TL;DR
- Bitcoin (BTC) hit nearly $100,000 before dropping to $93,000, with corrections potentially linked to profit-taking and market sentiment.
- Ripple (XRP) soared to $1.60, now at $1.42, with predictions ranging from $1.60 to $30 by 2025.
- Shiba Inu (SHIB) saw a recent local peak and may rally again if it breaks key resistance.
BTC’s Price Swings
The primary cryptocurrency has been on a roller-coaster in the past week, with its price skyrocketing to an all-time high of almost $100,000 on November 22 but plunging below $93,000 in the following days. In the past several hours, it dumped even harder and now sits at a multi-day low of $92,500.
It is interesting to note that the correction intensified on November 25, shortly after MicroStrategy announced the purchase of a whopping 55,500 BTC for an average price of just under $98,000. The stash equaled approximately $5.4 billion, thus marking the company’s record in its acquiring spree.
Massive purchases of that type decrease the circulating supply of the leading digital asset and could lead to a price rally. It was not the case this time, with BTC dropping by 4% since the disclosure.
Corrections, though, are an inevitable part of the market cycle. Most recently, CryptoQuant’s analysts outlined some factors possibly contributing to the pullback, including Short-Term Holders (STH) taking profits and rising fear of missing out (FOMO) levels.
At the same time, on-chain metrics such as MVRV, NUPL, and Puell Multiple signal that BTC remains “in a bull market with upward potential.”
How’s XRP Doing?
Ripple’s native token has been among the market’s rockstars in the past few weeks, with its valuation charting a triple-digit rally. Last week, it tapped a three-year high of $1.60, while currently, it is hovering below $1.4.
Unsurprisingly, the massive resurgence has been followed by bullish predictions by pro-XRP analysts. X user CrediBULL Crypto recently assumed that the asset’s price could reclaim $1.60 “as long as BTC doesn’t ruin the party.”
Crypto Assets Guy and Crypto Bull were much more optimistic. The former envisioned a potential new all-time high of over $4 by Christmas this year, while the latter set a staggering target of $30 by the end of January 2025.
Exploding to such dimensions would require XRP’s market cap to skyrocket to around $1.6 trillion. Currently, the capitalization of the entire cryptocurrency sector is roughly $3.4 trillion, making the forecast quite implausible.
Another SHIB Jump on the Way?
The second-largest meme coin has also performed quite well throughout the last weeks. In mid-November, it climbed to a seven-month high before witnessing a correction alongside the broader market.
The X users Crypto King and Ali Martinez are among the bulls, envisioning greater pumps in the near future. The former claimed Shiba Inu (SHIB) could follow the solid performance of Dogecoin (DOGE).
For his part, Martinez predicted a double-digit rally if the price surpasses the $0.000025 resistance. SHIB was trading above the depicted mark for several days before dipping slightly below in the last few hours.
