BTC once fell below $95,000, while XRP, despite undergoing a major correction, is still expected to reach new highs in the near future.
Summary
Bitcoin dropped from $100,000 to $94,300, then rebounded to $96,800. Despite MicroStrategy's large purchases of BTC, the entire market still saw $1.4 billion cleared.
Ripple's XRP once fell below $2, but analysts remain optimistic about the currency. Some predict its market cap will rise to $270 billion.
Despite Shibarium's wallet count reaching 2 million and a 1,000% increase in its burn rate, Shiba Inu still plummeted by 25%, burning 51.7 million tokens.
Price fluctuations of BTC
The past 24 hours have been quite eventful for the cryptocurrency market, experiencing a severe adjustment. For example, Bitcoin (BTC) fell below the psychological threshold of $100,000, dropping to $94,300. In the following hours, it recovered some ground, currently trading at about $97,000 (according to CoinGecko).
It is worth mentioning that this correction occurred shortly after MicroStrategy announced another Bitcoin acquisition worth billions. The company's Bitcoin reserves increased to 423,650 BTC (equivalent to $41 billion at current rates).
Such large-scale purchases would reduce the circulation of major cryptocurrencies and could potentially lead to price increases. But as mentioned above, that is not the case this time.
Interestingly, BTC's performance was quite similar after MicroStrategy purchased Bitcoin at the end of November. At that time, the asset's valuation dropped from $98,000 to $92,000.
The latest adjustment has not only affected BTC; well-known altcoins like Ethereum (ETH), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE) have also seen significant declines. According to CryptoPotato, this crash has negatively impacted over-leveraged traders, leading to more than $1.4 billion in liquidations within 24 hours.
Optimism among the XRP army
As mentioned above, due to the market correction, Ripple's native token is one of the assets most severely affected, with its price dropping by 12%. As of the time of writing, its trading price is about $2.17, having once fallen below $2 on most exchanges.
Nevertheless, its current valuation has surged by 270% on a monthly scale, and many analysts expect it to rise further in the near future.
Veteran trader Peter Brandt and X user CRYPTOWZRD claim that XRP has the 'strongest chart' in the cryptocurrency market. The latter predicts that the token's market cap could soon soar to an all-time high of $270 billion.
Ali Martinez also joined the discussion. He insists that investors should pray for a retest of $2.25, so they can 'buy the dip, targeting $4.40.'
How is SHIB doing?
Today (December 10), the meme coin sector is also trending downwards, with Shiba Inu (SHIB) seeing a valuation drop of over 15%.
Despite the second-layer scaling solution Shibarium reaching a new milestone, its performance remains poor. According to CryptoPotato, the number of wallet addresses on the network has surpassed 2 million. Prior to this, the total transaction volume exceeded 600 million.
The progress of Shibarium is one factor driving SHIB's recovery. Another factor is the burn mechanism, which is designed to reduce circulating supply and may increase the meme coin's value through scarcity.
In the past 24 hours, the burn rate surged to over 1,000%, resulting in 51.7 million tokens being sent to burn addresses.
