Huge Fluctuation in Bitcoin (BTC) Price, ripple (XRP) Predictions, shiba inu (SHIB) Achievements
TL;DR
- Bitcoin (BTC) started the new year with a significant price increase to over $45,500, driven by US spot Bitcoin ETF expectations, but fell back to around $42,000 due to market speculation.
- Ripple’s XRP has faced depreciation recently, hitting a two-month low, but analysts remain optimistic about its future and predict significant price gains following Ripple’s regulatory victories.
- Shiba Inu (SHIB) has gained attention due to its popularity in certain markets and the successful launch of its Shibarium blockchain solution, which has led to significant increases in transactions and wallet addresses on its network.
The primary cryptocurrency started the new year with a big jump, rising above $45,500 (a price last seen in April 2022). One possible reason for the uptrend was the growing excitement that a spot Bitcoin ETF would see the light of day in the US in the coming weeks.
However, their joy was short-lived. The value of BTC fell below the $42,000 level yesterday (January 3), followed by a slight revival towards the current $43,000 level (according to data from CoinGecko). Matrixport report glance The fact that the U.S. Securities and Exchange Commission (SEC) did not approve a single ETF application in January may be one factor at play.
But prominent figures such as Bloomberg’s Eric Balchunas and Scott Melker (also known as “The Wolf of All Streets”) countered that the report was one man’s speculation without verified sources.
It is also necessary to mention the actions of BTC miners. Like CryptoPotato Lately reportedBTC’s hash rate reached an all-time high of 544 exahashes per second around Christmas. This may have made the network more secure, but it also resulted in higher costs for miners. abandoned The majority of their assets are on stock exchanges at the beginning of 2024.
Even though the price has corrected, it is still true that BTC has rallied a lot in the last few months. Check out our latest video to hear what a well-known expert thinks about the rally.
Where Is XRP Going?
Ripple’s XRP was another digital asset affected by the recent market decline, with its price falling to a two-month low of $0.55.
However, analysts such as EGRAG CRYPTO and Dark Defender remain optimistic that 2024 will offer plenty of prosperity for XRP investors.
Old registered Ripple’s success in its lawsuit against the SEC claimed that this could allow the price of the asset to skyrocket to $27 during the next potential bull run. Dark Defender, on the other hand, showed a less bullish trend and set the short-term target at $ 1.
Developments of SHIB
The Shiba Inu has also made headlines thanks to its growing popularity in certain regions and the launch of layer-2 blockchain solution Shibarium.
Like CryptoPotato reportedMemecoin became the second most traded crypto asset on Indian exchange wazirx in 2023, after Bitcoin (BTC).
Shibarium (designed to increase the Shiba Inu’s speed and reduce handling costs) has surpassed many milestones to its name. While the total number of transactions on the network is close to 250 million, wallet addresses exceeded 1.3 million.
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