Despite many investors’ expectations, Bitcoin has fallen behind the rest of the cryptocurrency market since the spot ETFs were approved by the SEC. One well-known analyst even predicts that selling pressure from spot ETFs would drive the price of Bitcoin down to $38,000 in the near future.
As a way to make up for their losses, many investors have been searching for the best cryptocurrency to invest in. Fortunately, investors are optimistic thanks to the new altcoin Galaxy Fox ($GFOX). Let’s find out the reason behind the bullish sentiment of $GFOX.
Galaxy Fox ($GFOX) Price Skyrockets 200%
Galaxy Fox ($GOX) has set the crypto space ablaze with its latest price surge. The project has increased by 200% to hit $0.00198 from its initial listing price of $0.00066 as it entered its seventh presale stage. Stage 7 is almost sold out, and the token will be rising to $0.002178 soon. Also, the project has raised $2.91 million so far, making $GFOX the best cryptocurrency to invest in.
Meanwhile, the fact that Galaxy Fox is both a play-to-earn (P2E) game initiative and a meme coin makes it a worthy project. This currency appeals to a wide range of people, from novices to seasoned professionals, thanks to its diverse set of features and benefits.
Galaxy Fox allows users to earn awards and win fantastic prizes. Furthermore, the platform provides many opportunities for $GFOX holders to increase their holdings and generate additional money.
One method is through staking, while the other is by winning conquests and games on the Galaxy Fox platform. Galaxy Fox has an ERC-20 coin named $GFOX, which is now in the presale stage. The coin’s value increases over time due to a “token burn” mechanism. This makes it the best cryptocurrency to invest in after Bitcoin’s poor price movement.
Furthermore, the platform’s treasury fund rewards the highest performers in its ecosystem. Galaxy Fox also intends to launch the coolest NFT collection, including 3,000 unique NFTs. However, access to these NFTs is limited to $GFOX token holders.
Participating in the Galaxy Fox presale is a sensible choice for crypto investors. With a current price of $0.00198 per $GFOX, it ranks among the best cheap crypto coins to buy. Those wishing to expand or diversify their cryptocurrency portfolio with promising coins can join Galaxy Foxtrain. Don’t pass up the opportunity to secure the best cryptocurrency to invest in right now.
Bitcoin ($BTC) to See Further Declines?
Bitcoin has not performed as expected since the approval of the Spot Bitcoin ETF. Instead, the flagship cryptocurrency fell under the $39,000 level, experiencing selling pressure, though has bounced back to $40,000.
While it is unclear how much Bitcoin will climb, 10x Research experts led by Markus Thielen believe that Bitcoin sell-off will continue as the price patterns and technical indicators such as the RSI divergence, are bearish.
They suggest that the sell-off may extend to the $38K support level in the short term. In addition, the analyst discussed the MACD indicator, which measures the strength and fluctuations in the trend.
According to the analyst, the MACD has dropped below zero, indicating a downward trend in momentum. Also, Markus Thielen noted that investors investing in Grayscale Bitcoin Trust (GBTC) due to price drops will most likely put pressure on the price of Bitcoin.
10x said that investors should first shift their Bitcoin risks to another ETF provider. He believes that the sell expected from this ETF will put downward pressure on Bitcoin.
$GFOX is currently in the presale phase. Its low market capitalization and link to the global gaming sector position it for further growth in the future. As Bitcoin remains in a volatile state, $GFOX is one of the best cheap crypto coins to buy right now while the market works past this rough patch in the post-ETF hangover.
Learn more about Galaxy Fox ($GFOX) here: