Bitcoin price fluctuates following spot Bitcoin ETFs’ approval in the US. Shiba Inu sees a significant increase in burn rate, with millions of tokens withdrawn from circulation. Cardano surpasses Ethereum in daily whale transactions and in another field.
The sale of the first Bitcoin spot ETF in the United States on January 10 caused great volatility in the price of the cryptocurrency. It spiked to around $49,000 on January 11, but fell below the $45,000 level shortly after.
In recent days, BTC has been trading between $40,000 and $42,000, according to data from CoinGecko.
Where is BTC Headed?
Despite the current bearish trend, numerous prominent figures remain optimistic that the coming months and years will be successful for the asset. Robert Kiyosaki, a well-known investor and author of the bestseller “Rich Dad, Poor Dad,” recently predicted that BTC is heading towards the $150,000 mark.
Fundstrat’s Tom Lee and popular X (Twitter) user PlanB were even more optimistic. the first predicted that Bitcoin could explode to $500,000 in five years. Plan B claimed that the stock-to-flow model predicts a price of $532,000 after the halving.
On the other hand, skeptics like Peter Schiff predicted a new decline in Bitcoin. Economist recently maintained that Gary Gensler (Chairman of the US SEC) gave the nod to spot ETFs after being “backed into a corner.” As such, it is expected to soon implement “onerous new crypto regulations” that could increase the cost of BTC transactions and negatively impact the price of the asset.
Shiba Inu Burn Rate
Last week, the meme coin burn rate. skyrocketed by 3,000% on a daily scale, resulting in more than 30 million tokens being withdrawn from circulation.
Today’s figure, January 22, is also impressive. According to Shibburn, more than 53 million assets have been destroyed in the last 24 hours.
Reducing the huge circulating supply of SHIB is supposed to make it scarcer and potentially more valuable over time. However, its price has been on the decline lately, falling almost 5% in a week.
Cardano’s Achievements
Cardano has been making waves lately, surpassing Ethereum in two different fields. As a media outlet reported, Cardano whales have settled an average of $13 billion in large daily transactions on a weekly basis. The figure of its rival stood at 5,000 million dollars.
Additionally, Cardano witnessed an NFT sales volume of over $7.6 million over the past month. Ethereum is still the leader with $350 million, but this actually represents a 20% decline in 30 days.
As AMBCrypto reported a few days ago, Cardano surpassed the rest in development activity. To be precise, significant progress has been made in the development of Cardano, as evidenced by an increase in code commits over the past few weeks.
The trend continued this week as well. AMBCrypto’s verification of Santiment data revealed that ADA development activity increased substantially. Additionally, the count of contributors to development activity also skyrocketed in the last week. The reason behind this increase in the metric was revealed by Cardano’s latest report. weekly development report. According to the report, the escalation team improved action workflows and addressed protocol consistency.
While development work around the blockchain was on par, the price action of its native token remained under the influence of the bears. According to CoinMarketCap, ADA fell more than 5% in the last seven days. ADA was trading at $0.5166 with a market capitalization of over $18.2 billion, making it the eighth largest cryptocurrency.
By Audy Castaneda
