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Blue chip cryptocurrency markets are in consolidation mode amid thin trading volumes with US market participants away for the Thanksgiving holidays.
Bitcoin (BTC) was last trading in the low $37,000, well within recent weekly ranges and roughly flat in the past 24 hours, while Ether (ETH) was last changing hands around $2,050, also within recent weekly ranges.
With the markets taking a breather on Thursday, traders have more time to mull over recent developments regarding Binance, the world’s largest cryptocurrency exchange by market capitalization.
Binance recently settled criminal lawsuits with the US Department of Justice (DoJ) and Commodity Futures Trading Commission (CFTC) by paying fines in excess of $7 billion while the exchange’s former CEO was forced to step down and plead guilty to charges levied against him personally.
The news was initially met with panic in the crypto market, but asset prices quickly recovered, with traders assessing the settlement to create more certainty for the market, with an existential risk to Binance as a company having now been removed.
Focus has shifted onto whether recent developments hurt or help the case for the approval of spot Bitcoin ETFs in the coming weeks and months.
Following reports earlier in the week that the US Securities and Exchange Commission (SEC) is working with digital asset manager Grayscale on their own spot Bitcoin ETF application, optimism for near-term approvals is set to remain high.
Risks thus seem to remain tilted towards more Bitcoin price upside, with the cryptocurrency having formed a bullish ascending triangle structure in recent weeks.
A break above $38,000 would open the door to a swift move above $40,000.
While the outlook for major cryptocurrencies is looking strong, trading looking to turn quick exponential profits will continue to turn to the highly illiquid and volatile shitcoin/meme coin markets.
Here are some of the best performers on the Ethereum blockchain, as per decentralized exchange Uniswap.
PowBlocks ($XPB)
Mining-focused token PowBlocks ($XPB) has seen an impressive more than 200% pump in the past 24 hours, as per Uniswap, making it one of the top performing shitcoins of the day.
The token last had a market cap of around $2 million, with just over $300,000 in liquidity, close to 1,000 holders and 24-hour trading volumes of nearly $2 million, as per DEXTools.
The latest pump has seen the token hit a new all-time high, but investors should be cautious given a few concerning aspects to the token’s smart contract, as per the DEXTools security audit.
GameSwift ($GSWIFT)
Gaming token GameSwift ($GSWIFT) is another token seeing a big pump on Thursday, having rallied 80% in the past 24 hours to hit a new all-time high market cap of over $16 million, as per Uniswap.
The token has seen impressive 24-hour trading volumes in the region of $1.5 million, has close to 13,000 holders and has liquidity of around $1.9 million, as per DEXTools.
The token also has zero concerning aspects to its smart contract, as per the DEXTools security audit, meaning the likelihood of it being scam are lessened.
Viridis Network ($VRD)
Viridis Network ($VRD), the token that powers the decentralized carbon market focused Ethereum layer-2 scaling blockchain of the same name, has pumped an impressive 80% in the past 24 hours as per Uniswap, making it one of the best performers of the day.
$VRD is just below all time highs and last had a market cap of just over $7 million, according to DEXTools, which also showed it has locked liquidity of around $350,000, $1.23 million in 24-hour trading volumes and 1,250 holders.
The token has a number of concerning aspects to its token contract, however, so investors should be cautious.
As per DEXTools’ security audit, the token could be mintable, has a modifiable buy and sell tax (both currently at 4%) and a number of other concerning aspects to its contract.
Crypto Alternatives to Consider
Shitcoins can offer huge potential returns but also come with a lot of risk.
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.
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 utilise affiliate links within our content, and receive commission.
The post Biggest Crypto Gainers Today on Uniswap – XPB, GSWIFT, VRD appeared first on Cryptonews.
