Biggest Crypto Gainers Today on DEXTools – LONG, OGGY, RW
Having just pushed back to the north of the $31,000 level, Bitcoin is eyeing a retest of yearly highs in the $31,800s as FOMO (fear of missing out) starts to creep in amid still-building optimism about upcoming spot Bitcoin ETF application approvals.
Macro is also helping support the latest push higher – the US Dollar Index (DXY) and yields on long-term US government bonds turned sharply lower in wake of bearish commentary on the US economy from widely followed and respected hedge fund manager Bill Ackman.
According to Ackman, the US economy is slowing faster than recent strong data suggests.
Ackman also announced that he had closed a short position he had open on US government bonds, contributing to the collapse in yields (which is caused by a spike in bond prices).
Lower US yields are good for the price of Bitcoin, a non-yielding asset.
Safe haven demand amid geopolitical concerns are likely also still contributing to Bitcoin’s strong recent performance, with gold having also pumped in recent weeks.
Bitcoin’s rally is pulling the rest of the market higher, with Ether (ETH) up around 3.2% in the last 24 hours, XRP (XRP) up close to 3%, Solana (SOL) up 2% and Cardano (ADA) up 3%.
Whilst Bitcoin’s recent performance is impressive, investors looking for quick exponential gains will continue to turn to the highly illiquid and volatile shitcoin/meme coin markets.
Here are some of the top-performing low-cap coins as per DEXTools.
A newly launched shitcoin called LONG ($LONG) is up 370% in the past 24 hours as per DEXTools, making it Monday’s best performer.
$LONG last had a market cap of around $1 million, with over $3.8 million in 24 hour trading volumes.
The token has already been able to accumulate over 19,000 holders and currently
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