Ethereum price sits comfortably above $3k as Bitcoin Dogs thrives – CoinJournal
Ethereum price made a strong bullish breakout during the weekend as it remained comfortably above the resistance at $3,000. It has risen in the past three straight weeks and is hovering at its highest point since April 18th. The coin has jumped by more than 258% from the post-FTX crash low. Meanwhile, Bitcoin Dogs has continued to gain popularity as it raised over $4.4 million.
ETH has made a strong bullish breakout in the past few days even as Bitcoin has remained in a narrow range. The coin now sits above the important resistance point at $3,000 and analysts believe that it has more upside going forward.
It has jumped as investors anticipate more demand ahead of a potential spot ETF approval. Eight companies like VanEck, Blackrock, and Franklin Templeton have all applied for a spot ETF. As such, following the recent approval of a BTC ETF, analysts believe that the SEC will have no choice but to approve it.
Therefore, the ongoing ETH surge mirrors that of Bitcoin, which jumped sharply ahead of its ETF approval a few months ago. It moved from less than $25,000 to over $45,000 towards the spot ETF approval.
Notably, demand for Bitcoin has remained at an elevated level as companies like Blackrock, Fidelity, and Ark Invest have added billions of dollars in inflows. Only the Grayscale Bitcoin Trust (GBTC) has lost money, which is understandable because of its substantial fees.
Ethereum price has also jumped because of its strong market share in key industries like Decentralized Finance (DeFi) and gaming. Some of its key dApps like Uniswap and Compound jumped during the weekend after the recent proposal to reward UNI holders.
The other notable crypto news is that Bitcoin Dogs, an upcoming cryptocurrency is thriving. Data compiled by its website shows that the developers have now raised over $4.4 million in less than two weeks and inflows are growing daily.
This is a major move since it is happening at a time when Bitcoin has stalled at $51,000 and has struggled to move above that level several times in the past few days. However, on the positive side, the coin has formed a bullish flag pattern, which is a positive thing.
For starters, Bitcoin Dogs is an upcoming cryptocurrency that is the first ICO in Bitcoin’s ecosystem. It will be made of a collection of 10,000 NFT collection and a gaming platform. Bitcoin Dogs will also have the $ODOG token that will power the network.
Therefore, there is a likelihood that Bitcoin Dogs will continue thriving now that it has a bullish momentum. If this happens, the most likely scenario is where it raises over $5 million in the coming days. You can read more about Bitcoin Dogs in this white paper.
Keep updated with our round the clock and in-depth cryptocurrency news
Keep updated with our round the clock and in-depth cryptocurrency news
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.