In Summary
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- Bitcoin reached a value of $36,000, its highest in 18 months, with the BTC Fear and Greed Index indicating “greed” for 16 consecutive days, demonstrating high investor interest and optimism.
- Shiba Inu incinerated over 173 million tokens, resulting in a 20,000% surge in the burn rate, potentially enhancing its value. Developments in the Shiberium layer-2 solution aim to strengthen its position in the memecoin market.
Rally in XRP Price
XRP, one of the most popular crypto assets in the market, has recently been on a downward trend, despite reaching significant highs in its valuation. Earlier this week, the coin surpassed $0.73 (per CoinGecko), the highest in three months. It has since slightly declined and is currently valued around $0.68.
The impressive price performance can be attributed to recent partnerships forged by Ripple (the blockchain venture behind XRP). Notably, collaborations with Kuwait Finance House for cross-border payments and selection by the National Bank of Georgia for the digital currency project.
Another factor propelling XRP’s rally could be Ripple’s steady progress in its legal battle against the US Securities and Exchange Commission (SEC). So far, the company has secured three significant partial victories, with the outcome expected to be determined in a grand trial next spring.
Some analysts speculate that XRP could enter a strong bullish trend, anticipating a victory for Ripple. To see how the asset may perform in the short term, watch the video below:
‘Greed’ among BTC Investors
Bitcoin (BTC) has also been one of the top-performing cryptocurrencies in recent weeks. Last week, its price surged to $36,000, a level last seen 18 months ago.
As a result, it comes as no surprise that the popular BTC Fear and Greed Index has entered the “greed” zone. In fact, the metric has remained in that zone for the past 16 consecutive days, which occurred in November 2021 when the asset reached an all-time high of nearly $70,000.
To discover what may have triggered BTC’s recent price surge, watch the dedicated video below:
Massive Shiba Inu Token Burn
Last but not least, we will discuss the popular memecoin – Shiba Inu. Yesterday (November 7), the project witnessed the removal of over 173 million assets from circulation, representing a 20,000% increase in the burn rate compared to the previous day.
The purpose of the burning program is to reduce the total supply of SHIB and potentially increase the rarity and value of the coin. Another element that may drive price growth is the further development of the layer-2 blockchain solution – Shiberium. The network aims to elevate Shiba Inu as a leading player in the memecoin sector by improving transaction speeds and reducing costs. For more information on the matter, click on the clip below:
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source: cryptopotato.com
