The confirmed news that Russia invaded Ukraine caused a sell-off in the stock market and risk in assets like Bitcoin and altcoins.
Both financial asset classes, stocks and cryptocurrencies have always recovered from panic selling – for example, after the 2020 covid crash just under two years ago, the S&P 500 hit a new all-time high and Bitcoin rallied from US $4,000 once the dust had settled, to $69,000.
BTC is now trading at $35,000 and the total cryptocurrency market capitalization (market cap) of $1.5 trillion. Past performance is not an indication of future results, but if history repeats itself, this could be a good time to invest and ‘buy the dip’.
CNBC’s Top Low Market Cap Coins
CNBC TV released in its cryptocurrency market insights section a list of the top five low market cap coins to watch. It includes four coins ranked between #100 and #400 on Coinmarketcap.com.
Completing the list, the lowest market value coin in your list is Lucky Block (LBLOCK) which Coinmarketcap ranks only within the top 3000 cryptocurrencies at #2914. CNBC points out that crypto lottery project token Lucky Block surpassed a market cap of $100 million just days after its launch on decentralized exchange Pancakeswap.
Still a cheap currency with a low market cap, the fully diluted market cap of LBLOCK is currently $400,000, having corrected from just under $1 billion prior to news of the worsening Ukraine-Russia crisis.
This could be a good time to invest in the Lucky Block as it appears to have hit its previous all-time high at $0.0032 as support, putting a strong bounce and candle wick on the daily chart before that, led by keen buyers.
This also lines up with a 100% Fibonacci extension of the current momentum move that started in early February from below $0.001. That Fib level is currently at $0.0037 (see chart above). This confluence of different technical indicators could mean the bottom is in.
The new cryptocurrency project also has key updates to its roadmap scheduled for March, including the beta launch of its app, its first ever cryptocurrency lottery prize draw, and yesterday announced an update to its transaction tax and news of the NFTs launch.
LBLOCK is among the top low market cap coins of 2022, over 20x in a month since launch and trending on Reddit, with room to grow and make high gains.
CNBC’s other low market cap coins included the Nervos network’s native currency (ticker CKB), Ergo (ERG), Nano’s native token (XNO), and FLUX. Read the full article ‘Cryptocurrencies Not on Top 100 List, But Worth Keeping on Radar’ on CNBCTV18.com.
If you are watching coins to buy now, use a dollar cost averaging (DCA) strategy to gradually scale into a position during these periods of high volatility, as it is difficult to determine the exact bottom in cryptocurrency markets. Low market capitalization currencies are particularly volatile as they are less liquid.
Buy Lucky Block
Cryptocurrency markets are highly volatile and your investments are at risk.