After Bitcoin Price Rallies 12% to $19k is it Time to Buy Top Crypto Coin?
The bitcoin price has risen by 4% in the past 24 hours, almost hitting $19,000 after the publication of positive US inflation figures yesterday. Its current price marks a 12% gain in a week and a 6% rise in the last 30 days, as signs of an improving global economy raises hopes that 2023 will correct 2022's bear market.
Given its status as the original cryptocurrency with the biggest market cap and strongest network, bitcoin is likely to be at the forefront of any renewed bull market. And now may be just about the best time to buy the virtual currency, which appears to have begun leaving behind its bear market bottom.
After Bitcoin Price Rallies 12% to $19k is it Time to Buy Top Crypto Coin?
It's not only positive US inflation figures that have changed investor sentiment, but the publication of other encouraging economic data. This includes the surprising news that the UK economy actually grew in November (by 0.1%), as well as similar recent updates for France and Germany.
Taken together, such data invites the suspicion that the global economy is beginning to turn a corner after the Ukraine war and long Covid threatened a recession last year. As a result, markets have had a very good couple of days, with the Nasdaq jumping by 4.1% in a week.
This includes the cryptocurrency market, which is up by 3% today and by 11% in seven days. Bitcoin has outpaced these market-wide gains, and it's likely that it will continue to do so in the short- and medium-term.
There are various reasons for this. Most simply, BTC has historically led cryptocurrency bull markets, as witnessed in 2020-21 and late 2017. It therefore stands to reason that the rest of the market won't rise significantly without bitcoin moving first.
More fundamentally, bitcoin continues to attract institutions more than any other cryptocurrency, with corporate and public treasuries holding BTC worth just over $30 billion as of writing. In fact, according to BIS' Basel Committee, the world's banks own over $9 billion in crypto, with 56% of this total comprising bitcoin or bitcoin-based derivatives.
Indeed, even with 2022's bear market, financial instittutions have been rolling out cryptocurrency services, while approximately three quarters are planning to invest in crypto in the future). For instance, BNY Mellon and N26 have launched crypto-related services in the past few months, adding their names to the growing list of banks with some kind of digital asset-related offering.
Put simply, if the global economy is going to improve markedly this year and (institutional) investors are going to feel confident enough to invest in high-return assets such as cryptocurrencies, bitcoin is going to lead the way.
Conversely, if the global economy continues to weather depressed conditions, and if the cryptocurrency market suffers more downturns (something that may be caused by imminent legal actions), then BTC still remains an investor's best bet as far as crypto goes. Its dominance of the market has increased during the past couple of months (from 38% to 40%), doing so as investors flee to 'safety/quality.'
Presale May Rise Regardless
While bitcoin is a comparatively safe investment, there are other coins that may rise more in both scenarios, whether the market recovers or whether it continues to struggle for several more months. In particular, presale tokens had a good 2022, rising exponentially in several cases as they listed for the first time on exchanges.
For instance, Tamadoge (TAMA) rose by as much as 1,800% compared to its presale price in October, when it was listed on OKX. Not only that, but Lucky Block (LBLOCK) and Battle Infinity (IBAT) witnessed an increase as high as 6,000% and 3,000% in February, compared to a sale price of $0.00015.
This shows that, even during a bear market, presale tokens listing for the first time can still earn investors a profit, assuming they time their entries and exits well enough. Accordingly, we've compiled four of the most promising presale tokens in the market, each of which boast strong fundamentals.
Meta Masters Guild (MEMAG)
One of the newest sales in the ecosystem, Meta Masters Guild has raised more than $70,000 in its first 24 hours. This is an encouraging achievement for the play-to-earn crypto games platform, which will be used to develop a continuously expanding roster of Web3 and play-to-earn games when it launches its first game (Meta Kart Racers) in the third quarter of the year.
Investors can participate in the sale by heading over the official Meta Masters Guild website and connecting their Wallet Connect or MetaMask wallets. The offering will have a total of seven stages, with the first -- and current -- stage offering 1 MEMAG for $0.007 (although this price is already due to increase by 42% next week).
With the platform already attracting over 22,000 followers on Twitter, it has all the shapings of a successful and popular addition to the P2E sub-sector.
Fight Out (FGHT)
Fight Out (FGHT) is an Ethereum-based platform that aims to innovate in the move-to-earn sector, combining real-life workouts with Web3 and the metaverse. It will track and reward a much wider range of activities than earlier M2E platforms, offering workouts in boxing, weightlifting and yoga, while also providing a variety of in-app and IRL courses at its own branded gyms.
Its token sale opened in December and has already raised over $2.8 million, with 1 FGHT currently selling at $0.0166. The sale is due to end by Q2 2022, which is when its app is due for launch.
Visit Fight Out Now
C+Charge (CCHG)
Appealing to crypto's growing army of environmentally friendly investors, C+Charge (CCHG) is a BNB Chain-based peer-to-peer payment network for electric vehicle (EV) charging stations. It's aiming to harness blockchain and crypto to widen access to carbon credits, with its native CCHG set to be used within its network by EV owners to pay to charge their vehicles.
C+Charge will also reward users with NFT-based carbon credits for charging their EVs at its stations, giving people an incentive to go green. Promisingly, it has signed partnershps with Flowcarbon and with Perfect Solutions Turkey, adding 20% of the EV chargers in Turkey to its already expanding network.
Calvaria (RIA)
Calvaria is a play-to-earn battle card game that has entered the final stage of its token sale, having raised over $2.7 million so far. There are only 11% of the available RIA coins remaining, with the token due to list on such exchanges as LBANK Exchange and BKEX Global in the next few weeks.
Available on PC and mobile app stores, Calvaria aims to appeal to a wider pool of gamers, given that it doesn't require cryptocurrency to play. It's due to launch in Q2 2023, with its world set in a mythical afterlife.
Characters will be animated in full 3D, while players will have the ability to earn and upgrade the collectible cards used to battle with different factions in the game's universe. And given that these cards will be NFT-based, they will also be tradeable.
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