Bitcoin Dogs is emerging as one of the top altcoins to buy in the market today, with an impressive $7.5 million presale raise pointing to investor confidence. This perspective for the new crypto project strengthens given the crypto market’s bullish stance despite a staggering $700 million in liquidations in the past 24 hours.
Bitcoin bulls eye fresh move after massive $700 million liquidations
Bitcoin’s sharp swing on Tuesday ended with more than $700 million in liquidations, most of it in longs that bet for a continuation above the all-time high of $69k.
Altcoins also dipped sharply to contribute to the outlook, with Ethereum retreating from highs above $3,800. Dogecoin fell more than 10% to wipe out gains seen as the meme coin rallied to $0.2.
Despite these declines, analysts remain bullish on Bitcoin and crypto going forward, with new project Bitcoin Dogs ($0DOG) among those set for a mega take off in coming weeks.
According to data from Coinglass, long positions across major exchanges saw over $421 million liquidated in 24 hours and over $285 million in shorts. Of these, $226 million total were in leveraged positions on BTC – $139 million in liquidated long and $87 million in liquidated shorts.
The past 12 hours saw a total of $394 million in rekt positions, $291 million in longs and more than $102 million in shorts. BTC accounted for $133 million, with over $99 million in longs and $34 million in short positions.
The volatility that greeted Bitcoin price in the lead up to the new all-time high saw more than 193k trades caught in the liquidations crossfire. The scenario unfolded as Bitcoin rose sharply from lows of $62k over the weekend, breaking above $68,000 on Monday before continuing higher on Tuesday.
However, the brief cheer above the $69k level was followed by a $4,000 drop that pulled BTC price from highs of $69,324 to $64,800 on Coinbase.
Bitcoin Dogs presale hits $7.5 million
Bitcoin currently trades around $64,580 and bulls may rely on support in the $62,600-$61,000 zone for a strong bounce. Analysts say the bullish sentiment remains, with the upcoming halving and spot Bitcoin ETFs trend among key factors.
Amid the market’s optimism is the conviction that investors continue to show in relation to the Bitcoin Dogs project. In just three weeks, the pioneer ICO on Bitcoin has raised more than $7.5 million from early adopters.
Bitcoin Dogs offers an NFT and game environment on Bitcoin. What this means is that the project will tap into Bitcoin’s secure network and emerging layer-two landscape to bring an innovative Axie Infinity+Tamagotchi-inspired ecosystem to users.
With Bitcoin in the limelight and the L2 ecosystem developing on its network growing, the project investors are most bullish on is Bitcoin Dogs.
In 9 days, the Bitcoin Dogs presale will conclude, with the native token $0DOG listing on exchanges to start trading.
Over the next quarter, key roadmap events such as NFT debut, game beta and P2E partnerships will follow. GameFi will then officially open up a new era for $0DOG holders in Q3, 2024.
Find out more about Bitcoin Dogs on their website.
