As the clock ticked away on Tuesday, altcoins exemplified a scarce trade show. Crypto heavyhitters like XRP, DOGE, ADA, SOL, DOT, and MATIC took a tumble between 4-7% in a 24-hour span. Perhaps offering gravity to this downward plunge are rising US government bond yields, currently stretching yearly heights. An added catalyst could be a withered risk appetite amidst a faltering US stock market, having the S&P 500 crawling at its lowest in a month.
Simultaneously, BTC encountered a soft fall, trading under a percent lower on the day around the $29,100 mark. ETH seemed to echo this, trading down close to 1% on the day near $1,830. This concurs with the stronger-than-expected US Retail Sales data for July, a narrative aligning with the notion that the US economy, regardless of an unresponsive crypto outlook, is far from a recession.
Nevertheless, as altcoins nosedived, big names held onto their positions within recent ranges, seemingly unimpressed by events such as Grayscale’s lawsuit versus the SEC or the imminent FOMC Meeting Minutes release. While this siesta might lull some, optimistic traders in pursuit of quick turnaround continue their foray into the sprawling unchartered territory of meme coin markets. Speaking of which, SHIBARIUM leads the pack, the best-performing meme coin of the day, up over 350%, closely followed by a new kid on the block, Snake Eyes (SNAKE), having surged nearly 250% in the last 24 hours.
That being said, let’s pull our attention to a critical aspect of buying coins. Handpicking coins bearing alleged ties to successful crypto projects while lacking concrete connections can be perilous, as they may turn out to be scams.
Nevertheless, like a shining beacon amidst the mayhem, Companion Bot token (CBot) emerged, boasting an impressive surge of around 320% on Tuesday, making it one of the day’s high scorers. The good news doesn’t stop here; the token’s liquidity is locked for at least 10 months, contradicting any rug pull claims. However, a slightly disconcerting 5% buy and sell tax casts a pall over its success.
For those feeling adventurous, crypto presales might offer a better risk/reward balance, given the investor’s ability to identify and put their faith in projects with robust teams and revolutionary visions. Such investments are always sold cheaply and offer opportunities for sizeable exponential gains. This mirrors the exhaustive process undertaken by the Cryptonews team, relentlessly exploring presale projects to help investors make savvy decisions.
Thus, while the crypto world might seem a rough sea, there are always patches of calm waters for proactive investors. Yet, a word of caution: investing in crypto can roll high risks. Information should guide you, not entice you into making decisions. The risk is yours to bear. It’s an intriguing game, only appealing to those willing to gamble with their capital. Stay tuned for more in the crypto sphere.
Source: Cryptonews
