Shiba Inu (SHIB) Metrics Go Wild, Bitcoin (BTC) Jumps to an ATH of $70K, and More: Bits Recap March 11

TL;DR

BTC reached a new peak of $70,000 but faced volatility, with expectations of further growth due to the upcoming halving event.
Shiba Inu (SHIB) experienced a 240% price surge, highlighting the meme coin sector’s rapid growth but also its volatility.
Ripple (XRP) is on the verge of an adoption milestone, with analysts predicting a potential rally in its price.

BTC’s New Peak

The primary cryptocurrency experienced severe turbulence in the past week. Its price soared to an all-time high (at the time) of over $69,000 on March 5 but could not keep the momentum and nosedived by nearly ten grand hours later, prompting more than $1 billion in liquidations. 

In the following days, BTC returned to green territory, hovering at $67K-$68K for a while. The trends changed once again over the weekend when the asset’s value surged to the unprecedented peak of $70,000 before retracing to its current level of almost $69,000 (per CoinGecko’s data). Somewhat expectedly, the volatility harmed over-leveraged traders. 

Numerous industry experts believe BTC’s recent great performance will persist in the near future and even lead to new heights. Some outline the halving (scheduled for April) as a factor supporting that thesis.

The event, which occurs roughly every four years, reduces the rate at which new BTC is mined and is an integral part of the ecosystem’s anti-inflationary program. Historically, the halving has been followed by a massive market resurgence and new ATHs for multiple cryptocurrencies.

Those willing to explore additional elements suggesting that BTC has plenty of room for growth after the $70,000 mark can read our article here.

Shiba Inu’s Highlights

The popular meme coin Shiba Inu (SHIB) has also been a top performer, with its price skyrocketing by a whopping 240% on a 14-day scale. This exponential increase has benefited savvy traders who entered the ecosystem in its early days and endured the crypto winter in the past few years. As CryptoPotato recently reported, one such investor currently sits on paper profits of $1.3 million.

Some indicators related to the token have also headed north. Total transactions on the layer-2 scaling solution – Shibarium – exceeded the 400 million milestone, while daily active addresses have multiplied 20x above last month’s daily average.

Shiba Inu’s success aligns with a huge frenzy surrounding the meme coin sector. Assets of that type, including dogwifhat (WIF), Pepe Coin (PEPE), Floki Inu (FLOKI), and many more, have witnessed triple-digit price explosions in mere weeks. However, dealing with those remains dangerous due to the infamous volatility in the cohort. If you are about to enter the ecosystem, please check our video to protect yourself from some common mistakes:

What’s New Around Ripple (XRP)?

Ripple’s native token has been lagging behind the gains charted by most leading digital currencies lately. Nonetheless, it is close to reaching a major milestone in terms of adoption. As CryptoPotato reported, the total amount of XRP tokens held in accounts is just south of the 60 billion mark (equaling over $36 billion at current rates). The figure represents around 60% of the token’s total supply. 

Adoption rate on the rise could lead to improved liquidity, meaning large transactions can occur without a significant impact on the price. This might attract additional number of investors and users and eventually trigger a rally for the coin’s valuation.

Multiple analysts, such as the X users Dark Defender and Alex Cobb, believe the asset is poised for a bull run in the near future. The former predicted that the $1 tag might be reached by the beginning of next month.