Bitcoin (BTC) Price Breakout, Shibarium Update & More: Bit Summary October 31st

TL;DR

Bitcoin is trading well above $70,000, with analysts sharing mixed predictions about its future moves. The new Shibarium update aims to increase utility and introduce exclusive rewards. According to one analyst, XRP could see a significant rally if it breaks the key resistance soon. BTC on fire

The last few days of October (so far) have been pretty successful for the mainstream cryptocurrency. Its price crossed the psychological level of $70,000 at the beginning of the week, continuing the uptrend to $73,600. Bitcoin (BTC) is currently trading around $72,200 (according to CoinGecko data), representing a 7% increase on a seven-day scale.

BTC Price, Source: CoinGecko

Many industry participants believe the rally is still in its infancy, and predict further gains in the near future. X user Mikybull Crypto recently noted the appearance of a “golden cross,” which could be a precursor to a massive bull run.

The technical chart pattern occurs when BTC’s short-term moving average (often the 50-day) crosses above its longer-term moving average (for example, the 200-day). It is considered a bullish signal, indicating a boost in positive market sentiment.

Despite general optimism in the space, some analysts predicted a possible correction. Altcoin Sherpa, for example, maintained that the “range highs were stuck,” speculating on a possible pullback to $50,000.

Ali Martínez also chimed in and recalled that BTC’s valuation dropped substantially after the previous three US presidential elections. The vote for the next US political leader is scheduled for next week (November 5) and is likely to trigger some volatility in the crypto market.

Next Shibarium update

The Shiba Inu layer 2 scaling solution also hit the headlines due to another update introduced by its developers. As reported by CryptoPotato, the advancement that is “on the way” aims to provide users with new opportunities, such as exclusive events and rewards. In addition, it will improve the utility of the network and allow for future expansion.

“Shiboshis will play a role in future expansions in the Shib ecosystem, opening doors to unique interactions and potential benefits,” the release says.

Previous updates to Shibarium this year included a new user interface (UI) update that enables compatibility with popular self-custodial wallets and a “Burn Portal” that decreases the circulating supply of Shiba Inu (SHIB) . This development makes the meme currency more scarce and possibly more valuable (should it remain constant or increase in demand).

XRP Predictions

Despite the recently booming cryptocurrency market, Ripple’s XRP remains in the red on a weekly basis, currently hovering around $0.51. However, many analysts remain optimistic that it will catch up and experience a major rebound soon.

XRP Price, Source: CoinGecko

An example is EGRAG CRYPTO, which predicted a price explosion to $7.50 before the end of the year. The crypto enthusiast added that such a rally would only be possible if XRP breaks the $0.5930 resistance level before the end of this month (i.e. today).

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