Bitcoin Dogs (0DOG) signals early recovery after BTC-driven crash

Bitcoin Dogs endured a massive bloodbath that saw 0DOG’s price dipping from $0.02135 to $0.00620. However, the altcoin has trimmed its losses with a notable rebound to change hands at $0.01196, according to MEXC data.

Bitcoin Dogs’ slump accelerated as the broad market plummeted following Bitcoin’s sudden 6% dip. The largest crypto by market capitalization crashed from around $62K to $58.2K. 

The cryptocurrency market experienced bearish pressures after futures liquidations skyrocketed past $318 million.

Dehua

@DehuaFi

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#Bitcoin‘s price plummeted to $58,034 early on August 28, resulting in over $300 million in liquidations across the #Crypto market. According to #CoinGlass, the past 24 hours saw $318M in liquidations, with long positions accounting for $287M and short positions for $31.29M.

11:47 AM · Aug 28, 2024

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That represented the highest liquidation since early August. Such events forced traders who had leveraged positions in anticipation of price surges to sell, triggering downside price actions.

Meanwhile, 0DOG displayed stability and recorded a slight bounce back.

Liquidations deteriorate market optimism

Coinglass data shows Bitcoin futures Open Interest (OI) plunged $3 billion, from $34B to $31B. That suggested fading trader enthusiasm.

US-listed BTC exchange-traded funds accentuated the market crash as net flows amounted to $127 million, ending an 8-day inflow streak. That indicated a cautious stance among investors cashing out after previous surges.

The altcoin market

Altcoins crashed as Ethereum outflows extended to nine days, hitting $3.45 million. The broad market dip saw AI tokens losing their pre-Nvidia earnings momentum.

Top artificial intelligence coins Render, Near, TAO, and FET dropped 5.6%, 7.9%, 7.3%, and 8.4%, respectively.

Bitcoin Dogs performance

0DOG has remained on the investor radar over the past day, with its latest top-tier exchange listings attracting attention.

That saw the low-cap altcoin establishing its presence in the marketplace after its successful presale. However, the recent crypto bloodbath saw the altcoin pausing its uptrends, with bears triggering massive declines.

0DOG dipped from a daily high of $0.02031 to $0.00620, translating to a 70% decline. While that confirmed robust bearishness and chances of downward continuation, Bitcoin Dogs displayed resilience with a slight bounce-back.

0DOG ended the decline with a rebound from $0.00620 to $0.01196. That demonstrated Bitcoin Dogs’ resilience amid market downtimes.

What sets Bitcoin Dogs apart from other altcoins?

Bitcoin Dogs caught the attention of crypto investors after launching its unique presale, which introduced the first ICO on the Bitcoin network.

Simply put, Bitcoin Dogs is a play-to-earn and an NFT collection that leverages Bitcoin’s capabilities. The new project revolutionized the Bitcoin blockchain by introducing NFTs, new token types, and online gaming.

Bitcoin Dogs’ utility differentiates it from many altcoins that lack use cases, positioning the native 0DOG for impressive growth.

The altcoin’s current performance mirrors the bearishness engulfing the crypto space. Bitcoin trades at $59.52K after losing 5% within the past day.

Meanwhile, 0DOG traded at $0.01076 and appeared prepared to lead the pack in the upcoming broad market rebound. In that context, 0DOG’s current price could present a lucrative opportunity for dip-buyers.

You can find more details about Bitcoin Dogs here.