TL;DR
- BTC fell 6% for the week, supported by long-term bullish indicators like the halving event, despite being affected by a broader market correction.
- Although the price of SHIB will fall, the ecosystem will thrive with milestones such as Shibarium's growth and high trading volumes on exchanges.
- Ripple expects a significant court case with the SEC that could impact Ripple's price and broader crypto market trends.
BTC “struggling” below $70,000
The cryptocurrency market has recently entered a correction, and Bitcoin (BTC) is one of the digital assets that has been severely affected. Its price is down about 6% on a 7-day scale and is currently trading around $65,400 (according to CoinGecko data).
One of the factors contributing to BTC's recent increase in volatility and decline in its valuation could be profit taking by long-term holders. Early this week, crypto potato report Many such investors took advantage of the rise in asset prices by more than $73,000 to cash out some of their positions.
Despite the continued negative trends, the majority of the crypto community remains bullish that a new bull run is on the horizon. The popular fear and greed index is currently in the “greed” territory; Stayed It's been there for the past 2 months.
The shift from exchanges to self-custody (as revealed by CryptoQuant) and the upcoming Bitcoin halving show That the rally might be right around the corner. The latter is an event that cuts in half the rewards distributed to miners who validate blocks on the blockchain, thereby reducing the time it takes to produce new coins.
This happens approximately every four years and will repeat over and over again over the next century until the maximum supply of 21 million BTC is mined. Historically, half-life This bodes well for a significant recovery in prices across major cryptocurrencies and digital asset markets.
If you would like to explore additional factors that indicate that the real bull market for BTC has not yet begun, check out the exclusive video below.
SHIB made headlines
The price of Shiba Inu (SHIB), a popular meme coin, has also fallen significantly over the past week, although several indicators related to its ecosystem have risen.
One example is the latest milestone reached by Shibarium, a layer 2 scaling solution.as crypto potato reportthe total number of blocks on the network exceeded the 4 million mark.
Furthermore, WazirX, India's leading cryptocurrency exchange, disclosed The most traded digital asset on the platform in March was the Shiba Inu. The token has outperformed Bitcoin (BTC), Pepecoin (PEPE), Floki Inu (FLOKI), and its biggest rival in the memecoin niche, Dogecoin (DOGE).
What’s next for Ripple (XRP)?
April should be a big month for Ripple and its native token, XRP. The beginning of the trial The resolution of the three-year legal battle could trigger a market-wide boom (if Ripple wins decisively, of course).
Nevertheless, just because a trial has begun does not mean that the case will end immediately. According to ChatGPT, claims are possible from both sides. delay Results are available until 2026.
Some predict that Ripple will come out ahead in court after scoring three significant (but still partial) court victories throughout 2023. XRP price reacted positively to each win. spike Since his first win, he has moved up double digits.
