shitcoins can be tempting due to their potential for high returns, but they also come with a lot of risk. If you’re looking for an alternative high-risk, high-reward investment strategy that offers better odds of near-term gains, you might consider crypto presales. In a presale, investors purchase tokens of upstart crypto projects to help fund their development. These tokens are typically sold at a low price, and presales have a long history of delivering exponential gains to early investors. Many of these projects have fantastic teams and a great vision for delivering revolutionary crypto applications/platforms. If an investor can identify such projects, the risk/reward of their presale investment can be very promising. The team at Cryptonews spends a lot of time researching presale projects to help investors make informed decisions. For your convenience, we have compiled a list of what we believe are the 15 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.
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