BTC tumbled by 6% weekly, impacted by a broader market correction but buoyed by long-term bullish indicators like the halving event.
    SHIB’s price drops, but the ecosystem thrives with milestones like Shibarium’s growth and high trading volumes on exchanges.
    Ripple anticipates a key trial with the SEC, potentially influencing its price and the wider crypto market’s dynamics.

BTC ‘Struggles’ Below $70K

The value of cryptocurrencies, including Bitcoin ($65,400 per current price), has seen a drop in the market recently. Bitcoin alone has experienced a decrease of approximately 6% over the last week. (Based on CoinGecko’s data)

One factor contributing to BTC’s enhanced volatility as of late and its declining valuation could be the profit-taking coming from long-term holders. Earlier this week, CryptoPotato reported that many such investors used the asset’s price ascent above $73K to cash out some of their positions.

In spite of the continuing downward trend, the vast majority of crypto enthusiasts are optimistic that a fresh bull market is imminent. The widely-used Fear and Greed Index presently indicates “Greed,” a sentiment it has maintained for the past two months.

The shift from exchanges to self-custody methods (as revealed by CryptoQuant) and the upcoming Bitcoin halving also indicate that a rally might be just around the corner. The latter is an event that slashes the rewards distributed to miners for validating blocks on the blockchain in half, thus reducing the temp of producing new coins.

Approximately every four years, the Bitcoin supply halving occurs. This event will happen numerous times over the next century until all 21 million Bitcoins are mined. Historically, this halving has signaled a significant price increase for Bitcoin and the larger digital currency market.

For those with an interest in discovering more indicators suggesting that Bitcoin’s real bull market has not yet begun, please see the video we’ve prepared specifically for you below.

SHIB Made the Headlines

Although SHIB, the well-known meme coin, experienced a significant drop in price over the last week, certain aspects of its ecosystem have shown remarkable growth.

An illustration is the recent achievement of Shibarium, a layer-2 scaling solution, reaching a new milestone. According to CryptoPotato’s report, the number of blocks in the network surpassed the 4 million threshold.

In addition, the leading Indian cryptocurrency exchange, WazirX, disclosed that Shiba Inu was the most-traded digital asset on the platform for March. The token surpassed Bitcoin (BTC), Pepe Coin (PEPE), Floki Inu (FLOKI), and its biggest rival in the meme coin niche – Dogecoin (DOGE).

What’s Next for Ripple (XRP)?

April is significant for Ripple and its cryptocurrency XRP as the highly anticipated trial against the US Securities and Exchange Commission starts on the 23rd of this month. The outcome of this long-standing legal dispute could potentially lead to a market-wide surge, provided that Ripple emerges victorious.

Despite the start of the trial, the final resolution may not occur immediately. As per ChatGPT’s prediction, potential appeals from both parties could prolong the decision until as late as 2026.

Some people believe that Ripple will have an advantage in the upcoming trial due to securing three important, albeit incomplete, court victories in 2023. The value of XRP rose significantly in response to each victory, increasing by double digits after the first triumph.

Read More

2024-04-04 10:46