Bitcoin (BTC) Price Volatility, Shiba Inu (SHIB) Advancements, Cardano (ADA) Predictions: Bits Recap March 7

9 months ago 5

ARTICLE AD BOX

TL;DR

Bitcoin hit a new all-time high of over $69,000, then dropped nearly $10,000, but recovered to around $66,000. Optimism remains high due to the upcoming halving.
Shiba Inu surged 220% in two weeks, with significant increases in burn rate and trading volume. A teased SHIB-related product/service has sparked community speculation.
Cardano’s ADA rose to $0.72, with analysts predicting a potential spike to $10, mirroring past bullish trends.

Bitcoin’s Ups and Downs

The ongoing week has been quite eventful (so far) for the primary cryptocurrency, witnessing a new all-time high price of over $69,000 on March 5. However, the peak was short-lived, and the asset nosedived by nearly ten grand hours later, triggering more than $1 billion in liquidations.

The correction did not last long, either, with BTC heading north once again. Yesterday (March 6), the price surpassed the $67K mark, while currently, it trades at around $66,000 (per CoinGecko’s data).

Despite the enhanced volatility and the brief plunge below $60,000, numerous industry participants suggest the rally could continue at an unprecedented pace in the following months. The upcoming Bitcoin halving, scheduled for April this year, supports that thesis.

The event takes place every (roughly) four years and reduces the rate at which new BTC are mined. Historically, it has been followed by an overall market boom. Those willing to observe additional factors hinting that the leading digital asset might be gearing up for an additional rally in the near future can read our article here.

What’s New Around SHIB?

The price of Shiba Inu has also taken center stage recently, skyrocketing by 220% in the past two weeks. Besides that, the popular meme coin experienced a resurgence of multiple indicators related to its ecosystem.

The burn rate exploded by 30,000% a few days ago, whereas aggregated trading volume (where each transaction exceeds $100,000) and daily active addresses have soared, too.

Most recently, the lead developer of Shiba Inu, Shytoshi Kusama, said the team has been participating in meetings and “talking to the other side of the world” regarding the introduction of a SHIB-related product or service. Multiple X users highlighted the upcoming release, casting doubts on what could be on the horizon.

Is ADA Ready for a Considerable Spike?

Cardano’s ADA has soared by 50% on a monthly scale, currently trading at $0.72. Despite not performing as well as other altcoins and meme coins, some analysts remain optimistic that the asset is poised to hit an ATH in the following months.

The X user Ali claimed the token seems to mirror its previous bull cycle, envisioning a “parabolic” spike to as high as $10 (should the trend remain the same). Those willing to explore additional forecasts can take a look at our dedicated video below: