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Key takeaways
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BTC rallied by almost 10% on Monday to succeed in the $56k level for the primary time since November 2021.
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Bitcoin Dogs’ presale is formally closing in on the $5 million milestone.
Bitcoin eyes the $60k resistance level after hitting $56k
The cryptocurrency market started the week bullishly, with Bitcoin including almost 10% to its worth on Monday. Thanks to its rally, BTC reached $56,740, its highest level since November 2021.
At press time, the price of Bitcoin stands at $55,850, up by greater than 8% within the final 24 hours. Thanks to the current rally, Bitcoin’s market cap has now crossed the $1.1 trillion mark for the primary time in over two years.
The world’s main cryptocurrency by market cap can be eyeing the following resistance level at $60k if the bulls stay in management.
What is Bitcoin Dogs?
With Bitcoin rallying, it’s not shocking that different Bitcoin-related initiatives are additionally experiencing optimistic performances. One such challenge is Bitcoin Dogs.
Bitcoin Dogs is a singular challenge that’s launching on the Bitcoin community and is looking for to leverage the blockchain’s energy to offer utility to its customers. It is the primary BRC-20 token ICO on the Bitcoin community.
According to their whitepaper, Bitcoin Dogs seeks to supply buyers an thrilling worth proposition by combining the fundamental options of cryptocurrency, non-fungible tokens (NFTs), decentralised finance (DeFi), and Web3 tradition. With this, buyers and customers will take pleasure in an immersive expertise once they interact with the Bitcoin Dogs challenge.
Bitcoin Dogs’ ICO comes barely a couple of weeks after the launch of spot Bitcoin ETFs within the US. The spot Bitcoin ETFs launched by BlackRock, Fidelity, and others are raking in document numbers as extra buyers purchase into the Bitcoin dream. On Monday, Bitcoin spot ETF buying and selling quantity reached a brand new peak of $2.4 billion.
Furthermore, the Bitcoin halving is barely two months away and is an thrilling occasion that occurs each 4 years. All these contribute to the particular nature of Bitcoin Dogs’ ICO out there.
Usually, most presales within the crypto market have been ERC-20 and BNB tokens. However, Bitcoin Dogs is setting a brand new pattern by introducing $0DOG, its native token, as a novel BRC-20 ICO for buyers on the Bitcoin blockchain.
Bitcoin Dogs presale approaches $5m
The Bitcoin Dogs presale has already raised greater than $4.8 million roughly three weeks after it was launched. Thus, indicating rising curiosity amongst buyers for this challenge and its token.
Per the whitepaper, there can be 900 million $0DOG tokens minted. Investors would even have entry to an unique NFT assortment and an immersive gaming ecosystem paying homage to fashionable titles like Axie Infinity and Tamagotchi.
The staff revealed that the presale will solely run for a month and is already leveraging the rarity and novelty of BRC-20 to draw buyers.
While the tokens can be minted on BRC-20, buyers will purchase the tokens on ERC-20. They will present a BTC pockets tackle and obtain $0DOG tokens after paying with ERC-20 tokens. You pays for the $0DOG token utilizing ETH, USDT and USDC stablecoins.
Click here to be taught extra in regards to the Bitcoin Dogs presale.
Should you put money into the Bitcoin Dogs challenge as BTC rallies increased?
The cryptocurrency market has been bullish since the beginning of the 12 months and BTC is taking the lead. Investors are already on the lookout for new and thrilling initiatives and Bitcoin Dogs could possibly be one of many initiatives that’s attracting curiosity.
Bitcoin is rallying in the mean time and initiatives associated to BTC might document large positive factors within the coming months and years. With the proper level of adoption, $0DOG might turn into one of many gems of this Bull Run.
The put up Bitcoin hits $56k, its highest level since November 2021: Are we seeing $60k soon? appeared first on CoinJournal.
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