Biggest Crypto Gainers Today on DEXTools – GUISE, XLRT, BT2017

cryptonews.com:

Blue chip cryptocurrencies are falling once again this Tuesday, with Bitcoin (BTC) down around 1% on the day in the $25,800s and Ether (ETH) down 2% and back below $1,650.

Traders continue to fret about macro headwinds in the form of rising US long-dated yields, which recently hit multi-decade highs amid bets that US interest rates will remain higher for longer thanks to the continued outperformance of the US economy.

Higher yields on risk-free assets like US government bonds raise the opportunity cost of holding “riskier assets” like crypto.

Fed Chair Jerome Powell’s remarks at the annual Jackson Hole consortium of central bankers will be closely scrutinized as investors assess the outlook for US monetary policy – some are expecting Powell to push back against the idea of rate cuts in 2024, which are currently heavily priced in by the market.

Traders also continue to monitor other themes, such as a possible decision by a judge in crypto investment firm Grayscale’s lawsuit versus the US Securities and Exchange Commission (SEC) over the latter’s rejection of Grayscale's spot Bitcoin ETF application last year.

Spot Bitcoin ETF applications have been a huge theme in the last two months ever since Wall Street heavyweights like BlackRock, Vanguard and Fidelity submitted applications to the SEC.

While blue-chip cryptos are on the back foot, they remain within recent range, though technicians are expecting further near-term downside, with $24,750 marked out as a support area Bitcoin might test.

Traders hunting for quick gains thus continue to turn to the illiquid shitcoin/meme coin market, low cap coins routinely post exponential intra-day gains.

Here are some of the best-performing shitcoins as per DEXTools.

A shitcoin called Guise