Bitcoin (BTC) showed unprecedented resistance by staying above its 50-Day Moving Average (DMA) despite September, a month notorious for low cryptocurrency performance. Now that October, which is generally more kind to BTC, is here, the hot question is whether BTC can make a leap beyond $28,000. Although the technical and seasonal factors encourage optimism, it cannot be ignored that the high interest rates in leading economies can pose challenges.
The other prominent players in the crypto arena, Ether (ETH) and XRP, have also demonstrated slight increases. Nevertheless, a lack of significant movements in the blue-chip crypto market pushes traders to seek potential gains in riskier sectors such as the extremely volatile realm of illiquid shitcoins and meme coins.
One such cryptocurrency that has caught the public eye is DumbMoney ($GME), which, according to DEXTools, surged by an astounding 8,000% within 24 hours. Even though the coin’s remarkable performance and amusing name inspire curiosity, potential investors should be aware that its market cap is around $2.4 million, thus any substantial sell orders could puncture the high speculation bubble surrounding the coin.
Another newbie to the race is Taizo Hori ($TAIZO), which managed to increase its value by 550% on the same day it was released, making its way to a moderate market cap of $250,000. Although there haven’t been red flags about the coin yet, investors should be reminded to always practice due diligence prior to delving into an investment.
Despite the attention these fascinating coin performances garner, their inherent unpredictability should be seriously accounted for. Shitcoins are risky due to their lack of intrinsic value and high price volatility. An alternative high-risk-high-reward venture in the crypto sphere could be participating in crypto presale projects. Several early investors have reaped capital gains from such endeavors if they identified potential in the team and vision of the crypto application/platform development by the team.
The team at Cryptonews puts in effort to streamline the process of sifting through presale projects for its investor followers. The project recently declared 15 presale initiatives to be the best in 2023. However, as dazzling as the possible high gains appear, the level of risk in the crypto world is high. You risk losing all of your investment, making caution your best companion on this journey.
Source: Cryptonews
