Significant changes are occurring in the cryptocurrency market: XRP reaches a new record, SHIB continues to rise, while BTC exhibits fluctuations.
XRP Reached New Heights
XRP from Ripple recently set an all-time high, reaching over $3.60. This is the first occurrence in more than seven years, since the price hit around $3.40 in early 2018. XRP's market capitalization surged above $200 billion, establishing it as the third-largest cryptocurrency, significantly ahead of Tether (USDT). The rally of XRP can be attributed to multiple factors, including rising public interest and accumulation by major investors. Analysts are predicting further growth, suggesting a potential target of $4.80 or even $10.
Prospects for SHIB
The second-largest meme cryptocurrency, SHIB, has increased by 30% over the past two weeks, with its market capitalization briefly exceeding $9 billion. However, 45% of holders are still at a loss, as many bought in when prices were significantly higher. Despite this, analysts assert that SHIB has the potential for further substantial growth, based on certain chart patterns.
BTC's Situation
Leading cryptocurrency BTC reached a record of $123,000 on July 14 but cooled slightly afterwards and is currently trading around $119,000. Some analysts suggest that the bull market may continue. The Market Value to Realized Value (MVRV) model for BTC indicates that the current value of around 2.36 is far from historical highs. The flow of capital toward spot BTC ETFs and accumulation by major investors also point to positive trends.
In conclusion, the cryptocurrency market is demonstrating active fluctuations, with XRP setting new records, SHIB projected for further growth, and BTC awaiting new highs.
