Biggest Crypto Gainers Today on DEXTools – VS, OPOE, QLINDO
A risk-off tone to macro trading conditions on Monday amid jitters regarding the escalating Israel/Palestine is weighing on crypto prices.
Bitcoin (BTC) was last down just over 1% in the mid-$27,000s, while Ether (ETH) was last down over 3% at $1,580.
Ether is also suffering following an unexpected sale of $2.7 million worth of the token by the Ethereum Foundation on decentralized exchange Uniswap.
ETH has now fallen decisively back from its 21 and 50DMAs and also snapped an uptrend that had been in play since early September, suggesting its near-term technical outlook has taken a turn for the worse.
Bears will be watching for a potential break below support in the $1,550 area.
Bitcoin, meanwhile, remains in its recent uptrend, keeping alive the prospect of a sustained move above $28,000 in the weeks ahead.
The macro focus will shift from geopolitics to the US economy once again on Wednesday and Thursday, when US PPI and CPI inflation data is scheduled for release.
US yields have been pulling lower on Monday amid a safe-haven bid, but hot inflation data could send them back towards multi-decade highs, which could be a headwind for crypto.
With risks to the near-term outlook for blue chip cryptocurrencies high, traders will continue to turn to the highly illiquid shitcoin/meme coin market in the hunt for profitable short-term investment opportunities.
Here are some of the best-performing low-cap coins on Monday, as per DEXTools.
A shitcoin called Versus ($VS) that was launched in late September has been pumping on Monday and was last up over 200% as per DEXTools.
Its market cap was last around $430,000 amid 24 hour trading volumes of around $140,000, over 200 holders and over $140,000 in locked liquidity.
The token has seven
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