With June’s softer-than-expected US headline and core inflation numbers putting a weight on the US dollar and US yields, not to mention inflating US equity markets as Federal Reserve tightening bets ease, it comes as an oddity that crypto markets have failed to react. The incredulous Bitcoin remained poised at a precarious $30,500 and the steely ether kept its own at the grand upper $1,800s. The crypto market cap has shown an unchanging stance, dwelling in the $1.19 trillion region.
For those investors desiring a diversification of their crypto winnings away from the giants of crypto, such as Bitcoin and ether, other coins enter the fray. Notably, Conflux (CFX), the high throughput Tree-Graph based blockchain currency, has shown a positive uplift of near 10% recently. With trading taking place just below the $0.20 mark, bullish sentiments aim towards a northern push above the 21 and 200-Day Moving Averages; these are near to the $0.21 level. A successful rise above these averages could see CFX prepped for retesting a downtrend from the earlier yearly highs.
Emerging from the millennial whirlwind of the meme revolution and the ensuing cultural staple of South Park, arises the stir of Mr Hankey Coin, dubbed amusingly as the crypto industry’s best ‘poo’ coin. Allegedly backed by a shrewd marketing team, this lavish and buoyant creation aims to raise a humble $500,000 via the sale of 40% of its 1 billion token supply, valuing the token at a negligible $1.25 million. This leaves plenty of room for a potential rally; appealing to investors seeking both comic relief and returns.
Equally captivating is SingularityNET’s AGIX, which has pumped about 5% amid widespread optimism in the crypto AI sector. This is alongside the news that Elon Musk, renowned CEO of Twitter, Tesla and SpaceX, is launching a new AI company to rival OpenAI and ChatGPT. AGIX has the potential to break out of its downtrend from March and set up for a retest of the 200-Day Moving Average at $0.30.
A notable newcomer is Thug Life Token; a hip-hop-inspired currency that raised an impressive $1.2 million in its first week. The unique culture-centric approach separates it from other meme coins, making it a probable interesting choice for investors.
Although these alternative currencies offer new opportunities, those considering investing should be aware that crypto represents a high-risk asset class and should weigh out all relevant implications before proceeding with their decisions.
Source: Cryptonews
