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Shiba Inu (SHIB) Predictions, Bitcoin (BTC) Price Swings, Ripple (XRP) Developments: Bits Recap April 11

Apr 10, 2024

TL;DR

    Bitcoin (BTC) saw its price fluctuate significantly but recovered to above $70,000 despite market dips influenced by US inflation reports.
    Ripple (XRP) experienced a 9% weekly rise in value, drawing attention ahead of its trial with the US SEC.
    Shiba Inu (SHIB) enjoyed a 6% increase in the last seven days, with predictions of further growth bolstered by network activity and development updates.

BTC’s Enhanced Volatility

In the past few days, the cost of the leading cryptocurrency underwent notable fluctuations, reaching prices between $68,000 and $72,000.

Yesterday (April 11), the market experienced its lowest point, with inflation data from the latest US CPI report causing a significant dip. This unexpected increase in inflation led to substantial losses as reported by CryptoPotato, resulting in numerous multi-million dollar liquidations.

Despite the initial downturn, the bearish trend was short-lived as buyers returned and drove Bitcoin‘s value back up over $70,000. The current price hovers around $70,500 according to CoinGecko’s figures, marking a 7% increase in value over the past week.

Some experts anticipate that Bitcoin’s value could continue to rise in the coming weeks due to significant upcoming events, such as the BTC halving which is set to occur at the end of next week. The Analyst, Mark Palmer, from The Benchmark Company, estimates that the asset’s price will reach $150,000 by 2025. On the other hand, Bitfinex forecasts that this level will be attained fourteen months following the halving event.

Yet, not everyone shares this optimism. Fred Thiel, Marathon Digital’s CEO, recently expressed a different viewpoint. He believes that the market has already accounted for the halving effect and anticipates minimal price increases following the event.

XRP Became Part of This Prestigious List

In the last week, the cost of XRP from Ripple experienced more significant growth compared to Bitcoin, increasing by 9% and reaching a peak of nearly $0.64.

In the world of cryptocurrencies, there’s been a lot of buzz surrounding this particular asset. Not too long ago, the crypto market analysis firm Santiment identified and ranked the top 10 digital currencies that have been the most talked about in discussions. XRP came in at number 7 on this list.

The interest could be related to the approaching trial between Ripple and the US SEC (set for April 23). The legal spat between the entities has been ongoing for over three years and is focused on XRP’s status. The regulator thinks the token should be treated as a security, whereas the company argued against that classification.

SHIB’s Next Targets

A popular cryptocurrency making a comeback is Shiba Inu (SHIB). Its price has risen by 6% over the past week. Some experts believe that this meme coin could experience significant growth in the upcoming months, potentially leading to a strong bull market.

The X user Rekt Capital recently noted that SHIB’s current value has reached the same level as the one from early 2022. Surpassing this resistance zone may lead to a triple-digit surge, the analyst suggested. 

The asset’s burn rate and the advancement of its layer-2 blockchain solution – Shibarium – may also trigger a price rally. As CryptoPotato reported, the network experienced a significant revival in terms of daily transactions this week, while the number of total blocks exceeded the 4 million milestone.

For those eager to discover how Shibarium supports the growth of Shiba Inu, please check out the video we’ve prepared specifically for you below.

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2024-04-11 10:32