Today, the top gainers in the cryptocurrency market on DEXScreener are CLYDE, Jud, and BRUTE. The market saw a significant downturn on June 11, with Bitcoin and altcoins entering correction territory. Bitcoin fell to nearly $66,000 in anticipation of the upcoming U.S. inflation report and Federal Reserve meeting. Altcoins like Ethereum’s ether, Solana, dogecoin, Cardano’s ADA, and Chainlink’s LINK all suffered losses ranging from 6% to 9%.
This downward movement led to over $250 million in liquidations of leveraged derivatives trading positions across crypto assets, marking the second substantial leverage flush within a week. Investors were “de-risking” from crypto assets ahead of the May Consumer Price Index (CPI) report and the Federal Reserve meeting, as Bitcoin’s correlation with U.S. equities reached its highest level since 2022.
The FOMC meeting and the release of interest rate outlooks, particularly the “dot plot,” were considered major market movers. Strategic moves in Bitcoin futures open interest on different exchanges suggested accumulation strategies by large players amid retail sell-offs. Despite the downturn, some saw it as an opportunity to accumulate coins.
The decline in GameStop (GME) stock prices also impacted sentiment in the cryptocurrency space, reflecting the interconnectedness between traditional stocks and certain cryptocurrencies. Bitcoin’s decline was linked to the robust May employment report from the U.S., affecting its valuation and raising concerns about potential further sell-offs.
Amid the sell-off, there were positive signs indicating a potential quick recovery. Today’s top gainers on DEXScreener are CLYDE, Jud, and BRUTE. CLYDE, a Pacman-like game token, has seen a remarkable surge of 15M% in just 24 hours, pushing its market capitalization to $235 million. Jud and BRUTE have also experienced significant gains, with Jude’s market capitalization reaching $58.1 million and BRUTE’s reaching $662 million.
Investors looking for quick gains in the crypto market may consider altcoins, but for larger returns, early investment in newer coins could be more lucrative. However, trading newly launched meme coins comes with risks, and presales may offer a potentially better alternative. Investing in presales allows traders to research projects and potentially gain significant returns.
For risk-tolerant investors seeking upside exposure, presale investing can be a promising strategy. With many presales available, it can be challenging to know where to start. Consider following Cryptonews for top picks in 2024.
