Biggest Crypto Gainers Today on DEXTools – STRONGX, M87, 0x1
Bitcoin (BTC), Ether (ETH) and the broader crypto market are little moved in wake of US Producer Price Index inflation data for July that came in ever so slightly above expectations but still fits with the narrative that the US inflation picture is quickly improving.
The two largest cryptocurrencies by market cap were last trading close to the $29,500 and $1,850 levels, with the crypto market’s total capitalization unchanged on the day at just $1.136 trillion.
Blue chip cryptos remain, for the most part, stuck within the same ranges that have dominated now for nearly two months.
Traders are awaiting for further updates on themes such as spot Bitcoin ETF applications and US regulation.
But given the improving inflation situation implies the Fed’s tightening cycle is done and that macro is turning into more of a tailwind, and given optimism that spot Bitcoin ETF application approvals are a matter of when not if, risks seem tilted to the upside.
Traders would probably do better buying dips versus selling rallies in the coming weeks and months.
That being said, boring market conditions mean that traders looking to turn a quicker profit are increasingly turning to the shitcoin/meme coin market, where volatility is much higher.
Of course, liquidity in these markets is very low and the risks are very high, so traders should always exercise huge caution when getting involved in these kinds of markets.
Here are some of the best-performing coins on Friday as per DEXTools.
A new shitcoin called StrongX (STRONGX) has been pumping since its launch on Thursday.
As per DEXTools, it was last up close to over 850% in the last 24 hours, making it one of the top shitcoin performers on the day.
The token has a market cap of around $880,000 million and
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