As analysts agree that the bottom has been confirmed, Bitcoin (BTC) has pumped by more than 100% from $16,000 to a current price of $37,500 during 2023. The ETF news has been positive for the market as institutions are finally getting involved with the largest cryptocurrency.
Elsewhere in the market, Decentraland (MANA) has followed a bearish trend, dropping by 20% in the past week. However, Meme Moguls (MGLS), the newest meme-based project to arrive, aims to gain 1,000% this year.
Bitcoin (BTC): A New Era of Institutional Investment
Since Bitcoin (BTC) entered a bear market in early 2022, the market has been full of speculation about when the bottom will be reached. However, recent price action and analysis from top traders suggest that the bottom was confirmed when it hit $15,400 in November 2022.
Since then, Bitcoin has soared by more than 143% to a current price of $37,500 as it continues gaining institutional interest. While Bitcoin initially bounced from the lows to $25,000 due to being oversold, the news of a possible Bitcoin exchange-traded fund (ETF) catalyzed the price.
This news has been seen as a major step towards mainstream adoption and legitimization of Bitcoin, leading to more institutional investors pouring into the market. Larry Find, Blackrock CEO, noted that Bitcoin is a “flight to quality” during uncertain times and that the recent price action “is an example of the pent-up interest in crypto.”
It now looks like the only chance Bitcoin has of making a new low is if the ETF is rejected or there is zero interest in acquiring spot BTC once the ETF begins trading. If this is not the case, $32,000 will likely be held as support, and Bitcoin will continue to rally.
Decentraland (MANA): A Test of Resilience In The Virtual World
Not every digital asset receives the same institutional interest level as Bitcoin. Decentraland (MANA) is a virtual reality platform where players can become property developers as they compete for virtual land, items, and other assets. However, MANA has not escaped the bear market that Bitcoin brought.
Decentraland reached a high of $5.90 in November 2021 but has fallen 92% to trade at its current price of $0.44. The 8% drop in the last 24 hours shows that the bearish trend is still strong as it battles for the small amount of liquidity in the crypto market.
But why is MANA so heavily affected by the bear market when it has its unique use case? It all comes down to usage and demand. While the virtual reality market is growing, DappRadar suggests that Decentraland had just 650 daily active users in 2022.
Taking a look at the Decentraland chart shows that the asset has broken free from a descending trendline that has been in place since August 2022. However, significant resistances sit overhead at $0.50, $0.80, and $1.00. Surpassing the psychology $1.00 level could launch MANA to its all-time high of $5.90.
Meme Moguls (MGLS): Setting a New Standard in MemeFi
The age of MemeFi is upon us with the rise of Meme Moguls. This project aims to build a meme-based trading exchange that mimics the trading of traditional stocks. The goal is to allow users to trade memes as easily as they would a stock on the New York Stock Exchange.
But Meme Moguls goes far beyond just trading memes. The team is creating an ecosystem where meme enthusiasts and traders can unite, share insights, analyze real-time data, and participate in meme-based competitions.
Alongside the Moguls Exchange Trading Platform, the ecosystem includes the Moguls Casino for gameplay, the Meme Moguls Fantasy Trader for friendly competition, and the Mogul Land metaverse for virtual interaction and token staking.
The potential of Meme Moguls is underscored by the growing value of the meme market, which is expected to reach $6.1 billion by 2025, according to Statista. Market analysts are already predicting that Meme Moguls will become an integral part of the meme economy, so getting in early could mean substantial returns for investors.
The platform’s native token, MGLS, will serve as the primary currency within the ecosystem. Holders receive staking rewards, governance rights, and other benefits. MGLS can be purchased for $0.0019 during the first phase of the presale. This is the lowest price MGLS will ever be offered, and early investors can potentially see a 1,000% increase in value with the token’s projected growth.
