ripple Price Predictions, Shiba Inu (SHIB) Developments and More: March 18 Bitcoin Recap
TL;DR
- Bitcoin surpassed its all-time high of $73,500 but dropped to $65,000 and is now above $68,600. The upcoming FOMC meeting and BTC halving could lead to another price increase.
- shiba inu (SHIB) saw a decline but outperformed BTC with a significant price increase.
- XRP remains stable between $0.60-0.63, with forecasts for a significant upside influenced by technical analysis and market trends.
Price of primary cryptocurrency has reached It rose to an all-time high of over $73,500 on March 14, following an impressive performance since the end of February. However, it was unable to maintain the momentum and over the weekend its valuation dropped significantly to as low as $65,000 (according to data from CoinGecko).
BTC has recouped some of its losses and is now trading above $68,600. Meanwhile, some upcoming events could trigger another rise in the asset. An example of this is the Federal Open Market Committee (FOMC) meeting scheduled for March 20.
America’s central bank has previously promised to start lowering interest rates, and we don’t yet know if that change will begin this week. Lowering the benchmark could allow more individuals and organizations to deal with risky assets by securing external financing, which could lead to an increase in the price of Bitcoin. A survey conducted in 2022 estimated 21% of respondents took out a loan to invest in crypto.
Another factor worth observing is BTC halvedwhich will happen next month. The event occurs approximately every four years and halves the rewards distributed to miners for validating new blocks on the Bitcoin blockchain, thus reducing the rate at which new coins are produced.
This is a key part of BTC’s anti-inflationary nature, making the asset less scarce and potentially more valuable over time. For those who want to learn more about this subject, feel free to check out our video below:
SHIB In Green
Popular meme coin Shiba Inu (SHIB) also dropped over the weekend but made a more impressive comeback than BTC. As of now, the alleged dogecoin killer is trading at around $0.00002876, up 13% on a 24-hour scale. Meanwhile, it remains one of the best performers over the past month, with its price skyrocketing by 200%.
Many analysts think that SHIB is about to experience another significant rise in the near future. X user JAVON MARKS noted the “tremendous strength” the token has shown recently, predicting a roughly 150% upside if a vital resistance level is breached.
Factors such as the burn mechanism and the further advancement of Shibarium may also trigger a price increase. Burn rate at the beginning of this month Exploded at one point it reached a whopping 30,000%; whereas today, spiked It increased by over 2,000%.
For its part, total transactions on layer-2 scaling solution Shibarium exceeded It reached 400 million and wallet addresses approached 4 million.
XRP predictions
Ripple‘s XRP has consolidated in the $0.60-$0.63 zone over the past week, but experts are optimistic that a significant rally is imminent.
X user EGRAG CRYPTO envisioned a bright future for the token and “life-changing, double-digit price targets.” They claimed that XRP is currently in a so-called “bounce-bounce” range, which means the bull’s actions can greatly affect the valuation.
EGRAG CRYPTO claimed that a break above the so-called “Fib 0.382 level” could result in prices rising to almost $1 in April.
Dark Defender also contributed, doubling down on his previous stance that XRP was poised to rise to $1.88 and an all-time high of $5.85.
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