Biggest Crypto Gainers Today on DEXTools – TELE, SBONK, XRP
Major cryptocurrencies have been in free fall on Friday, with Bitcoin (BTC) last down around 8% in the last 24 hours and Ether (ETH) last down around 5.0% in the $25,700s and $1,650 areas respectively.
That takes losses on the week for Bitcoin and Ether to over 11% and 9% respectively, marking one of the worst weeks so far this year.
The broader crypto market’s total capitalization has dropped around $110 billion this week to only slightly above $1 trillion.
In terms of what’s causing the crash, a combination of factors have been weighing on broad crypto sentiment.
Firstly, macro is a headwind– US long-dated bond yields are back near multi-year highs as traders bet the strong US economy means higher interest rates for longer, while US stocks (correlated to crypto in recent years) have been pulling back.
Thinner than usual August liquidity conditions, which mean the month is often volatile and bearish (in the stock market, at least), have also been cited.
Finally, the fact that Bitcoin and Ether both broke below major support levels, calling their 2023 uptrends into question, has also weighed heavily on sentiment.
News that the SEC is poised to approve a raft of new Ethereum Futures ETFs has failed to lift the mood.
With major cryptocurrencies under pressure, traders looking for a better possibility of near-term gains continue to turn to the shitcoin/meme coin markets.
Here are some of the best-performing low cap coins on Friday.
TELE, the token that powers a web3 protocol that claims to be able to allow its users to send crypto with just their phone numbers.
Last trading around $0.26, Tele is up an incredible more than 24,000% in the last 24 hours and last had a market cap of around $2.5 million, as per DEXTools.
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