Biggest Crypto Gainers Today on DEXTools – BUGMAN, Xpro, PAW
After a strong Sunday rally that carried into Monday morning and saw the BTC price hit new one-month highs in the $28,600s, Bitcoin (BTC) is consolidating just under $28,000 and at lows for the day.
Traders attributed Sunday’s rally to optimism about the fact that October is usually a good month for Bitcoin, and amid recent Ether (ETH) futures ETF debuts on major traditional asset exchanges.
But macro remains a headwind, with US 10-year yields hitting new multi-decade highs at 4.70% on Monday amid strong US data (ISM Manufacturing PMI) that further strengthened the argument that the US economy won’t be in recession anytime soon, and that the Fed will subsequently leave interest rates at elevated levels for a prolonged period of time.
Whether Bitcoin can get back above $28,000 this week will be a key question for traders as this roughly aligns with its 200DMA.
Another rejection could be a strong sign that the downtrend in place since July is yet to end.
And if Monday’s data is anything to go by, further macro headwinds could be in store.
The main data points to watch this week are US JOLTS Job Openings, US ADP National Employment Change and official US labor market figures, as well as the US ISM Services PMI report.
As major cryptocurrencies struggle to break above key resistance levels, traders will continue to turn to shitcoin/meme coin markets in the hunt for volatility.
Here are some of the best-performing low-cap coins, as per DEXTools.
A new shitcoin called Stanley the Bugman ($BUGMAN) is up an impressive 450% in the last 24 hours as per DEXTools, making it the best-performing low-cap coin on Monday.
Despite launching only a few hours ago, the token has already amassed nearly $800,000 in trading volumes, reached a market cap
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