Cryptocurrency markets fell on Wednesday, with complete market cap dropping by round $16 billion to round $1.1 trillion, Bitcoin (BTC) dropping 1.5% to round $28,700 and Ether (ETH) dropping 1.1% to simply above $1,800, the place it’s now discovering help from its 200DMA.
Downward strikes within the crypto market come amid macro headwinds, with US inventory markets falling whereas long-dated US authorities bond yields and the US greenback rise in wake of the most recent Fed minutes launch.
The minutes showed that officers on the US central financial institution stay involved about potential upside dangers to US inflation and mentioned that extra hikes is likely to be wanted until circumstances change.
That being mentioned, US rate of interest futures market pricing implies little change out there’s perceived threat of one other 25 bps charge hike in September.
As per the CME’s Fed Watch Tool, the probability of a September charge hike was final seen at 12.5%, up solely barely from 10% someday in the past.
Maybe extra regarding for the crypto market is that Bitcoin has simply snapped its 2023 uptrend and will now drop all the way in which to the mid-$20,000s once more, whereas Ether seems to be to be on the verge of dropping beneath its 200DMA.
Whereas technicals are turning detrimental for a number of the blue-chip cash, issues are usually not all unhealthy.
Listed below are a number of the high cash to purchase on August 16th.
Sei (SEI)
SEI, the token that powers the simply launched Sei blockchain that’s particularly designed to facilitate buying and selling, is up round 20% from its Tuesday closing value round $0.18, making it one of many top-performing cryptocurrencies within the high 100 by market capitalization.
SEI was final altering palms on main exchanges simply above $0.21, properly beneath earlier Wednesday peaks within the $0.28 space.
The cryptocurrency stays in a state of value discovery and can stay very unstable within the coming days and weeks.
Nonetheless, at a nonetheless very modest market cap of below $400 million, there may be loads of potential upside for the Sei token.
THORChain (RUNE)
RUNE, the token that powers THORChain’s cross-chain decentralized alternate blockchain, is down simply over 6% on Wednesday.
Nonetheless, RUNE stays in a robust uptrend, having rallied 55% in simply the final 10 days and damaged convincingly to the north of all of its main transferring averages within the course of.
A retest of resistance round $2.0, after which of long-term support-turned-resistance round $3.0 stays a robust risk within the weeks and months forward, that means potential near-term positive factors of as a lot as 40-100%.
Toncoin (TON)
Toncoin (TON) dropped 6.5% on Wednesday however continues to be up over 12% within the final seven days, making it one of many best-performing cryptos within the high 100 by market cap over this time interval.
The cryptocurrency, which powers a layer 1 blockchain that was initially developed by the identical workforce behind massively standard encrypted messaging app Telegram, tried and failed to interrupt above resistance at $1.52 within the type of the July highs and 100DMA.
But when it will probably discover help above its 50 and 21DMAs round $1.30, then it nonetheless stands a great likelihood of pushing above this stage within the coming days and weeks.
Crypto Alternate options to Take into account
For crypto traders seeking to diversify, another high-risk-high-reward funding technique to contemplate is getting concerned in crypto presales.
That is the place traders purchase the tokens of up-start crypto initiatives to assist fund their growth.
These tokens are practically at all times offered very low-cost and there’s a lengthy historical past of presales delivering large exponential positive factors to early traders.
Many of those initiatives have incredible groups behind them and an awesome imaginative and prescient to ship a revolutionary crypto utility/platform.
If an investor can determine such initiatives, the chance/reward of their presale funding is excellent.
The workforce at Cryptonews spends loads of time combing by presale initiatives to assist traders out.
Here’s a record of 15 of what the undertaking deems as the very best crypto presales of 2023.
Disclaimer: Crypto is a high-risk asset class. This text is offered for informational functions and doesn’t represent funding recommendation. You can lose your whole capital.
