Top Crypto Gainers Today on DEXTools – PEPED, SEED
Major blue-chip cryptocurrencies are trading with a positive bias on Friday despite a lack of trading volumes with US market participants away for the Thanksgiving holidays.
Bitcoin (BTC) briefly hit fresh highs for the year above $38,000 and at current levels around $37,800 is currently trading up around 1.6% in the last 24 hours, as per CoinMarketCap.
Bitcoin bulls have noted that the cryptocurrency is probing a break above key resistance at $38,000 which could open the door to a swift move above $40,000.
Ether (ETH), meanwhile, recovered back to the north of $2,100, up 2.6% in the past 24 hours.
The bullish bias could reflect optimism that Binance’s recent settlement deal with US authorities removes systemic risk to the market of a potential collapse of the exchange, as well as ongoing optimism surrounding expected near-term spot Bitcoin ETF approvals and an improving macro backdrop.
Macro traders wills be monitoring US Core PCE Price Index Inflation figures, US ISM Manufacturing data and a speech from Fed Chair Jerome Powell next week.
Recent US data has painted a picture of the economy cooling, leading markets to bet that the Fed’s rate hiking cycle is over and a cutting cycle is coming next year, despite still hawkish warnings from the central bank’s policymakers that further rate increases remain on the table.
While cryptocurrency markets could see big moves next week, volumes will remain low until US markets properly come back online.
Traders seeking quick exponential returns will thus continue to turn to the highly illiquid and volatile shitcoin/meme coin markets in the hunt for a quick profit.
Here are some of the biggest gainers as per DEXTools.
A newly launched shitcoin called PEPEDAO ($PEPED), which appears to be
