Although most of ETH’s price charts are in the green today, given the rise of BTC after the Bitcoin Spot ETFs, Ethereum has been a disappointment this year. The currency is down from its March peak of $4,066 to the current level of $2,611. However, analysts on CoinMarketCap advise that a bullish pattern is forming.
Meanwhile a new entrant to the crypto market – Cutoshi, has just been listed on CoinMarketCap to an overwhelmingly bullish sentiment. This comes after the presale project hit $500k in funding after two weeks of being live.
Is Ethereum Ready For A Bullish Breakout?
Anyone who has been in crypto for a while knows that Bitcoin and Ethereum are the biggest cryptocurrencies. So it seemed logical to assume that if Bitcoin’s price was pushed to new heights by the approval of the Spot ETFs, so would Ethereum.
However, as recent data from JPMorgan shows, whilst BTC ETFs have resulted in net inflows amounting to $5 billion, Ethereum ETFs have resulted in net outflows of $500 million, causing the price to tumble. Some analysts believe that this is because the narrative of Ethereum as the ‘Digital Computer’ is not as compelling as Bitcoin’s narrative of “Digital Gold”.
That said, Ethereum Maxis and holders have been pleased to see ETH turning green on the charts. CoinMarketCap Analyst CryptoWizard101 notes that “on the weekly chart, the price of #Ethereum appears to be forming a bullish triple bottom, which could lead to increased demand for Ethereum.”
Meanwhile, CMC’s Crypto Rand says that Ethereum is about to follow in the footsteps of Bitcoin’s recent rally to $68k, as the charts suggest a reversal to the upside.
At time of writing Ethereum’s price is $2,714, suggesting that the upward momentum has already begun.
Can Cutoshi Overtake More Established Cryptos With Its New Concept?
Ethereum isn’t the only crypto getting attention on CoinMarketCap today, as a new project in presale, named Cutoshi, has been listed to an overwhelmingly positive audience.
Cutoshi is bringing the term ‘memeFi’ into everyday usage. The combination of a memeable avatar of the Chinese Lucky Cat, along with the principles of DeFi, is proving to be an irresistible mix.
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Cutoshi comes with an ecosystem of DeFi-related products, including a decentralized exchange that allows for trading and swapping of digital assets with full anonymity. This is important because it speaks to the inspiration of the coin – to be based on the principles of BTC creator Satoshi Nakamoto – the ability for us all to have anonymity and monetary freedom.
There will be a learning academy for those wanting to get deeper into DeFi and learn how to profit, make the most of their decentralized portfolio, and potentially earn more.
Cutoshi is also building a token farming platform where users can compete for top spots on the leaderboard, whilst accumulating $CUTO tokens and rewards for profit. This brings the community together and helps reinforce the social power of crypto bringing new users into the mix.
Cutoshi has already listed on CoinMarketCap. This is an important move that will be an essential part of the journey to the 100x profits predicted by various analysts.
Cutoshi’s DeFi capabilities and innovative participatory design are just one more reason that the project is special, and they will be another essential key to the Lucky Cat token’s appeal.
For more information on the Cutoshi (CUTO) Presale:
Join and become a community member:
https://twitter.com/CutoshiToken
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