Bitcoin Dogs is thriving as the crypto bull run gains steam

Bitcoin Dogs is thriving as the crypto bull run gains steam
фото показано с : invezz.com

2024-3-10 11:40

Bitcoin Dogs (ODOG) is slowly making history as the crypto bull run gains steam. The token has now raised over $9.1 million in less than 23 days, making it one of the best-performing Initial Coin Offerings (ICOs) in the world. As the clock towards the ICO end runs, there is a possibility that it will soon cross the $10 million mark.

Why Bitcoin Dogs is thriving

Bitcoin Dogs is doing well as investors move back to cryptocurrencies and a risk-on sentiment resume. For example, American stocks have surged to a record high while the US dollar index (DXY) has pulled back sharply recently. 

Most importantly, both the CNN Money and the crypto fear and greed indices have all moved to the extreme greed zone. In most cases, cryptocurrencies tend to thrive when investors are extremely greedy in the market.

All this explains why most cryptocurrency prices have surged. Bitcoin rose to a record high of over $70,000 on Friday, capping a strong recovery for a coin that was languishing below $20,000 in December 2022. 

Bitcoin Dogs rise is also happening at a time when investors are moving to meme coins. The total market cap of all meme coins has surged to over $60 billion. And new tokens are being birthed every day.

For example, tokens like dogwifhat and Solama have moved from nowhere to becoming the biggest players in the crypto industry. The same is true with the likes of Bonk and Pepe, which have become major cryptocurrencies.

Therefore, there is a likelihood that Bitcoin Dogs will do well when it gets listed by most cryptocurrency exchanges. 

For one, it has features of meme coins, especially with its dogs name. It also has real utilities such as a plan to launch a 10k NFT collection and moving to the gaming industry. You can buy the Bitcoin Dogs token here.

Crypto rally to continue

The other notable catalyst for Bitcoin Dogs is that the crypto rally is expected to continue in the coming weeks.

Besides, Bitcoin is seeing strong demand at a time when supply growth is expected to slow down. That’s because Bitcoin will go through the halving period that will slash its daily production to less than 500. 

Bitcoin demand is surging. For one, the total assets of the iShares Bitcoin ETF have surged to over $13 billion, two months after launch. Other ETFs are seeing more inflows albeit at a slower pace.

Bitcoin is not the only cryptocurrency that will go through a halving process. Ethereum Classic, Bitcoin Cash, and Bitcoin SV are also expected to go through this halving.

At the same time, the Fed and other global central banks are expected to start cutting interest rates later this year. Cryptocurrencies tend to do well when rate cuts are going on. All these are bullish catalysts for Bitcoin Dogs.

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$ 0 (+0.00%)
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Изменеия 24h: 0.00 %, 7d: 0.00 %
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Капитализация $0 Rank 99999
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run gains steam making bitcoin dogs crypto

Источник: invezz.com

run gains → Результатов: 126


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