Biggest Crypto Gainers Today on DEXTools – METAL, XBULL, XDOGE
Blue chip crypto markets are under broad selling pressure on Thursday amid a combination of macro and technical selling pressures.
Bitcoin (BTC) was last down around 3%, having recently slipped below its 2023 uptrend to new multi-month lows under $28,000.
Ether (ETH) fell around 3.7% on Thursday, trading under $1,750 after it fell below key support in the form of its 200DMA.
Long-dated US and global bond yields have been rising this week as investors reset expectations about the durability of long-term inflationary pressures in wake of more strong data out of the US, while the hawkish tone to the Fed meeting minutes released earlier this week is also contributing to the upside in yields.
The minutes showed the Fed is purposefully leaving the door open to more rate hikes, if required.
Investors are encouraged to sell riskier non-yielding assets (like stocks and crypto) when US government bond yields rise, with US bonds seen as a completely risk-free asset (given the assumption the US government would never default on its debt).
With the near-term outlook for major coins currently not looking too good, traders will continue to turn to the illiquid meme coin/shitcoin, which continues to offer the prospect of quick exponential returns, if you choose the right gem.
Here are some of the best-performing small-cap coins, as per DEXTools.
Metal, the native token of a platform that claims to be a complete Ethereum on-chain trading suite, is holding onto the bulk of the massive gains it has posted since its launch on Wednesday.
The token is up close to 8,000% from its DEX launch price and last had a market cap of around $1.4 million, with around 1,150 holders and 24-hour trading volumes of around $3.5 million.
METAL also currently has over
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