The first-ever ICO on the Bitcoin blockchain is here. Bitcoin Dogs ($0DOG) launched 4 days ago, welcoming a new era of BRC-20 tokens if ever more are to emerge. Investors immediately took chances, buying over $1.967 million worth of the tokens. It doesn’t get better than this for $0DOG), whose price is expected to mimic that of its parent, Bitcoin. Meanwhile, Bitcoin has defied a commonly held thesis of its negative correlation with the dollar index. Is this a precursor of further strengths in 2024?

Bitcoin Dogs is shaping up to be one of the best presale tokens of 2024. The token has generated a frenzy since launching on February 14 as investors rush to own a piece. Notably, analysts believe Bitcoin Dogs’ relationship with the Bitcoin network sets it apart from other ICOs. 

As the first BRC-20 token, Bitcoin Dogs is expected to benefit from the trusted BTC network. Positive momentum in Bitcoin is expected to benefit Bitcoin Dogs, fueling its price. As BTC maintains an upward trajectory and the upcoming halving event, Bitcoin Dogs could benefit greatly.

But unlike BTC, Bitcoin Dogs has complementary uses in Web 3.0. This includes the nascent non-fungible sector (NFT), expected to make a strong comeback in 2024. The project also welcomes a game in Q3, cementing its status in the exciting blockchain sectors. Other utilities exploited in this revolutionary project are the metaverse and staking areas.

Back to where it all started – Bitcoin and Bitcoin blockchain. BTC is the world’s largest cryptocurrency, and any peculiar circumstances are bound to attract scrutiny. As BTC price continues to meet, if not surpass, expectations, its correlation to the dollar is questioned.

Bitcoin has moved inversely to the dollar historically, strengthening as the latter weakens and vice versa. That relationship is being defied this year as Bitcoin and the dollar move similarly. This has been interpreted as an increased institutional inflow into the world’s leading cryptocurrency.

In the past, a strong dollar has been associated with a low-risk appetite. This leads to less inflows into Bitcoin and other risky investments. The approvals of the spot Bitcoin ETFs are seen driving this institutional inflows into Bitcoin. Speculations of price due to the upcoming halving are also given weight. The correlation gives expectations that Bitcoin price might skyrocket even in the event the dollar weakens.

There is no doubt Bitcoin Dogs and Bitcoin make the pick for the best cryptocurrencies in 2024. For Bitcoin, the highlighted institutional inflow is a bullish catalyst for the price. Coupled with BTC’s legacy and the upcoming halving, Bitcoin could exceed expectations in 2024.

Bitcoin Dogs is yet to test the waters as it is still in the presale. Aside from riding the bullish momentum, Bitcoin Dogs carries a favourable sentiment. This emanates from its status as the first BRC-20 token, making it a potential bullish asset after listing. 

But it’s also about which cryptocurrency has a bigger potential. Shifting the focus to this perspective, Bitcoin Dogs wins. While Bitcoin may make double-digit gains this year, Bitcoin Dogs could claim as much as a 50x gain. The speculative value is high, with Bitcoin Dogs mimicking tokens that have returned by significant margins. 

Bitcoin Dogs presale is an opportunity to buy attractively priced tokens ahead of listing. Real demand is unlocked after listing, which makes the price skyrocket. As such, investors who buy while on presale maximise initial post-listing gains. Early buyers also benefit from an increase in Bitcoin Dogs price, as its value rises at each presale stage.

The post Bitcoin Dogs stages a fire presale as unusual BTC correlation highlighted in 2024 appeared first on Invezz

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