Biggest Crypto Gainers Today on DEXTools – PEPE2, WEALTH, SIMPKU
Bitcoin (BTC) is pulling back after reaching new highs for the year in wake of Wednesday’s Fed policy announcement near $36,000.
The world’s largest cryptocurrency by market capitalization was last changing hands just under $35,000, nearly 3% below earlier session highs as short-term speculators book profit.
But this is a dip that could well be bought, given positive trends in the broader macro landscape – US stocks are pumping and US government bond yields are dumping on Thursday on bets that the Fed’s tightening cycle has finally ended and easing lays ahead, despite Fed Chair Jerome Powell doing his best on Wednesday to leave the door open to further rate hikes.
Bets for easier monetary policy ahead in the US could encourage investors to pile back into crypto, which typically performs well in times of easing financial conditions.
Macro tailwinds would add to the list of bullish Bitcoin narratives that have supported the price in recent weeks, such as expectations for near-term approval of spot Bitcoin Exchange Traded Funds (ETFs) in the US (which would boost institutional adoption), the 2024 Bitcoin halving and Bitcoin’s increasing appeal as a safe haven asset.
Bitcoin bulls will be eyeing a test of $40,000 in the coming weeks.
Major altcoins are also in a buoyant mood, with the likes of Ether (ETH), XRP (XRP) and Dogecoin (DOGE) all up 1-3% in the past 24 hours, as per CoinGecko, while Cardano (ADA) and Solana are up nearly 7% and 10% over the same time period respectively.
With blue-chip crypto markets pumping, highly illiquid shitcoin/meme coin markets are in a state of frenzy.
Here are some of the top performing low cap shitcoins, as per DEXTools.
A new copycat version of Pepe Coin called PEPE2 ($PEPE2) has seen a large
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