Ethereum’s Commodity Status Like Bitcoin Sparks Bullish Market, Dogetti Meme Coin Previews Soaring Demand
Bitcoin (BTC) has reversed its downtrend and regained momentum, while Ethereum (ETH) has outperformed BTC, rising by more than 4%. This rise in the cryptocurrency market is attributed to several factors, including a rise in consumer confidence in March, recent advances in the cryptocurrency industry, and Bitcoin’s reputation as a safe haven. In addition, consumers are losing trust in traditional banks after recent bank collapses, which is considered a key factor in the Bitcoin price increase.
Ethereum is now recognized as a commodity like Bitcoin
The crypto market capitalization has risen by 2.56% to $1.16 trillion, led by Bitcoin and ETH. The head of the US CFTC has reiterated that Ether is a commodity, not a value, that can increase in value. Ethereum’s current price is $1,807.78, with a 24-hour trading volume of $7,635,430,660. An immediate resistance is likely to be found at $1,850 and a bullish breakout above this level could lift the price to the next resistance level at $1,960.
The CFTC (Commodities Futures Trading Commission) has recognized Ethereum (ETH) and Litecoin (LTC) as commodities, as has Bitcoin (BTC). This means that both of these altcoins are now considered tradable 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 improving their legitimacy and adoption in traditional financial markets. It may also lead to increased regulatory oversight and approval of institutional investors.
Bitcoin hits bull market
Recent strong predictions about Bitcoin’s future are also contributing to the increase in BTC prices. For example, former Coinbase CTO Balaji Srinivasan has bet $2 million that bitcoin will reach $1 million in value within 90 days, suggesting that the value of Bitcoin will increase sharply in the near future. Marshall Beard, Chief Strategy Officer of Gemini, a US-based cryptocurrency exchange, is more cautious and interested, predicting that Bitcoin will reach $100,000 this year. These forecasts are influenced by several factors, including the growing use of cryptocurrencies by institutional investors, which may increase the demand for Bitcoin and ultimately its price.
At the time of 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 towards the next resistance level at $28,900. The bullish potential for Bitcoin is also supported by the violated downtrend line.
Dogetti strives to be the best 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 giving investors an opportunity to make money.
The Dogetti (DETI) team values the community and aims to provide a healthy income for all investors. Dogetti NFTs are a fun way to interact with other DETI holders as well as generate a steady stream of income. These NFTs are modeled 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 will result in more NFTs and more funds for investors.
Investors looking to get in on the ground floor of this exciting altcoin can participate in Dogetti’s pre-sale. This pre-sale gives investors the opportunity to buy $DETI tokens before the official launch, giving them a chance to make money if the coin’s value increases. The pre-sale also offers various bonuses and incentives to investors who participate, making it an attractive opportunity for those who believe in Dogetti’s potential.
For more information about Dogetti (DETI):
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