Bitcoin Recovers After $10,000 Drop, Shiba Inu's Shibarium Network Sees Increased Activity, XRP Predicted to Rise
According to CryptoPotato, Bitcoin's price experienced a significant drop of $10,000, potentially due to the prospect of US rate hikes and geopolitical tensions. However, the cryptocurrency is showing signs of recovery, with an expected boost from the upcoming halving event. Meanwhile, Shiba Inu's Shibarium network has seen a substantial increase in daily transactions, indicating increased activity and potential for future growth. Despite a recent price drop, analysts remain optimistic about XRP, viewing the current situation as a buying opportunity with expectations for an upward trend.
Bitcoin was valued at over $72K last week, but over the weekend, it fell below the $63K mark. This severe correction may have been triggered by external events impacting traditional finance. For instance, the US Federal Reserve hinted at a potential rate hike due to persistent inflation in the world's largest economy. Additionally, geopolitical tensions increased following Iran's launch of over 300 drones and missiles at Israel. Bitcoin's price was negatively affected by geopolitical concerns earlier in 2022 when Russia invaded Ukraine. However, the asset recovered all losses within days, raising hopes for a similar recovery soon. As of April 15, Bitcoin has risen by 3% and crossed the $66,000 level. The upcoming halving event, which occurs approximately every four years and halves the rewards distributed to miners for validating blocks on the Bitcoin blockchain, could potentially lead to a more significant uptick.
Shiba Inu's valuation has also significantly dropped in recent days, but metrics related to its ecosystem have increased. Daily transactions on the layer-2 blockchain solution, Shibarium, surpassed 200,000 at the end of last week, a 4,000% spike compared to the previous day. The figure stands at over 400,000 as of April 15, indicating increased activity on the network.
