The foundational pillar of cryptocurrency, Bitcoin (BTC), has fallen. Well, not exactly but its price has recorded its first monthly loss since December. By contrast, other cryptocurrencies are recording impressive numbers. If people were to look elsewhere, where should they go to? In this article, we’ll have a look at the meme coin juggernaut Dogecoin (DOGE) and the upcoming prodigy of meme coins, Caged Beasts (BEASTS).
Bitcoin Suffers First Dip In 2023 – Sign Of Bear Market?
Bitcoin is a pretty big deal, what with it being the first cryptocurrency and to this day, the biggest of them all. Therefore what happens to it is picked up on by everyone connected and even outside the crypto world. Although like many cryptos it had been suffering since the FTX crash, it hadn’t recorded a monthly loss since December.
Yet for the first time in 2023, it’s set to post one. It’s trading around $27,800 which is a 5% decline for the month, and the first value loss in 2023 given the gains it had made in January, March and April, with only February resulting in a flat note.
Bitcoin’s lacklustre performance over the past month coincides with bond traders predicting that the Federal Reserve (Fed) will maintain high-interest rates for a longer period due to persistent inflation and a resilient job market. Initially, traders expected the Fed funds rate, which represents the standard borrowing cost, to decrease to 4.5% or below by the end of 2023 from the current 5%. However, the market no longer anticipates the Fed implementing rate cuts within this year.
The renewed belief in a hawkish Fed stance has strengthened the U.S. dollar during this month, resulting in a 2.7% increase in the value of the greenback against various fiat currencies, including the euro. Bitcoin usually exhibits an inverse relationship with the dollar.
Since early last year, there has been a continuous outflow of capital from the cryptocurrency market. This trend has persisted in the current month, leading to a 20-month low in stablecoin market capitalisation, which now stands at $130 billion. Stablecoins are digital assets whose value is tied to an external reference like the U.S. dollar and have been widely used to finance the purchase of other cryptocurrencies in the past three years.
Is Dogecoin Heading For A Volatile Change?
Dogecoin (DOGE), the cryptocurrency famous for its volatile price swings, has experienced an unusual period of calmness this year, lagging behind the leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) by a significant margin.
According to a technical analysis tool known as Bollinger bandwidth, this tranquillity in Dogecoin’s market may indicate the calm before a potential storm.
The Bollinger bandwidth measures the volatility of a cryptocurrency by calculating the difference between the Bollinger bands and dividing it by the 20-day simple moving average (SMA) of the coin’s price. Bollinger bands are volatility indicators positioned two standard deviations above and below the 20-day SMA.
A significantly wide or high bandwidth suggests that the ongoing bullish or bearish trend might be approaching its end. On the other hand, an exceptionally low bandwidth indicates that the market could be preparing for a significant move in either direction, as explained by Fidelity.
Examining Dogecoin’s daily chart, it becomes apparent that the Bollinger bands have recently contracted, causing the bandwidth to decrease to 0.06, the lowest level observed since February 2019, according to data from TradingView.
Caged Beasts Is Already Catching Eyes
Introducing Caged Beasts, an emerging contender in the realm of meme coins. Caged Beasts operates on a unique crypto presale model, captivating both meme coin enthusiasts and astute investors alike. With each stage of the presale, a new caged beast is unveiled, starting as a baby and maturing into a fully-grown creature. This distinctive evolutionary process generates excitement and fosters a sense of connection among investors.
Setting itself apart from the competition, Caged Beasts offers an enticing referral program that incentivises participants. By generating their referral codes, users can invite friends to embark on this thrilling adventure. Whenever a friend joins using their referral code, the referrer earns a 20% deposit reward in BNB, ETH, or USDT, while the friend receives a 20% bonus in Caged Beasts tokens. With dedicated plans to allocate funds for liquidity and marketing, this project aims to generate buzz and establish strong momentum within the cryptocurrency industry
Find out more about Caged Beasts (BEASTS):
Website: https://cagedbeasts.com
Twitter: https://twitter.com/CAGED_BEASTS
Telegram: https://t.me/CAGEDBEASTS
