Blue-chip cryptocurrencies such as Bitcoin, Ether, and Solana have finished the week strongly, with gains ranging from 2.5% to 5.5% over the past 24 hours. Bitcoin reached over $67,000, while Ether and Solana rallied to the upper $3,000s and $160s respectively. US CPI data earlier in the week supported hopes for multiple Fed interest rate cuts later in the year, leading to a rise in major US equity indices. Bitcoin ETF inflows have also increased, with over $750 million coming in since Monday. More than 500 asset managers have revealed exposure to the new Bitcoin ETFs in their 13F filings, contributing to the bullish sentiment in the market.
With the return of major US equity indices to record highs following the US core inflation cooling for the first time in six months, the US Dollar and yields have weakened. This positive news flow has led to decent momentum in the crypto markets. GameStop icon Roaring Kitty’s return on Monday also injected excitement into meme stock and meme coin markets. Despite most major cryptos trading below yearly highs, the outlook for a continued rally remains optimistic. However, some traders seeking quicker gains are turning to the highly illiquid and volatile on-chain markets to hunt for newly issued cryptos that could potentially 100x in value.
Traders looking for top crypto gainers today are focusing on the on-chain meme coin markets. SPURDO, a just-launched meme coin, has surged 323% in 24 hours, while Brett, an Ethereum copycat of the popular Solana meme coin, has risen by 200% on Friday. Another old meme coin called Amaterasu Omikami, launched in 2022, is making a strong comeback with gains of over 60% in 24 hours and 250% in two days. These coins have varying market caps and levels of locked liquidity, but traders are advised to do thorough research due to the high risk of investing in new coins, which often turn out to be scams or pump-and-dumps.
While investing in new meme coins can potentially yield high returns, it also comes with significant risks and the possibility of falling victim to FOMO-driven trades without proper due diligence. A safer alternative to investing in just-launched meme coins is to consider participating in presales. In presales, investors have more time to research a project and determine its potential for success. By identifying projects that gain traction, investors can make significant gains. Cryptonews analysts keep a close watch on the presale market and have identified some of the top presales to consider for 2024, offering a more calculated approach to investing in the crypto space.
