Outside Source
TL;DR
- Bitcoin (BTC) experienced enhanced volatility and currently trades just south of the $70K mark.
- Despite a 10% drop on a two-week scale, analysts remain bullish on Ripple (XRP), predicting significant future gains influenced by the upcoming Bitcoin halving and the outcome of Ripple’s lawsuit against the SEC.
- Dogecoin (DOGE) experienced a 30% price increase within a week, coinciding with a significant transfer of over 1 billion DOGE by an unknown whale.
BTC’s Price Swings
The last few days have been quite eventful for the price of the primary cryptocurrency. It started the week trading at around $66,500, but several hours later, it soared above $71,000. The surge occurred shortly after Robert Mitchnick – BlackRock’s digital assets lead – described BTC as a good portfolio diversifier.
The cryptocurrency maintained momentum in the following days, hovering around the $70K level. The positive trend changed yesterday (March 27) when its price dipped to $68,500. The asset witnessed yet another rebound in the past few hours, currently trading at almost $70,000 (per CoinGecko’s data).
The community remains optimistic that another more substantial spike is on the horizon. A recent poll initiated by the popular X user PlanB revealed that more than 70% of the participants think BTC can surpass the $100,000 mark sometime this year. 18% believe this may happen in 2025, while less than 5% predicted that the asset’s price will never rise so high.
How’s Ripple (XRP) Doing?
Ripple’s token has been underperforming in the past several days, with its price being 10% down on a two-week scale. As usual, though, pro-XRP analysts remain unfazed by the negative trend, forecasting impressive resurgence in the near future.
The X user Mikybull Crypto envisioned a rally between $1 and $6 based on the assumption that the asset “has concluded its retest and it’s now preparing for an explosive upward move.”
The financial expert and investor Vandell AlJaraah gave his two cents, too, claiming investors should not sell their XRP holdings since “we’re at the onset of a bullish cycle, with the altcoin season yet to peak & the Bitcoin halving ahead.”
“Understanding market cycles is essential for prudent investment decisions. We haven’t even started. The peak will be from 2024 to 2025,” he added.
The halving, scheduled for next month, will slash the rewards received by miners for validating blocks on the blockchain in half, thus reducing the temp of creating new coins. The event will make BTC scarcer and potentially more valuable in future. Historically, it has been followed by a massive bull run for the leading cryptocurrency and the entire market.
Another factor that might positively impact XRP’s price in the following months is the resolution of the lawsuit between Ripple and the US SEC. The trial between the entities is scheduled for April 23, but possible appeals from both sides may delay the outcome by 2026 (according to ChatGPT).
Those willing to observe additional elements signaling that XRP is on the verge of a price explosion throughout 2024, feel free to watch our dedicated video below:
DOGE’s Rally
Last but not least, we will touch upon the biggest meme coin – Dogecoin (DOGE) – which has been on a roll lately. Its price has jumped by 30% in a week, coinciding with increased activity from whales. As CryptoPotato reported, a mysterious person (or entity) recently transferred over 1 billion DOGE (worth more than 195 million at current rates) to an unknown wallet.
Some DOGE proponents cheered the move, assuming this could be a precursor of another substantial price pump. Others wondered who might stand behind the transfer, with some suggestions pointing out to Tesla’s CEO Elon Musk.
The world’s richest man is a keen advocate of the meme coin, frequently praising its merits. Two weeks ago, he said Tesla may accept DOGE as a payment method “at some point.” Musk also promised to continue supporting the token, adding “Dogecoin to the moon.”
Currently, the asset trades just south of the $0.20 mark, with some analysts predicting a rise to the $1 milestone. One example is DonAlt, who argued “it isn’t too unlikely for Dogecoin to go to $1” based on how it trades against Bitcoin.
This article first appeared at CryptoPotato
