Friday, 12 April 2024

Crypto News

Bitcoin hits $56k, its highest level since November 2021: Are we seeing $60k soon?

Bitcoin tops $27k as Shiba Memu’s presales close in on the $3M mark

Key takeaways

  • BTC rallied by nearly 10% on Monday to reach the $56k level for the first time since November 2021.

  • Bitcoin Dogs’ presale is officially closing in on the $5 million milestone.

Bitcoin eyes the $60k resistance level after hitting $56k

The cryptocurrency market began the week bullishly, with Bitcoin adding nearly 10% to its value 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 more than 8% in the last 24 hours. Thanks to the recent rally, Bitcoin’s market cap has now crossed the $1.1 trillion mark for the first time in over two years.

The world’s leading cryptocurrency by market cap will be eyeing the next resistance level at $60k if the bulls remain in control. 

What is Bitcoin Dogs?

With Bitcoin rallying, it is not surprising that other Bitcoin-related projects are also experiencing positive performances. One such project is Bitcoin Dogs

Bitcoin Dogs is a unique project that is launching on the Bitcoin network and is seeking to leverage the blockchain’s power to provide utility to its users. It is the first BRC-20 token ICO on the Bitcoin network.

According to their whitepaper, Bitcoin Dogs seeks to offer investors an exciting value proposition by combining the basic features of cryptocurrency, non-fungible tokens (NFTs), decentralised finance (DeFi), and Web3 culture. With this, investors and users will enjoy an immersive experience when they engage with the Bitcoin Dogs project.

Bitcoin Dogs’ ICO comes barely a few weeks after the launch of spot Bitcoin ETFs in the US. The spot Bitcoin ETFs launched by BlackRock, Fidelity, and others are raking in record numbers as more investors buy into the Bitcoin dream. On Monday, Bitcoin spot ETF trading volume reached a new height of $2.4 billion. 

Furthermore, the Bitcoin halving is barely two months away and is an exciting event that happens every four years. All these contribute to the special nature of Bitcoin Dogs’ ICO in the market. 

Usually, most presales in the crypto market have been ERC-20 and BNB tokens. However, Bitcoin Dogs is setting a new trend by introducing $0DOG, its native token, as a novel BRC-20 ICO for investors on the Bitcoin blockchain. 

Bitcoin Dogs presale approaches $5m

The Bitcoin Dogs presale has already raised more than $4.8 million roughly three weeks after it was launched. Thus, indicating rising interest amongst investors for this project and its…

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