Bitcoin
Shiba Inu, Cardano and DOGE will surpass Bitcoin, ETH, XRP, here’s why
Shiba Inu, Cardano and Dogecoin are positioned to outperform Bitcoin, Ethereum and XRP, according to a recent report from on-chain analytics firm Santiment. The company’s analysis reveals a favorable outlook for these altcoins based on their 30-day market cap to realized value (MVRV) metrics.
This indicator suggests a greater potential for a near-term recovery for SHIB, Cardano, and DOGE compared to their larger counterparts.
Bullish forecast for Shiba Inu, Cardano and Dogecoin
Santiment’s latest report highlights the potential of several altcoins to outperform major cryptocurrencies such as Bitcoin, Ethereum and XRP in the short term. When analyzing the 30-day MVRV, which is a key metric that compares the market value to the realized value of a cryptocurrencySantiment assesses the likelihood of a price recovery.
Source: Santiment, X
In its report, Santiment said a lower MVRV index indicates a greater likelihood of an imminent rally. According to Santiment’s chart, Shiba Inu (SHIB) shows the most promising outlook with a 30-day MVRV of -19.1%, the lowest among the large-cap cryptocurrencies analyzed.
This suggests significant upside potential for SHIB. Furthermore, Cardano (ADA) and Dogecoin (DOGE) also exhibit strong bullish signals with 30-day MVRV values of -12.6% and -16.7%, respectively.
Meanwhile, in a recent post on The post highlighted the relatively moderate bullish outlook for Bitcoin (BTC) at -4.0%, Ethereum (ETH) at -4.3%, and XRP by -3.5%, in contrast to the more pronounced bullish signals for SHIB, ADA and DOGE.
In other words, current market conditions appear to favor a rally in altcoins like Shiba Inu, Cardano, and Dogecoin. These altcoins have shown resilience and are now positioned to leverage their lower MVRV ratios for potential gains.
Read too: XRP, Cardano and 7 other communities should watch this important move by Binance
Market dynamics favor Altcoin rise
Shiba Inu, in particular, stands out with the lowest MVRV among large caps, indicating that it may be poised for a substantial price increase. Furthermore, the recent increase in Shiba Inu Burn Rate it also fueled market sentiment towards the meme coin. Additionally, Crypto.com has also recently started accepting SHIB as a financing option for Visa cards alongside Bitcoin and Ethereum, showing the growing adoption of crypto.
However, the MVRV ratio serves as a critical indicator of whether an asset is overvalued or undervalued relative to its realized value. When the index is significantly negative, it suggests that BTC or altcoins are undervalued, providing a buying opportunity that could lead to a price increase.
In the case of Shiba Inu, an MVRV of -19.1% signals that the token is heavily undervalued, increasing its recovery prospects.
Altcoins like Dogecoin and Cardano, with their very bullish MVRV ratios, could also benefit from increased investor interest. Dogecoin’s community drive and Cardano’s ongoing technological developments contribute to its favorable outlook.
While Bitcoin, Ethereum, and XRP remain industry leaders, their relatively higher MVRV ratios suggest less aggressive near-term recovery potential compared to these altcoins.
At the time of writing, Shiba Inu Price rose around 2%, while Dogecoin Price jumped 1.85% in the last 24 hours. Simultaneously, Cardano Price rose 2.29% to $0.3891. On the other hand, Bitcoin Price fell nearly 1% to $65,100, reflecting the top cryptocurrency’s struggle to regain its momentum.
However, Ethereum Price followed the broader market recovery and jumped 3% to $3,529, while XRP Price fell 2.54% from yesterday to $0.4902.
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Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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