Top Crypto Gainers Today on DEXScreener – BEER, WTF, GENIE
As major cryptocurrencies slide amid a continued hangover from Wednesday’s hawkish Fed interest rate projections, with Bitcoin (BTC) back under $67,000 and Ethereum (ETH) under $3,500, traders looking for quick upside are turning to the on-chain micro-cap markets as they hunt for top crypto gainers today.
Bitcoin is currently eyeing a retest of its 50DMA just under $66,000. A break below here would open the door for a drop back to the low $60,000s.
Ethereum, meanwhile, is also eyeing a break below its 50DMA. A break under here could trigger a drop back to its pre-SEC Ethereum ETF approval levels just above $3,000.
For both cryptos, these could be great areas to get involved, with various fundamental tailwinds likely to come in later this year.
While the Fed are projected to cut rates more slowly than before, lower rates are coming in late-2024/2025.
The Fed dot plot projects Fed Funds Rate of 5.1% by the end of 2024. So the median projection of participants is one rate cut this year.
Dems are pressuring for a rate cut now. Will we see a politically motivated rate cut in September ahead of the election? pic.twitter.com/jEe6AWskDn
— Bitcoin Overflow (@btc_overflow) June 12, 2024
Politics could also be a huge boon for crypto, assuming a Donald Trump victory (he is the current favorite).
And ETF-related inflows are likely to be long-term tailwinds for both cryptos.
However, impatient traders looking to generate quick returns won’t want to wait until later this year to start making money.
Such traders often turn to the altcoin markets, or better yet, the on-chain micro-cap markets.
On-chain micro-cap markets refer to the market for crypto tokens issued directly on the blockchain, like SHIB on Ethereum.
Anyone can launch a new token at any
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