Bitcoin (BTC) has reversed its downward trend and regained momentum, while Ethereum (ETH) has outperformed BTC, rising by more than 4%. This upward rally in the cryptocurrency market is attributed to several factors, including an increase in consumer confidence in March, recent advancements in the cryptocurrency industry, and Bitcoin’s reputation as a safe-haven asset. Additionally, consumers are losing trust in traditional banks following recent bank collapses, which is considered a key factor in the Bitcoin price increase.
Ethereum Now Recognised As A Commodity Like Bitcoin
The crypto market cap has risen by 2.56% to $1.16 trillion, with Bitcoin and ETH leading the charge. The head of the US CFTC has reiterated that Ether is a commodity, not a security, which could boost its value. Ethereum’s current price is $1,807.78, with a 24-hour trading volume of $7,635,430,660. It is likely to find an immediate resistance at $1,850, and a bullish breakout above this level could raise the price on to the next resistance level of $1,960.
The CFTC (Commodities Futures Trading Commission) has acknowledged Ethereum (ETH) and Litecoin (LTC) as commodities, similar to Bitcoin (BTC). This means that both of these altcoins are now considered trading assets, like gold or oil. The CFTC made this statement as part of an investigation into Binance, a popular cryptocurrency exchange. This development is likely to have a positive impact on BTC and ETH prices, as it verifies their commodity status, potentially enhancing their legitimacy and adoption in traditional financial markets. It could also lead to increased regulatory oversight and institutional investor approval.
Bitcoin Hitting Bull Market
Recent strong predictions regarding Bitcoin’s future are also contributing to the rise in BTC prices. For instance, former Coinbase technical director Balaji Srinivasan has bet $2 million that bitcoin would reach $1 million in value within 90 days, implying that the value of Bitcoin will increase sharply in the near-term future. Marshall Beard, the Chief Strategy Officer of Gemini, an American-based cryptocurrency exchange, is more cautious and interested, estimating that Bitcoin will hit $100,000 this year. These forecasts are being influenced by several factors, including the growing adoption of cryptocurrencies by institutional investors, which may increase demand for Bitcoin and ultimately its price.
As of this writing, Bitcoin’s price is $28,259.78, and its 24-hour trading volume is $16.5 billion. A breakout above this level could potentially push Bitcoin’s price toward the next resistance level of $28,900. The bullish potential for Bitcoin is also supported by the violated downward trendline.
Dogetti Strives To Be The Top Dog Coin
Dogetti (DETI) is one of the new altcoins that has caught the attention of investors in the meme coin cryptocurrency space. Unlike traditional cryptocurrencies, meme coins are designed to be fun and engaging while providing investors with an opportunity to make a profit.
The Dogetti (DETI) team values community and aims to provide a healthy income for all investors. Dogetti NFTs are a fun way to interact with other DETI holders besides generating a steady stream of income. These NFTs are modelled after canine companions and can be bought, sold, and traded for $DETI. In the future, the platform plans to allow Dogetti NFTs to reproduce, which would result in more NFTs and more funds for investors.
Investors who want to get in on the ground floor of this exciting altcoin can participate in Dogetti’s presale. This presale offers investors the opportunity to purchase $DETI tokens before the official launch, giving them a chance to make a profit if the coin’s value increases. The presale also offers various bonuses and incentives to investors who participate, making it an attractive opportunity for those who believe in Dogetti’s potential.
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