Bitcoin (BTC) is currently trading around $27,500, down over 1.5% on Monday, while Ether (ETH) is down over 3% below $1,600 in a risk-off trading environment.
Adding to the selling pressure in the ETH market is a surprise sale of ETH tokens worth $2.7 million by the Ethereum Foundation on decentralized exchange Uniswap over the weekend.
Despite historically being a good month for crypto prices, with BTC averaging a 25% gain in October since 2010 according to bitcoinmonthlyreturn.com, traders are concerned that this October could break this positive trend.
This concern arises from warning signals in traditional asset markets.
Oil prices remain volatile near multi-month highs, with front-month WTI futures at around $86, which could lead to short-term inflation and longer periods of higher interest rates from major central banks like the Fed.
In addition, the ongoing strength of the US economy, as evidenced by last week’s stronger-than-expected US jobs data, has caused yields on US government bonds to trade close to multi-decade highs.
In a note to investors, Bank of America analysts argued that when bond markets become oversold, as indicated by yields rising while prices fall, it typically foreshadows a major market “event”.
This oversold condition in bonds could potentially result in increased bearish volatility in the crypto market.
Blue Chip Crypto Alternatives to Consider
Given the uncertain outlook for blue chip cryptocurrencies amid macro headwinds, an alternative high-risk-high-reward investment strategy to consider is participating in crypto presales.
In presales, investors purchase tokens of up-and-coming crypto projects to support their development.
These tokens are usually sold at low prices, and there is a history of presales providing significant gains to early investors.
Many of these projects have strong teams and ambitious visions to deliver innovative crypto applications/platforms.
If an investor can identify such projects, the risk/reward ratio of their presale investment can be very favorable.
The team at Cryptonews has curated a list of three projects that they highly recommend:
Bitcoin Minetrix ($BTCMTX)
Bitcoin Minetrix is an exciting decentralized Bitcoin mining protocol that has already raised over $850,000 in funds from early investors in its $BTCMTX token presale.
$BTCMTX is the token that powers the protocol, allowing investors to stake their tokens and earn non-transferable Bitcoin Minetrix mining credits.
These credits can be burned for a share in Bitcoin Minetrix’s mining revenues.
$BTCMTX token holders also receive $BTCMTX rewards, with a portion of the token supply reserved for early stakers.
Bitcoin Minetrix’s protocol is governed by smart contracts on the Ethereum blockchain, providing transparency and security compared to centralized cloud mining services.
Visit Bitcoin Minetrix for more information.
Meme Kombat ($MK)
Meme Kombat is an exciting presale that combines crypto gaming and gambling.
Users can bet on battles between characters based on popular meme coins in the crypto world.
Early investors in $MK can also earn generous staking rewards, currently exceeding 100% annually.
The project has already raised nearly $420,000 since its recent launch.
Check out Meme Kombat to learn more.
TG.Casino is an innovative Telegram-based crypto gambling platform that aims to simplify the betting experience for non-crypto users.
The platform leverages Telegram automation to provide access to crypto gambling for Telegram’s rapidly growing user base.
TG.Casino is conducting a presale to fund platform growth and has already raised over $675,000 through its $TGC token sale.
Early investors are already earning yields around 700% due to specific rewards for $TGC token stakers.
Visit TG.Casino for more details.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.