Crypto Market Growth Stalls As Bitcoin Prices Drop Ahead of Halving, But Traders Are Bullish On This Token
The crypto market growth stalled today after Bitcoin witnessed a sharp 5% drop, pushing the cryptocurrency as low as $67,100.
The price decline also extended into altcoins, with Ethereum down 6.5%, BNB 6%, and Solana by a steep 9%.
Despite the recent price drop, analysts are still incredibly bullish on Bitcoin in the coming weeks, with the block halving scheduled just weeks away.
While Bitcoin dips, traders are also still bullish on newly emerging projects. In particular, Dogecoin20 ($DOGE20) continues to gain momentum with its exciting launch scheduled for Doge Day on April 20th, pushing the fundraising beyond $10 million.
What you'll learn 👉
Volatility Increasing: Crypto Market Growth Stalls as Bitcoin Price Falls
As the Bitcoin block halving approaches, the volatility is significantly increasing for Bitcoin, with metrics from Kaiko pointing at the 30-day realized volatility climbing as much as 60% last week.
As a result, Bitcoin is now more volatile than Ethereum in the lead-up to its block-halving event;
The bitcoin block halving is bullish as it halves the influx of newly minted BTC onto the market by slashing the mining rewards in half.
The halving is scheduled for April 21st, and the mining reward will be reduced to 3.125 BTC per block from 6.25 BTC.
The increased volatility, combined with the reduced trading on Easter holidays, is likely to have caused today’s price drop.
Halving Still to Come: Where Can Bitcoin Head From Here?
With the halving just 19 days away, traders are still highly optimistic about Bitcoin, with any dips being swiftly bought up.
In fact, one analyst has pointed out that a huge whale has laddered orders worth around $150 million down to $62,000.
Today’s 5% drop caused Bitcoin to fall back beneath the $70,000 level again;
Looking ahead, if the sellers continue to put downward pressure on Bitcoin, the first level of support lies at $64,900 (April 2021 high). This is followed by support at $62,500, $61,780, $60,000, and $59,310.
On the other side, the first resistance lies at $68,000. If the buyers can break $70,000, added resistance is at $71,500, $72,000, and the $73,780 all-time high.
Beyond the all-time high, resistance lies at $76,000, $80,000, and $83,000.
What Tokens Are Traders Still Bullish On?
Despite Bitcoin’s downward price movement, a handful of newly emerging altcoins are still rising.
In particular, the presale for Dogecoin20 ($DOGE20) recently surged past the $10 million level, demonstrating the building hype behind the Dogecoin upgrade.
With a launch scheduled on Doge Day (April 20th), traders are quickly rushing to get positioned in this passive income meme coin before it starts to surge higher.
Dogecoin20 Sails Past $10 Million Milestone With Doge Day Launch Scheduled
Dogecoin20 ($DOGE20) has officially surged past the $10 million milestone as traders flock to get positioned as early adopters before its highly anticipated launch on Doge Day, April 20th.
Dogecoin20 is described as Dogecoin’s ultimate upgrade. It brings the meme coin into a sustainable future with an eco-friendly blockchain, a limited supply, and a passive income feature.
The Proof-of-Stake environmentally friendly blockchain allows $DOGE20 holders to stake their tokens and earn a passive income.
Everybody staking their tokens will be rewarded based on their staking percentage of the staking pool. The team has allocated 15% of the overall $DOGE20 supply to provide rewards to stakers, most of which are distributed in the first year.
The passive income staking incentivizes holders to stake tokens for longer, helping reduce the selling pressure on the market when the token launches.
Furthermore, Dogecoin20 removes the infinite inflation problem Dogecoin experiences by introducing a hard 140 billion $DOGE20 supply.
Of that 140 billion supply, 25% is sold in the presale, 25% is reserved for marketing, 25% for the project treasury, 15% for staking rewards, and 10% for DEX liquidity.
Together, these two upgrades push Dogecoin20 into a new modern era of DeFi, which has investors excited about its potential.
The token is expected to launch on Doge Day, providing a final chance opportunity to get positioned as an early adopter of the token.
Those looking to buy at presale prices can do so through the project’s website by swapping ETH or USDT for $DOGE20 or using a debit/credit card.
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