Bitcoin (BTC) Price Prediction, Ripple (XRP) Developments, Shiba Inu (SHIB) Burn Rate: Bits Recap Nov 2

TL;DR

• BTC hit $36,000, with predictions ranging up to $3 million per coin and advice to buy before the 2024 halving.
• Ripple’s XRP saw a price jump and increased activity from large investors, signaling a positive trend.
• Shiba Inu burned 1.5 billion tokens in October, with a declining burn rate, potentially affecting its future price.

Where is BTC Headed?

The price of the primary cryptocurrency has been booming lately, touching the $36,000 mark (per CoinGecko’s data) for the first time in a year and a half. As such, numerous analysts have used the opportunity to lay out predictions regarding the asset’s possible future valuation.

The X (Twitter) user Josh Olszewicz believes BTC could continue its uptrend in the following months and rise to $38,000 before the year’s end. The assumption was based on a chart indicating that the asset is situated in a particular bullish zone. “Inside the flag, we’ve got evidence for A&E and iH&S, aka market refuses to break down,” the analyst argued.

Another person who gave their two cents on the matter was Luke Broyles. In his view, BTC has a chance of exploding to the astonishing level of $3 million per coin based on potential growth comparable to the Internet’s early expansion.

The pseudonymous crypto analyst PlanB was more careful with their forecast, simply hinting that the six months prior to the halving seem like a perfect period to increase exposure to bitcoin. They further suggested that the actual effect of the event would be seen 18 months later. 

The next halving, which will cut miners’ rewards in half, is scheduled for the spring of 2024. It is considered a bullish factor and has positively impacted BTC’s price in the past.

Those curious to take a look at five other intriguing bitcoin price predictions could take a look at our dedicated video below:

What’s New Around Ripple?

Ripple and its native token – XRP – have also made the headlines in the past few days. The coin’s price surpassed $0.61, representing a 26% increase on a two-week basis, whereas investors holding substantial amounts of the asset have been on the rise.

Specifically, the total number of sharks and whales (those owning at least 10,000 XRP) hit an all-time high of over 277,000. Transactions involving such participants exceeded $1 million in value at the end of October. Those willing to check whether XRP is poised for a further increase in the remaining months of 2023 could find out in the video below:

Shiba Inu’s Massive Burn

Last but not least, we will touch upon the popular memecoin – Shiba Inu – and its burning program. According to data presented by Shibburn, the project saw almost 1.5 billion tokens destroyed last month.

The record day was October 28, when more than 250 million SHIB were sent to an address that nobody could access. Despite the impressive figures, October’s burn rate is 37% less than the one observed in September.

Burning tokens could be one of the elements that might drive SHIB’s price up in the future. Other factors include the advancement of the layer-2 scaling solution Shibarium, mass adoption, interest from institutional investors, and others.