Fake rumors that the SEC had approved a spot Bitcoin ETF that surfaced earlier on Monday triggered a short-lived pump in the crypto market, with Bitcoin (BTC) briefly reaching as high as $30,000.
As it became obvious that the reports were fake news, the entire almost entirely reversed, although Bitcoin was last still trading higher by more than 5% in the last 24 hours in the mid-$28,000s, as per CoinGecko.
While the SEC hasn’t yet approved a spot Bitcoin ETF, market participants remain highly optimistic that approvals are coming in the months ahead in wake of the SEC’s decision not to appeal a legal loss it sustained in a lawsuit with Grayscale last week.
Back in August, a judge ruled that the SEC unfairly rejected Grayscale’s application to transform its Bitcoin Trust (GBTC) into a spot Bitcoin ETF, which would have a more favorable issuance/redemption mechanism for investors.
Optimism that Grayscale will soon be able to transform GBTC into a spot ETF has seen the GBTC discount to the spot value of Bitcoin shrink to its lowest level of the year thus far of under 16% as of Monday, as per ycharts.com.
That’s up from a discount of nearly 50% in late 2022.
The shrinking of this discount is a sign that market participants are increasingly betting that spot Bitcoin ETFs are coming soon, helping explain the broader market’s optimism
If Bitcoin can hold to the north of the $28,500 level on Monday, this could possible open the door to a swift run higher back to $30,000 and perhaps back towards yearly highs in the upper-$31,800s.
Other major cryptocurrencies were also trading with a positive bias on Monday, with Ether (ETH) up 2%, XRP (XRP) up 1.5%, Solana (SOL) up 8.5% and Cardano (ADA) up 2% in the last 24 hours, as per CoinGecko.
While its certainly been an exciting start to the week for crypto markets, most major currencies are still trading within recent ranges, so traders will continue to turn to the highly illiquid shitcoin/meme coin market for better upside possibilities.
Here are some of the top-performing low-cap shitcoins as per DEXTools.
Mine Pioneer ($MINEP)
A newly launched shitcoin called Mine Pioneer ($MINEP) is up an impressive 350% on its first day of Decentralized Exchange (DEX) trade on Monday, as per DEXTools.
The token has already seen over $800,000 in trading volumes since its launch and has already accumulated more than 250 holders.
$MINEP last had a still small market cap of $270,000, with just over $210,000 in liquidity.
It has 6 token contract alerts as per DEXTools, so potential investors should be very cautious.
Tip ($TIP)
A shitcoin called Tip ($TIP) has surged a massive more than 400% on Monday, as per DEXTools, making it one of the best-performing shitcoins as per DEXTools.
$TIP hit new all-time highs on Monday at a market cap of around $8 million amid nearly $1.5 million in 24-hour trading volumes.
The token has been able to accumulate nearly 15,000 since its launch back in mid-September and last had just over $300,000 in locked liquidity.
Its token contract has five alerts, as per DEXTools’ security audit, as well as a 1% buy and sell tax.
Joe Coin ($JOE)
A recently launched shitcoin called Joe Coin ($JOE) has been pumping on Monday, extending its run of positive sessions to four.
As per DEXTools, it was last up around 70% in the past 24 hours.
Its market cap was last around $3 million amid over $3.3 million in trading volumes in the last 24 hours.
The token has been able to accumulate more than 1,500 holders and over $200,000 in locked liquidity.
The token has a concerning 70% down vote rating according to DEXTools’ community trust score, and the token has two contract alerts, as per DEXTools’ security audit.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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