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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
The last few days were not quite positive for the primary cryptocurrency, whose price nosedived by approximately $10,000. Recall that BTC was worth more than $72K last week, while during the weekend, it crashed below the $63K mark.
The severe correction was possibly triggered by external events which affected traditional finance, too. For example, the US Federal Reserve hinted that a rate hike is still in the cards due to the stubborn inflation in the world’s biggest economy.
Additionally, Iran launched a massive barrage of over 300 drones and missiles at Israel over the weekend, increasing the tension in the region.
BTC’s price was negatively affected due to geopolitical concerns once again in 2022 when Russia invaded Ukraine. As Willy Woo reminded, though, the asset recovered all losses in mere days, raising hopes that we can witness the same ascent soon. It is worth mentioning that BTC is well in the green today (April 15), rising by 3% and crossing the $66,000 level.
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.
Historically, the halving has been a precursor of a huge resurgence of the entire cryptocurrency market. Those willing to learn more about it, feel free to watch our dedicated video below:
SHIB’s Progress
While Shiba Inu’s valuation has also tumbled significantly in the past several days, some metrics related to its ecosystem have headed north.
As CryptoPotato reported at the end of last week, daily transactions on the layer-2 blockchain solution, Shibarium, surpassed 200,000 (a 4,000% spike compared to the day before). The figure stands at over 400,000 today (April 15), signaling an increased activity on the network.
Shibarium’s advancement is viewed as an important element that could propel a bull run for the second-largest meme coin. It saw the light of day last summer and aims to elevate SHIB in its realm by lowering transaction costs and improving 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 were optimistic, too. The former argued that the asset has reached a “bouncing point” and forecasted that it “will definitely appreciate against BTC very soon.” The latter assumed that XRP could soon climb to an all-time high of $4.
This article first appeared at CryptoPotato
