CryptoDigest/Crazy for Bitcoin (BTC), Anticipating Ripple (XRP) Price Hike, and Other Key Updates: Crypto Highlights
Bitcoin (BTC) shatters the ceiling, reaching a new all-time high, with signs pointing towards further growth. Ripple’s (XRP) price, on the other hand, validates a multi-year triangle breakout, with potential to reach $3 or a new ATH. Meanwhile, Ethereum (ETH) records over 20% hike in a week, with predictions suggesting a climb to $4,000.
Historic Breakthrough for Bitcoin
Bitcoin continues to ride the bull wave, achieving a new record high of over $118,000. Several metrics indicate potential for further growth. In 2024, for instance, Bitcoin’s Market Value to Realized Value (MVRV) ratio reached beyond 2.7, while currently, it’s at approximately 2.35.
According to CryptoQuant, the short-term holder spent output profit ratio (SOPR) doesn’t reveal any “intense” profit-taking, leading to reduced sell pressure from these investors. The decreasing BTC amount on crypto exchanges further corroborates this trend. Over recent months, investors have been moving assets from centralized platforms to personal custody methods.
Not surprisingly, the crypto sphere is flooded with enthusiasts predicting more gains for BTC. User Captain Faibik forecasts a surge to $126,000, while OxNobler predicts a “super-cycle” leading to a valuation of $300,000.
Ripple (XRP) Also on the Rise
Ripple’s token has embraced the market’s green trend, reaching a two-month high of $2.60. It looks like a breakout from a multi-year symmetrical triangle that formed between 2018 and 2024, hinting at more substantial gains.
User Cryptoinsightuk suggests that breaking the $2.60 resistance level could pave the way for a rise to $3 and a new all-time high. However, investors should be wary of metrics indicating a potential short-term correction. For instance, XRP’s Relative Strength Index (RSI) has rocketed to 85, indicating overbought territory.
Ethereum’s (ETH) Impressive Run
The largest altcoin has shown a remarkable price increase of nearly 20% over the past week, now trading well above $3,000. Many analysts believe this rally is far from over. User Cipher X anticipates no “major correction” until $3,300-$3,400, while Ted believes ETH’s next stop is $4,000.
Despite the optimism, there are warning signs to consider. The Ethereum Foundation sold off 1,210 ETH for 3.5 million USDC at an average price of about $2,890. In the past, these sell-offs have often led to significant price pullbacks. However, there have been exceptions, like in November last year, when despite a selling spree, ETH’s price continued to rise, hitting $4,000 in December.
