Top crypto Performers Today: MANTRA, BSV, and dogwifhat
As risk assets retreat and major cryptocurrencies face downturns following Monday's gains, traders are turning to altcoin markets to seek out top crypto performers for potential protection against further losses.
The strength of the Japanese yen and potential unwinding of the “carry trade” have become focal points, especially with hints from the Bank of Japan governor about further interest rate hikes. An increase in the yen interest rate has disrupted the pro-risk trade foundation, challenging global traders who have funded risk asset investments through low-interest yen borrowing.
With US equity markets experiencing declines on Tuesday, bitcoin (BTC) and other major cryptocurrencies have also felt the impact of the downturn. BTC was last seen trading in the upper $57,000s, down 2.5% for the day, according to TradingView. In the same 24-hour period, ethereum (ETH), BNB (BNB), and Solana (SOL) displayed mixed or flat performances, as reported by CoinMarketCap.
MANTRA (OM)
Leading the list of top crypto performers today is MANTRA (OM), a real-world asset (RWA)-focused layer-1 blockchain. According to CoinGecko, OM was last trading up over 8% in the past 24 hours, nearing the $1.0 mark once again. Bulls of OM are hopeful that recent technical advancements could spark a swift rally back to recent highs around the $1.40s. With a market cap slightly over $800 million, OM holds potential for growth based on market trends.
bitcoin Satoshi Vision (BSV)
bitcoin Satoshi Vision (BSV), a bitcoin fork, is another prominent performer today. Per CoinGecko, BSV was up approximately 4.5% in the past 24 hours, challenging its 50-day moving average (50DMA) around $44. A break above this level could prompt a retest of range highs near the $57 mark, garnering attention from traders. However, BSV may not be suited for long-term investors due to its lack of a strong adoption narrative.
dogwifhat (WIF)
Lastly, dogwifhat (WIF), a leading Solana meme coin, is among today's top crypto performers. WIF saw a 2% increase in the past 24 hours, trading around $1.53. Bullish sentiment eyes a retest of recent highs and the 50DMA in the $1.85-$2.0 range. With speculations swirling around a potential revival in meme coin activity amid expectations of Federal Reserve rate cuts, dogwifhat, with a market cap of $1.5 billion, presents room for growth. Traders may find smaller and newer meme coins worth exploring for more significant gains.
Opportunities in meme coin Presales
For investors seeking higher risk-reward scenarios, meme coin presales could offer lucrative opportunities. Cryptonews.com analysts have pinpointed some meme coin presales worth monitoring in September 2024. However, it's crucial for traders to conduct thorough due diligence and refrain from investing more than they can afford to lose.
By remaining informed and strategically positioning themselves, traders can adeptly navigate the volatile crypto market, maximizing their gains under current conditions.
Explore the coins/">17 Best New meme coins to Buy in September 2024 to stay ahead in the evolving crypto landscape.
