The cryptocurrency market is infamously known for its volatility, which can lead to major price shifts within a short period. In August, Bitcoin lost more than 10% of its value within the span of a few days, a clear nightmare for investors.
Despite optimism among investors with hopes that Bitcoin will rise up and gain lost ground, the cryptocurrency experienced yet another decline, with the price dropping as low as $36,770 from its initial opening price of $37,250. Threading the same path, Ethereum also witnessed a decline in value, hitting a 24-hour low of 2,002 from its opening price of $2,050.
However, there is a contrasting reality for Meme Moguls as analysts project a bullish momentum. While the reasons are not far-fetched, the following analysis sheds more light on why Bitcoin and Ethereum are taking a dive in the crypto market whereas investors are eagerly embracing Meme Moguls.
Bitcoin Takes a Dip Amidst Investor Optimism
Bitcoin recorded losses as it dipped by 0.69% as of the time of writing, signaling a further decline from its recent peak of $38,200. The largest and most popular cryptocurrency by market cap is now trading under $38,000, with a 24-hour trading volume of $19.7B according to CoinMarketCap.
The recent price action in Bitcoin in the last 24 hours also left the token market capitalization at $743,960,549,311, resulting in a change of 2.20%.
However, it’s not surprising to witness this retraction in the price of Bitcoin, considering the cryptocurrency has enjoyed a smooth run for some time in the month of November. For more context, the cryptocurrency started the month at the price of $34,397 and achieved a recent new high slightly above $38,000, accounting for roughly 11% increase in less than three weeks.
While experts remain bullish about Bitcoin, price prediction by Changelly forecasts a 3.23% increase from the current market price, portraying a potential value of $38,666 by November 28, 2023. But that remains to be seen. Investors are hopeful that bitcoin price will pick up as several factors continue to support gains for Bitcoin including optimism that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF) in early 2024.
Ethereum Witnesses a Downside of 0.73%
As reported by CoinMarketCap, Ethereum has had its fair share in price drop at the time of writing declining by about 0.73%. The second largest cryptocurrency is currently trading slightly below $2,060, with a potential to swing back upward.
In comparison, the price of Ethereum was valued at $2,070 a day ago, further suggesting that despite the dip, there’s been some slight bullish activity.
Going by recent claims by the CoinDCX research team while speaking with Republic World, Ethereum overcoming the resistance at $2,130 is important for a bullish scenario. If Ethereum fails to clear the $2,080 resistance, it just might lead to a fresh decline.
Investors More Excited to Jump on Meme Moguls (MGLS)
Away from Ethereum and Bitcoin, Meme Moguls is another cryptocurrency gearing up to experience a tremendous jump in value. It is an innovative DeFi earning platform that lets users enjoy an absorbing fantasy gaming experience.
With Meme Moguls (MGLS), participants can create custom avatars using their most loved memes and build their fortune through their meme portfolio. They can also trade or sell character NFTs on the marketplace along with other rare NFT items and mined materials representing real-world assets. Meme Moguls is then the first world’s meme-based assets exchange.
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Meme Moguls sweetens the pot by allowing participants to trade meme-based assets, stake MGLS tokens, and enjoy activities like the Moguls Casino and Fantasy Trader. This P2E approach offers participants multiple ways to earn rewards.
At the moment, Meme Moguls has investors rushing to buy its MGLS token at $0.0021 on its website in stage one. Analysts have predicted a 20x rise in price as it advances.