Cryptocurrency markets are broadly lower on Monday, with prices tracking risk-off flows in traditional markets amid concerns about how the worsening Covid-19 situation and rising civil unrest in China impact the outlook for global economic growth. Bitcoin was last changing hands just over 2.0% lower over the last 24 hours, according to CoinMarketCap, while Ethereum was last trading closer to 4.0% lower over the same time period. The overall market capitalization of cryptocurrencies was last around $775 billion, down around 2.0% on the day.
Total cryptocurrency market capitalization currently sits close to $775 billion. Source: TradingView
Traders continue to monitor the fallout of FTX’s sudden implosion and bankruptcy earlier this month. BlockFi, a long-beleaguered crypto lending/borrowing platform, is the latest domino to fall, having formerly declared bankruptcy earlier on Monday. Macro events will also be in focus this week, with a number of important US labor market and inflation readings due, which, combined with various high-profile speeches from Fed policymakers, including Chairman Jerome Powell on Wednesday, could help to inform the outlook for Fed policy in the coming quarters.
Traditional risk assets (like stocks) have traded on the front foot in recent weeks on hopes that peak Fed hawkishness has been and gone. However, FTX’s collapse earlier this month has largely prevented crypto prices from taking advantage of this upside. Here are some of the top cryptocurrencies for traders/investors to consider buying on Monday the 28th of November.
Dash 2 Trade (D2T)
Dash 2 Trade’s D2T token could be an interesting opportunity for cryptocurrency investors looking to get involved in a promising up-and-coming crypto trading project in wake of crypto exchange FTX’s spectacular demise. Dash 2 Trade is a best-in-class crypto analytics and social trading platform that offers its users unique social indicators, a presale analytic tool, a strategy backtesting tool, technical indicators and social trading.
With all these features, the Dash 2 Trade could take the cryptocurrency trading space by storm. That could create a big demand for the platform’s D2T token, which Dash 2 Trade users will need to purchase in order to get the full access to the platform’s features. The D2T token is currently in the third stage of its pre-sale and has raised over $7.35 million at the time of writing.
CELO, the cryptocurrency that powers Celo’s mobile phone-focused blockchain, has pulled back aggressively in recent trade. CELO had risen to its highest levels since early September in the $0.90s in earlier Monday trade. But the cryptocurrency has since slipped back to the low $0.60s, where it trades lower by over 12% on the day.
But that still leaves the cryptocurrency, which is unique in how it utilizes its users’ mobile phone numbers as public wallet addresses in the hope of promoting crypto adoption, over 40% higher versus the start of last week. CELO got a boost recently as traders digested the recent news of Celo’s partnership with the MetaMask wallet developer Consensys.
News that Curve Finance, one of crypto’s largest decentralized exchanges (DEXs) has launched on the Celo blockchain. This is likely to facilitate significant inflows into the ecosystem.
With CELO now trading back in the $0.60s and over 30% down from earlier session highs, bulls may be tempted to buy the dip. Given the uniquely low barrier to entry for users to participate in the Celo ecosystem (their phone numbers can be used as their wallet’s public address), the blockchain’s recent strides in attracting partnerships within the crypto space, and its backing from prominent investors such as MIT, Stanford, Google, Vise, Harvard, Twitter and a16z, CELO is a strong candidate to perform well in the next crypto bull market.
CELO/USD is over 30% below earlier session highs. Source: TradingView
For cryptocurrency investors looking to for new opportunities in the crypto Metaverse/gaming space as big-name projects like The Sandbox and Decentraland struggle from low user numbers, RobotEra’s TARO token might be a good option. RobotEra is Cryptonews.com’s top pick out of gaming cryptocurrencies, with users able to generate passive and active income via numerous avenues.
RobotEra is currently in the first stage of selling its TARO tokens at a below-market value of $0.02 per token, and has already raised over $250,000.
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After spiking nearly as high as the 11 cents per DOGE token level on Sunday, the cryptocurrency community’s favorite dog-inspired meme coin has slipped back under $0.10. Dogecoin was last changing hands in the mid-$0.09s, down about 2.5% on Monday in line with the broader sell-off in the crypto space as a result of risk-off macro flows.
But hype around the cryptocurrency remains elevated. Tesla, SpaceX and Twitter CEO Elon Musk, a big Dogecoin fan, sparked speculation amongst the Dogecoin community earlier last week. Musk released slides from an internal company meeting where he discussed his Twitter 2.0 plans, but left the “payments” part blank. Cryptocurrency users have been speculating that Musk might in some way implement Dogecoin into a future Twitter payments system.
While Dogecoin is currently up a little over 30% from its earlier monthly lows in the low $0.07s, but remains around 40% below its recent post-Musk Twitter takeover highs near $0.16. That suggests there remains significant room for further upside in the cryptocurrency, should Musk actually announce something regarding Dogecoin and Twitter payments. Dogecoin bulls looking to buy the dip may find current sub-$0.10 levels attractive to add to their position.
DOEG/USD is currently close to 40% below its highs from around one month ago. Source: TradingView
Amid the growth in popularity and importance in recent years of environmentally and socially friendly investments, investors looking for a green cryptocurrency should consider the IMPT token. IMPT.io has partnered with thousands of the world’s largest retailers to help offset their carbon footprints and allows users to trade carbon credits.
IMPT tokens are currently in their second stake of presale. Over 700 million tokens have now been sold, with IMPT having raised over $13.3 million.
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