The crypto market is having one of its best days in a long time as the global cap has exploded by over 7%.
Bitcoin’s institutional adoption is leading the bull rally as it has skyrocketed by 19% over the past week. Asset management giant BlackRock kickstarted the BTC ascent as it applied for the spot Bitcoin trading option.
Since then, other mega finance corporations such as Fidelity, WisdomTree, Citadel and Charles Schwab have also backed Bitcoin trading.
The altcoins are also receiving a strong boost from the US Federal Reserve after the central bank paused its interest rate hikes. While Fed chair Jerome Powell mentioned today that the rate hike is temporary, it is still a decidedly favourable environment for the crypto market.
Investors remain cautious about the SEC’s negative stance against the crypto industry as the top regulatory body’s lawsuit against Binance and Coinbase will definitely sway prices. However, investors are already prepared for a long and tedious legal battle, with a strong expectation that the US Congress will intercede on behalf of crypto investors.
With this in mind, let’s take a look at the 5 best-performing cryptocurrencies in the current bull rally.
Pepe Coin Shows Explosive Bull Rally, Will It Hit The $1 Billion Mark?
The current crypto bull run has re-sparked the meme coin mania, with Pepe once again emerging as the top-performing token. The token has surged 39% over the last 24 hours and is displaying a strong continuation as it climbed 13% in the last hour alone.
With Pepe now priced at $0.0000014, it has re-hit the $500 million market capitalization.
Previous reports highlighted that smart money investors were reducing their Pepe holdings during the crypto market. However, with the market-wide sentiments becoming favourable, Pepe is attracting the attention of whales once again. A known whale bought 124 trillion $PEPE tokens worth over $132k.
The meme coin has always been a top option for big money investors who initially pushed its total market cap over the $1.5 billion mark. On-chain data platform Into The Block reveals that a staggering 43% of the current Pepe tokens are being held by whales, with investors and retail making up 21% and 34% of the token supply respectively.
TradingView, a technical analysis platform, also gives a Buy signal to the token, which improves to Strong Buy when considering the moving average indicators. Pepe enthusiasts would hope that it challenges the 50-day Exponential Moving Average at $0.00000144.
Twitter sentiment analysis also shows that social media users are becoming increasingly positive towards the token, with 30% of the tweets appreciating its recent price growth.
Bitcoin Cash Breaks Out After Institutional Adoption, How Long Will The Rally Last?
Bitcoin Cash is another winner of the current crypto rally, with the token skyrocketing 25% in the daily timeframe.
The BCH token was created after hard-forking the Bitcoin blockchain in 2017. Currently, it has emerged as one of the top tokens that are considered safe from the SEC’s hawkish stance against crypto. In 2018, SEC chairman Gary Gensler stated that Bitcoin Cash is one of the four tokens that are not securities.
The favourable stance from the top financial watchdog has resulted in significant institutional adoption. Yesterday, TradFi giants Fidelity, Citadel and Charles Schwab launched the EDX crypto exchange. The exchange allows trading for only four crypto assets: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Since this announcement, the token’s trading volume has jumped by a staggering 530%, with its market capitalization re-hitting the $2.5 mark.
Proponents of the Bitcoin Cash blockchain are also arguing that it is outperforming Bitcoin in terms of real-world value, both as a medium of exchange and a store of value.
According to Into the Block, BCH is one of the few top tokens with a 51% majority of token holders currently in profit. TradingView gives it a Strong Buy signal in the daily time frame as it is outperforming every single important moving average indicator.
With more institutions entering the crypto space, Bitcoin Cash enthusiasts would hope that the token surges towards its all-time high.
MATIC Turns Green Despite SEC FUD, Will Polygon Continue To Defy Expectations
Polygon has erased some of its recent losses as it turns profitable in the weekly time frame. MATIC has surged close to 12% over the past 24 hours and is showing a bullish continuation as it spiked another 1.5% in the last hour to trade at $0.67.
Polygon’s positive price growth is surprising as it is one of the biggest tokens labelled an unregistered security in the SEC’s lawsuit against Binance and Coinbase. In fact, it is still down 22% over the past month.
However, experts believe that Polygon’s role as a trailblazer in the Web3 space will help counter the SEC’s hawkish stance. Today, Polygon Labs became the only Web3 company to be included on Time’s list of “The 100 Most Influential Companies 2023”. Polygon co-founder Sandeep Nailwal shared the news and reaffirmed the company’s mission of building the “value layer of the internet”.
Due to its innovative history, Polygon’s MATIC token has emerged as a top option for whales. According to Into The Block, a whopping 68% of the token supply is being held by whales.
Both the Momentum (10) and the Moving Average Convergence/Divergence (12, 26) indicators are giving a buy signal to the token in the daily time frame. The bulls will hope that MATIC breaches the 20-day Exponential Moving Average at $0.69.
Wall Street Memes Token Pumps to $9 Million, Is It The Next Big Meme Coin?
The Wall Street Memes token is also creating a lot of buzz as it continues its stellar presale performance. The token has raised a whopping $9 million in just over three weeks.
The Wall Street Memes movement seeks to revolutionise the traditional financial landscape and challenge the might of wealthy institutions in every space. It was born out of the historic GameStop short squeeze in 2021 and has since developed a global brand value.
The Wall Street Memes group has become the trendiest finance community on the internet through on-point and hilarious memes. It draws over 40 million monthly social media impressions, with even the world’s richest man Elon Musk a fan of its Twitter account.
The group has built a loyal customer base in the Web3 market as well. It sold out its popular Wall St Bulls NFT collection in 32 minutes and has recently launched a new Bitcoin Ordinal NFT collection.
The Wall Street Memes token is also attracting investors through its community-driven tokenomics. The entire $WSM supply is accessible to the community with no cuts for any private sale. Furthermore, 30% of the tokens have been allotted to reward the community.
With 50% of the total 2 billion tokens available in the presale itself, investors have ample opportunity to take advantage of the early presale price. They can purchase the token through bank cards or by swapping ETH or USDT tokens.
Launchpad XYZ Also Bullish as it Passes $1m in Presale
Another token many traders are watching it $LPX, the native token of Launchpad XYZ, a new web3 analytics platform that’s currently in development and is in the presale phase.
Having raised over $1m so far, Launchpad XYZ is building an advanced analytics platform designed to help crypto enthusiasts make smart trading decisions.
It will offer a variety of tools, including custom trade setups from top traders, market sentiments, and a quotient designed to help users judge hot token.
With an NFT directory, crypto gaming hub, and metaverse library, Launchpad XYZ will cover also bases in its mission to help traders find the next big token. It’s also building a Web3 wallet, and then a decentralized exchange later in the roadmap.
$LPX is available to buy now on presale at $0.0445, with the token price increasing once the $1.5m milestone is hit.