According to CryptoPotato, Bitcoin (BTC) has seen a significant drop, reaching a multi-month low of around $56,600. Shiba Inu (SHIB) also experienced a 13% decrease in its price over the week, despite improvements in its ecosystem and a substantial increase in its token burn rate, which is aimed at reducing supply. On the other hand, Ripple’s XRP has shown relative stability in a volatile market, with analysts predicting substantial future price increases based on strong technical signals.
In the past few days, the cryptocurrency market has been in the red, with Bitcoin (BTC) being one of the most affected assets. Its price briefly surged to over $67,000 shortly after the halving but declined towards the end of April. It fell below the $60K mark on May 1, eventually reaching a multi-month low of approximately $56,600. However, there are several factors indicating that the trends may change soon. These include BTC’s negative exchange netflow in the past week, the Market Value to Realized Value (MVRV) metric which has experienced a downfall, and the rising open interest (OI) weighted funding rate.
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has also underperformed recently, with its price falling by 13% on a weekly scale. Despite this, it has seen multiple advancements related to its ecosystem. The SHIB burn rate increased by 90% on May 1, and the destroyed assets throughout April equaled almost 1.7 billion. The program’s ultimate goal is to reduce the circulating supply of the meme coin, making it scarcer and potentially more valuable over time.
Despite briefly falling below the $0.50 level, Ripple’s XRP remained relatively steady during the latest market turbulence. In fact, its price is slightly in the green today and up 3% on a two-week scale. Numerous analysts believe the asset’s best days are yet to come, envisioning wild targets for the following months. The X user Dark Defender claimed XRP could explode to $5.85 and eventually to a whopping $18.22 as long as it trades above the two major support levels – $0.46 and $0.39.
