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

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 token. 

Per the whitepaper, there would be 900 million $0DOG tokens minted. Investors would also have access to an exclusive NFT collection and an immersive gaming ecosystem reminiscent of popular titles like Axie Infinity and Tamagotchi.

The team revealed that the presale will only run for a month and is already leveraging the rarity and novelty of BRC-20 to attract investors.

While the tokens will be minted on BRC-20, investors will buy the tokens on ERC-20. They will provide a BTC wallet address and receive $0DOG tokens after paying with ERC-20 tokens. You can pay for the $0DOG token using ETH, USDT and USDC stablecoins.

Click here to learn more about the Bitcoin Dogs presale.

Should you invest in the Bitcoin Dogs project as BTC rallies higher?

The cryptocurrency market has been bullish since the start of the year and BTC is taking the lead. Investors are already looking for new and exciting projects and Bitcoin Dogs could be one of the projects that is attracting interest. 

Bitcoin is rallying at the moment and projects related to BTC could record massive gains in the coming months and years. With the right level of adoption, $0DOG could become one of the gems of this Bull Run. 

The post Bitcoin hits $56k, its highest level since November 2021: Are we seeing $60k soon? appeared first on CoinJournal.

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Bitcoin hits $54,900 as BlackRock’s IBIT trades $1B

  • Bitcoin hits $54,900 for first time since 2021 as BlackRock’s IBIT trades $1 billion shares.
  • BTC price is rising amid analyst predictions for a halving explosion.

Bitcoin is eyeing a pre-halving breakout as its price jumped above $54,900 for the first time since November 2021.

On crypto exchange Coinbase, Bitcoin price reached highs of $54,980. The more than 6% gains pushed the benchmark cryptocurrency’s market cap to over $1.06 trillion.

BTC breaks above $54k as IBIT trades $1 billion ETF shares

In the ETF market, BlackRock’s iShares Bitcoin Trust ($IBIT) traded over $1 billion and analysts are saying the momentum is set to fuel further gains for BTC price. Bloomberg ETF analyst shared that the performance ranked $IBIT 11th amongst all ETFs.

“MILESTONE $IBIT has traded $1b worth of shares today so far.. which ranks it 11th among all ETFs (Top 0.3%) and Top 25 among stocks. Insane number for newbie ETF (esp one w ten competitors). $1b/day is big boy level volume, enough for (even big) institutional consideration,” Balchunas posted on X.

According to entrepreneur and investor Anthony Pompliano, “Bitcoin is a runaway train with no brakes for as long as ETF inflows dwarf the bitcoin produced by the network.”

With the Bitcoin halving coming up, this number of BTC mined will be halved, creating a supply shock that could catapult BTC price to prices very few imagined a few years back.

With the countdown to Bitcoin halving roughly 52 days out, the breakout performance for BTC on Monday has the market buzzing.

Earlier in the day, Bitcoin price broke above $53k as MicroStrategy announced it had acquired an additional 3,000 BTC. Purchased for $155 million, the fresh buy saw the company’s Bitcoin portfolio hit 193,000 BTC.

Michael Saylor revealed that the company bought bitcoin at the average price of $51,813.

Bitcoin traded around $54,331 at 3.30 pm ET on Monday. The benchmark crypto could break above $55,000 to eye $60,000 before the halving.

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Here’s why Frax Finance (FXS) token soared today

  • Frax Finance is looking to mirror Uniswap’s proposal to allocate protocol fees to stakers
  • FXS price surged to highs of $9.64 and could break above $10 if bulls hold onto gains.

After the Uniswap Foundation released a proposal seeking to distribute network fees to UNI stakers, the team at Frax Finance have outlined a similar proposal. Frax Finance founder Sam Kazemian outlined this during an interview with CoinDesk.

The Frax Finance team had earlier hinted at this on February 23 via a post on X.

FXS toke surges amid UNI-like proposal

Last week, the Uniswap (UNI) token jumped on news of the protocol’s revenue share proposal. Frax Finance’s governance token FXS is also rising after the project’s latest move. While the community rejected a proposal aimed at sharing revenue in 2022, the current outlook led by Uniswap could get the nod.

If it does, FXS holders can lock their tokens for veFXS, which would attract a share of the protocol revenue. Users can stake veFXS on Ethereum mainnet and on Fraxtal, the layer-2 protocol of Frax Finance.

FXS traded to highs near $11 on February 5. Today’s 8% spike pushed it to highs of $9.64, levels seen on February 20.

With the broader DeFi ecosystem witnessing a bump in prices amid UNI token’s surge last week, further gains for FXS could push it back above $10.

Above this, FXS could target $12, the March 2023 resistance level. Bulls could then eye the all-time high of $42.80 hit in January 2022. On the flipside, Frax Finance price has primary support at $8 and potentially $7.

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Pullix (PLX) extremely bullish ahead of highly anticipated market launch

  • Pullix (PLX) is now just days away from its presale close, with just 22% of tokens in stage 8 remaining.
  • Pullix will debut its token on exchanges and hybrid exchange after the presale.
  • PLX price could swiftly hit new highs upon listing.

Pullix, the new hybrid exchange aiming to redefine the DeFi trading market, is about to make headlines in the industry. The project’s presale is so close to the end that market anticipation is palpable. As of writing, only 22.7% of the PLX tokens remain in stage 8.

Amid this extreme bullish outlook, could Pullix (PLX) be on the verge of a remarkable 100x run?

Pullix presale end just days away

With over $7.7 million raised so far, Pullix is just 5 days away from a remarkable milestone. The project’s presale has only 22% of the available sale tokens remaining before stage 8 closes.

This is the final presale stage and the token will hit the market thereafter, with BitMart already announcing support for the PLX token. PLX will also list on Uniswap.

According to details on Pullix website, the presale is set to end on February 29, 2024. The team expects tokens to list on exchanges seven days after the close of the token sale.

Pullix’s hybrid exchange: what to know

Pullix (PLX) is a new trading platform encompassing the best of centralized and decentralized exchanges. It is a hybrid exchange.

The hybrid infrastructure provides a non-custodial platform and a solution to one of DeFi’s biggest problems – liquidity. Pullix also offers an unparalleled incentive program via its revenue-sharing mechanism and users can explore further passive income opportunities via staking.

For PLX holders, the passive income earning opportunities that come with Pullix’s hybrid exchange model isn’t the only factor that puts Pullix above potential competitors. The access that one gets in relation to features such as low fees, institutional liquidity and slippage-free trading are a huge plus.

The Gen Z trading community, which is keen on getting the best of both centralized and decentralized exchanges, will also find this the go-to solution for multi-currency trading and staking, yield farming and automated or AI trading.

As Pullix looks to bring its innovative “Trade-to-Earn” platform to the market, the anticipation within the crypto community is high.

Pullix (PLX) price prediction

Pullix has a bullish outlook amid the platform’s imminent launch. Swift adoption is likely given the massive interest the community has shown during the presale. 

The project’s innovative hybrid approach, DeFi’s resurgence and the additional perks that come with PLX are all positive factors that could help drive prices higher.

In this case, the current price of $0.14 in stage 8 could still be a great entry opportunity. Pullix’s strategic targeting of the growing crypto market, which sits at $2 trillion compared to the $7 trillion forex market, is also a key factor.

Pullix’s bull market performance could catapult PLX into one of the top 100 altcoins by market cap before the end of 2024. 

Learn more about Pullix here.

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MicroStrategy buys additional 3,000 Bitcoin worth $155M

  • MicroStrategy has acquired an additional 3,000 Bitcoin (BTC) for $155 million.
  • The company now holds 193,000 BTC acquired at an average price of $31,544.

Michale Saylor’s MicroStrategy is continuing with its Bitcoin strategy with another huge purchase of the flagship cryptocurrency.

MicroStrategy buys 3,000 more BTC

On Monday, the business intelligence company announced it had acquired an additional 3,000 Bitcoin (BTC) for $155 million. The company’s founder and Chairman Michael Saylor revealed the latest haul via his X account.

According to the announcement, MicroStrategy acquired the 3k BTC for an average price of $51,813 each. With this, the publicly listed company’s total Bitcoin holdings have increased to 193,000 BTC. The US-based firm has since its first purchase in 2020 accumulated bitcoin acquired for $6.09 billion.

In the grand scheme of things, MicroStrategy’s Bitcoin acquisition has been at an average price of $31,544.

MicroStrategy’s latest purchase came as BTC price retreated from the recent highs of $53,000. While some analysts say BTC could dip below $50k and likely bounce from the $48k support level, many remain extremely bullish.

On February 20, Saylor called BTC “the exit strategy” highlighting his company’s long term view.

The company bought $615 million worth of BTC in December 2023.

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