TL;DR
- Bitcoin’s halving reduced mining rewards, decreasing the new coin supply and historically leading to price rallies, with BTC recently rising above $66,000.
Shiba Inu’s SHIB surged after an update to Shibarium, improving its interface and compatibility with popular wallets.
Ripple’s XRP rose 8% ahead of a pivotal lawsuit action.
BTC Started Ascending
Last week, the significant and much-awaited Bitcoin halving occurred in the cryptocurrency world. This event cut down miners’ block rewards from 6.25 Bitcoins to 3.125 Bitcoins, resulting in a 50% decrease in daily production of the primary digital currency.
The mechanism influences Bitcoin’s inflation rate by reducing the speed at which new coins become available, making them less abundant and potentially worth more due to increased demand or stable levels.
In the past, Bitcoin’s halving has often led to significant price increases and renewed excitement within the cryptocurrency market. Many industry experts believe we can expect more of the same in the coming months.
BTC was worth around $63,500 when the halving occurred, while over the weekend its value spiked around 5% to as high as $66,000 (witnessed on April 22). Currently, the asset hovers at approximately $66,300 (per CoinGecko’s data).
It’s uncertain if Bitcoin’s price will significantly increase in the upcoming days, as it did following past halvings. Robert Kiyosaki, the renowned author of “Rich Dad Poor Dad,” has recently made a forecast suggesting that Bitcoin could reach an unprecedented peak of $100,000 by September this year.
What’s New Around SHIB?
Over the weekend, the widely-used meme cryptocurrency experienced significant growth in the crypto market. Its price jumped up by more than ten percent.
The rally for Shiba Inu occurred not long after the team made an announcement about a significant update to their layer-2 blockchain solution called Shibarium.
The developers have rolled out a fresh new user interface (UI), which they claim is faster, more seamless, and more accessible than before. Notably, this update works with widely-used self-custody wallets including MetaMask, Trust Wallet, Coinbase Wallet, among others.
Last summer, Shibarium was officially launched with the mission to boost the growth of the Shiba Inu community. It does this by increasing its capacity to handle more transactions, making processes faster, and lowering fees. For those interested in exploring it further, please check out the video we’ve prepared below.
XRP Flashes Green, too
Another leading cryptocurrency that has performed quite well in the past few days is Ripple’s XRP. Its price has increased by 8% on a weekly scale, touching the $0.54 mark.
A crucial element that could ignite a major price surge for XRP is the resolution of the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC). The long-standing dispute between these parties is nearing its end – with a trial set to begin on April 23.
Some believe the company holds the advantage following its triumph in three crucial court cases during the year 2023.
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2024-04-22 10:40