Blue-chip cryptocurrencies such as Bitcoin, Ether, and Solana have seen gains over the past 24 hours, with Bitcoin reaching $67,000. The US CPI data earlier this week have led to hopes for multiple Fed interest rate cuts later in the year, resulting in major US equity indices reaching record highs. Spot Bitcoin ETF inflows have increased this week, reaching $750 million, and more than 500 asset managers have revealed exposure to new Bitcoin ETFs in their filings. This bullish news flow has caused cryptos to trade with good momentum.
With major cryptos still below yearly highs, traders are turning to on-chain meme coin markets for potential gains. Some traders prefer to seek out highly illiquid and volatile markets for the opportunity to quickly 100x their investments. Using tools like DEXScreener, traders can identify newly issued cryptos with potential for high returns. Some of the top gainers on Ethereum that traders are watching include SPURDO, a meme coin up 323% in 24 hours, Brett, an Ethereum version of a popular Solana meme coin up 200%, and Amaterasu Omikami, an old meme coin experiencing significant gains.
While investing in new meme coins can be risky and prone to scams, presales provide traders with more time to research projects and make informed investment decisions. By identifying projects that have the potential to gain traction reliably, investors can make big gains. Monitoring the presale market closely, analysts at Cryptonews have identified some of the top presales for 2024. With so many presales competing for investment funds, it can be challenging to know where to start, but careful research and due diligence can help traders find opportunities for profitable investments.
Overall, the recent gains in blue-chip cryptocurrencies, alongside positive US CPI data and inflows into Bitcoin ETFs, have contributed to a bullish market sentiment. Traders seeking higher returns are turning to on-chain meme coin markets for the potential to quickly multiply their investments. While the meme coin market can be risky and volatile, presales offer a potentially safer alternative for traders to invest in projects with high growth potential. By carefully researching and monitoring the presale market, traders can identify promising projects and make informed investment decisions for potential profits in 2024.
