Traders Flock to On-Chain Markets for Top Crypto Gainers Today
Traders Flock to On-Chain Markets in Search of Top Crypto Gainers Amid Bearish Day
In a day marked by a weak debut of spot Bitcoin and Ether ETFs in Hong Kong and data indicating the Fed may delay interest rate cuts, traders are turning to on-chain shitcoin markets to hunt for top crypto gainers.
The newly launched crypto ETFs in Hong Kong saw only $11 million in first-day trading volumes, a far cry from the anticipated $300 million. This disappointing start added to the bearish sentiment in the market.
Adding to the negative tone, data from the US showed higher-than-expected wage pressures in Q1, which could complicate the Fed’s inflation fight.
Bitcoin slipped below $60,000, hitting its lowest level since February, while Ether was testing sub-$3,000 levels, eyeing a test of earlier monthly lows. With the rest of the altcoin market in the red, traders are flocking to on-chain markets where newly launched tokens are experiencing rapid gains.
On-chain markets refer to the market for digital assets that have been issued and trade directly on the blockchain. These markets offer opportunities for quick gains, as new coins frequently post exponential growth. However, traders need to be cautious as many of these coins are scams.
Some of the top gainers today include Elon (ELON), America (AMERICA), and Monke (MONKE). These meme coins have seen significant price increases in the past 24 hours, but caution is advised as they are likely pump-and-dump schemes with little long-term value.
For investors looking for high-risk, high-reward opportunities, presale investing or ICOs may be a better alternative to on-chain shitcoins. These projects often offer substantial upside potential, but also come with significant risks. Analysts recommend thorough research before investing in any project.
Overall, the crypto market remains volatile, and traders are advised to exercise caution and conduct due diligence before making any investment decisions.
