Biggest Crypto Gainers Today on DEXTools – GeneraitivAI, ZkTsunami, Prophet
Despite a lack of notable fundamental catalysts to drive downside, Bitcoin (BTC) briefly dipped under $26,000 for the first time in over a week on Monday.
While it has since recovered back into the $26,200s, it has been unable to recover back to the north of its 21DMA, which was last just under $26,300.
The world’s largest cryptocurrency is currently on course to end Q3 with losses in the region of 15%, largely due to a continued rise in US government bond yields in anticipation that the Fed will leave interest rates at higher levels for longer, thanks to the continued strength of the US economy.
Higher yields on US government bonds, seen as a risk-free safe haven asset, reduce the incentive to hold non-yielding assets and riskier assets, like Bitcoin.
Ether (ETH) was last trading just under $1,600 and also to the south of its 21DMA, indicative of the market’s overall bearish trend.
In terms of macro events to keep an eye on this week, US Core PCE Inflation data out on Friday will likely be the most important release, given it is the Fed’s preferred inflation measure.
Ahead of that release, things are likely to be fairly quiet in the crypto market, with most major cryptocurrencies probably set to remain stuck in recent ranges.
Traders are thus likely to continue to turn to the shitcoin/meme coin markets in the hunt for near-term gains.
Here are some of the top-performing low-cap coins, as per DEXTools.
GeneraitivAI ($GAI), which claims to be a “community-driven AI platform built to empower AI contributors by recognizing and rewarding their efforts” has been pumping since Sunday.
According to DEXTools, $GIA was up nearly 100% in the last 24 hours and looks on course to soon hit the all-time highs it hit back in February in the
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