Bitcoin (BTC) Price Outbreak, Shibarium’s Upgrade, and More: Bits Recap Oct 31

TL;DR

• Bitcoin trades well above $70,000, with analysts sharing mixed forecasts about its future movements.
• Shibarium’s new upgrade aims to boost utility and introduce exclusive rewards.
• According to one analyst, XRP could see a significant rally if it breaks key resistance soon.

BTC on Fire

The final days of October (so far) have been quite successful for the primary cryptocurrency. Its price crossed the psychological level of $70K at the start of the week, continuing the uptrend to as high as $73,600. Currently, bitcoin (BTC) trades at around $72,200 (per CoinGecko’s data), representing a 7% increase on a seven-day scale. 

BTC Price, Source: CoinGecko

Numerous industry participants believe the rally is still at its starting point, envisioning further gains in the near future. X user Mikybull Crypto recently noted the emergence of a “golden cross,” which could be a precursor of a massive bull run.

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

Despite the overall optimism in the space, some analysts forecasted a potential correction. Altcoin Sherpa, for example, maintained that the “range highs were trapped,” speculating about a possible pullback to $50,000.

Ali Martinez chipped in, too, reminding that BTC’s valuation plunged substantially following the previous three US presidential elections. The voting for America’s next political leader is scheduled for next week (November 5), and it is likely to trigger some volatility in the crypto market. 

Shibarium’s Upcoming Upgrade

Shiba Inu’s layer-2 scaling solution also made the headlines due to another upgrade unveiled by its developers. As CryptoPotato reported, the advancement that is “on the way” aims to bring new opportunities for users, such as exclusive events and rewards. Additionally, it will enhance the network’s utility and allow for future expansion.

“Shiboshis will play a part in future expansions across the Shib ecosystem, opening doors for unique interactions and potential benefits,” the disclosure reads. 

Shibarium’s previous upgrades this year included a new user interface (UI) update that enables compatibility with popular self-custody wallets and a “Burn Portal” that decreases the circulating supply of Shiba Inu (SHIB). This development makes the meme coin more scarce and possibly more valuable (should demand remain constant or rise). 

XRP Predictions

Despite the booming cryptocurrency market recently, Ripple’s XRP remains in the red on a weekly scale, currently hovering at around $0.51. However, many analysts are still optimistic that it will catch up with the pace and experience a significant rally soon.

XRP Price, Source: CoinGecko

One example is EGRAG CRYPTO, who envisioned a price explosion to $7.50 before the year’s end. The crypto enthusiast added that such a rally would only be possible if XRP surpasses the resistance level of $0.5930 before the end of this month (meaning today).