In the last few days, cryptocurrency prices made a big comeback as investors reacted to key macro-events in the United States.
Bitcoin is now in a bull market, having recovered from its low this month of $49,000. Total market capitalization of all crypto currencies has reached over $2.25 billion.
Memecoins like Dogwifhat Bonk and Pepe also saw a rise. Other AI-focused tokens, such as Render (RNDR), Near Protocol(NEAR) and The Graph(GRT), have also risen ahead of Nvidia’s upcoming earnings.
Bitcoin Dogs, however (DOGS), did not do well. It has fallen sharply since its peak last week. On Sunday it was at $0.002, as the price discovery phase continues.
The Crypto Fear and Greed Index has increased
As the mood on the financial markets improved, the ongoing recovery of cryptos occurred. The Dow Jones and the S&P 500 indexes have reached new highs. The Nikkei and Nifty 50 indices have also risen sharply in the past year.
The US Dollar Index has also fallen from its high for the current year of $106 down to just $100. There are also signs of investors becoming a little greedy. Fear and Greed Index has risen from 35 to 53, the neutral level.
Crypto fear and greed has risen sharply as well, reaching a neutral level of 56. It is now approaching the zone for greed.
The market’s sentiment has been improving recently, as the Federal Reserve announced that it would begin cutting interest rates. Investors are influenced by the recent past, as they recall what happened in 2020 when the Federal Reserve started to cut interest rates at the beginning of the pandemic.
As borrowing costs dropped, the stock market surged at that time and cryptocurrency reached its all-time highest.
There is therefore a possibility that the trend may resume. Bitcoin also formed a chart pattern of a widening falling wedge, which is regarded as a bullish signal. The 50-day, and 100-day moving averges have also been moved up. This indicates that there is a possibility of regaining the lost ground.
Bitcoin Dogs may stage a comeback
Analysts believe the Bitcoin Dogs, who have been severely beaten down by the market recently, could make a strong comeback.
It is not unusual for investors to take profits when launching a new cryptocurrency. Most token purchasers sell their tokens as soon as they are available on decentralized or centralized exchanges.
Bitcoin Dogs was listed on top exchanges such as OKX and MEXC this week. The game raised more than $13 million during its pre-sale. The top catalysts will include more listings on exchanges, the ending of capitulation from existing holders and the rally in the cryptocurrency market. This trend could lead to a rebound of the token at the psychological level of $0.10 which would be a 40% increase from its current price. Click here to learn more about Bitcoin Dogs.
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