As the crypto markets surge following US inflation data, which has strengthened confidence in a Federal Reserve rate cut, meme coins are emerging as today’s top gainers. Investors are also looking forward to pro-crypto remarks from US President Donald Trump at the upcoming Nashville Bitcoin Conference.
Bitcoin’s Performance and Future Outlook
Bitcoin (BTC) has risen by 3.6% in the past 24 hours, reaching $68,000 according to CoinMarketCap. The world’s largest cryptocurrency might soon revisit record highs near $74,000 if it can break the current downtrend from yearly peaks.
Factors Contributing to Bitcoin’s Upside Potential
Several factors indicate that Bitcoin’s value could increase in the coming months. The nearing Fed rate cuts and significant US political movements suggest an accelerated BTC adoption, especially through increased institutional ETF purchases.
State Pension Funds Investing in Bitcoin
State pension funds have made headlines by diversifying into Bitcoin. Recently, the State of Michigan Retirement System reported owning $6.6 million worth of the ARK Bitcoin ETF, adding to the trend started by Wisconsin’s disclosure last quarter.
Meme Coins Leading the Crypto Rally
While Bitcoin’s rally might continue over the weekend, making it an attractive buy, smaller meme coins are currently the top gainers in the on-chain decentralized markets. Tools like DEXScreener are used by traders to identify these top performers.
Top Crypto Gainers Today
American Pepe (USPEPE)
American Pepe (USPEPE), a US-themed version of the Pepe meme coin, has surged by 870% in the past 24 hours, with its market cap reaching $4.1 million. However, its liquidity is relatively thin at $300,000, posing a risk of a significant reversal with large sell orders.
Gold Standard (BAR)
Gold Standard (BAR), a new meme coin, has seen a 168% increase in the last 24 hours, reaching a market cap of nearly $6 million. Despite its growing popularity, traders should exercise caution due to the volatile nature of these markets.
Bug (BUG)
Bug (BUG), another meme coin based on a Matt Furie cartoon, has increased by 200% in 24 hours, with a market cap of $2.5 million. Despite the promising returns, its liquidity of $230,000 indicates potential volatility.
Crypto Alternatives to Consider – Presales
Investors may want to consider meme coin presales as a less risky alternative to micro-cap meme coins. Analysts at Cryptonews.com have identified several promising meme coin presales for July 2024.
In summary, while Bitcoin shows potential for further gains, smaller meme coins are leading today’s market surge. However, due diligence is crucial, especially in volatile and high-risk markets.
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