Top Crypto Gainers Today on DEXTools – GROK2.0, MUBI, WEB
Crypto markets are succumbing to sell pressure on Tuesday as traders take profit in wake of strong gains nearly across the board in recent weeks.
Bitcoin (BTC) was last down over 3% on the day in the low $35,000s and probing its 21DMA, whilst Ether (ETH) was down a similar margin and back below the $2,000 level.
But the latest US Core Inflation figures came in weaker than expected on Tuesday.
This has spurred substantial upside in US stock and bond prices and downside in the US Dollar Index (DXY) as traders amp up bets that the Fed will start cutting interest rates in mid-2024.
As a result, growing macro tailwinds plus optimism for near-term spot Bitcoin ETF approvals that remains palpable, crypto bulls remain very much on the lookout for dip-buying opportunities, and the present market dip may well qualify as such.
Looking ahead, the release of US Retail Sales data later in the week, if also softer-than-forecast, could spur further upside in US stocks and bonds and further downside in the US dollar, adding further macro tailwinds to the crypto space.
While a pullback is certainly overdue in wake of the pump of recent weeks, traders should expect dips to continue being bought into and the market to retain its near-term bullish momentum.
Whilst blue-chip crypto dip buying will probably remain a good medium-term trading strategy, investors with a high-risk tolerance who want to turn quick exponential profits will continue to be attracted to the highly illiquid and volatile shitcoin/meme coin markets.
Here are some of the biggest low-cap crypto gainers, as per DEXTools.
A copycat 2.0 version of the original Elon Musk AI-project-inspired Grok coin, Grok 2.0 ($GROK), is enjoying a massive pump on Tuesday and was last up over 2,000%
