TL;DR
- Bitcoin’s price fell by $10,000, possibly influenced by potential US rate hikes and geopolitical tensions, but showed signs of recovery with an anticipated boost from the upcoming halving event.
Shiba Inu’s Shibarium network saw a significant increase in daily transactions, signaling growing activity and potential for future gains.
Despite a recent price drop, analysts remain optimistic about XRP, viewing it as a buying opportunity with expectations for an upward trend.
BTC’s Massive Plunge
Over the past few days, Bitcoin’s value took a downturn. Its price dropped around $10,000 from its peak last week of over $72,000 to falling beneath $63,000 over the weekend.
An extreme response may have been initiated by external influences that affected conventional finance as well. For instance, the US Federal Reserve suggested that an interest rate increase was still a possibility due to persistent inflation in the United States, the largest economy.
Over the weekend, Iran carried out an attack using more than 300 drones and missiles against Israel. This incident has heightened tensions in the region.
In 2022, the price of Bitcoin dropped due to geopolitical tensions arising from Russia’s invasion of Ukraine. However, as Willy Woo pointed out, Bitcoin quickly regained its losses within a few days, fueling optimism for another price surge. It is noteworthy that Bitcoin is currently experiencing growth, with a 3% increase and surpassing the $66,000 mark (as of April 15).
The upcoming halving suggests a more substantial uptick could be just around the corner. The event, which occurs approximately every four years, is scheduled for the end of this week and will slash in half the rewards distributed to miners for validating blocks on the Bitcoin blockchain.
In the past, a cryptocurrency’s halving has often led to a significant revival in the entire crypto market. For those interested in gaining further insight, please check out the informative video we’ve prepared below.
SHIB’s Progress
Despite a significant drop in Shiba Inu’s value over the past few days, certain aspects of its ecosystem have shown growth.
At the end of last week, as CryptoPotato noted, daily transactions on Shibarium, a layer-2 blockchain solution, reached over 200,000 – marking a significant 4,000% increase from the previous day. This number has since grown to over 400,000 today (April 15), indicating heightened network activity.
The progress being made in Shibarium is considered a significant factor that could trigger a surge in demand for the second-largest meme coin. It was introduced last summer and is designed to boost SHIB‘s value by reducing transaction fees and enhancing processing speed.
XRP Predictions
Ripple’s native token dipped by around 13% on a weekly scale, briefly slipping below the $0.50 mark. Nonetheless, numerous analysts remain unfazed, with some viewing this as a perfect buy-the-dip opportunity. One example is the X user EGRAG CRYPTO, who claimed that “XRP dips for buying, not for crying.”
Dark Defender and Mikybull Crypto expressed confidence as well. Dark Defender believed that the asset had hit its bottom and anticipated it would “significantly increase in value relative to Bitcoin very soon.” Mikybull Crypto, on the other hand, thought XRP could potentially reach a new peak of $4.
Read More
- CKB PREDICTION. CKB cryptocurrency
- EUR INR PREDICTION
- PENDLE PREDICTION. PENDLE cryptocurrency
- PBX PREDICTION. PBX cryptocurrency
- W PREDICTION. W cryptocurrency
- TANK PREDICTION. TANK cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- USD DKK PREDICTION
- ICP PREDICTION. ICP cryptocurrency
- GEAR PREDICTION. GEAR cryptocurrency
2024-04-15 11:08