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What On-Chain Data Signals for Bitcoin and Ethereum? SHIB Price Expected To Double, Here’s When

SHIB

Bitcoin (BTC) price fell to lows of $41,765 on Feb. 12 before rebounding slightly to $43,050 at press time. Bitcoin and the majority of altcoins plunged amid concerns about worsening relations between Russia and Ukraine. Nearly all the tokens in the top 100 were trading in the red, except for XRP, which was up 4.48% in the last 24 hours.

Fraxshare (FXS, +28.02), Injective Protocol (INJ, +24.78%), DigitalBits (XDB, +15.56%), Numeraire (NMR, +9.73%), Orion protocol (ORN, +4.39%) were significantly up in the last 24 hours, defying the market meltdown.

Colin Wu, a Chinese crypto reporter speaks on the present market situation ”The situation in Russia and Ukraine further intensified, the Nasdaq closed down 2.78%, and the S&P 500 fell 3.7% in two days, the largest two-day decline since October 2020. In the past 24 hours, Ethereum fell below $3,000 again, and Bitcoin fell as low as $42,125”.

What On-Chain Data Signals for Bitcoin and Ethereum?

As Bitcoin rose during the week, on-chain analytics noticed a robust increase in institutional activity and a declining BTC supply on exchanges as investors moved their BTC away.

On-chain analytics firm, Santiment notes a declining BTC supply on exchanges ”With another series of dramatic drops, Bitcoin’s supply on exchanges is now down to just 10.87%, the lowest percentage seen since December 2018. Generally, this continued trend of coins moving off of exchanges limits the risk of major sell-offs”

Bitcoin had a significant rise in institutional activity this week, according to IntoTheBlock, with over $1.5 trillion transferred in large transactions of over $100k. Large transaction volumes, given the magnitude of this sum, serve as a proxy to the level of institutional activity taking place.

It states that the number of large transactions for both BTC and ETH increased by 50%, indicating significant growth from institutional investors. However, both saw varying fees, with Bitcoin’s fees increasing 17.8% in tandem with increased volume.

Ethereum’s fees fell by 11.2 percent as NFT volumes fell, bringing average transaction fees down to $30, still hefty but down 50% from their peak. Total fees reflect the willingness to spend and demand Bitcoin and Ether.

SHIB Price Expected To Double, Here’s When

Multiple optimistic catalysts, including merchant adoption, Welly’s integration, a token burning event, and the announcement concerning its layer-2 Shibarium fueled Shiba Inu’s climb in February.

SHIB’s price rose to highs of $0.0000354 on Feb. 7 after a five-day impressive run from lows of around $0.000020 as SHIB presently trades at $0.000029 after a recent dip, however, analysts believe SHIB price might double.

SHIB is predicted to double in value by the end of 2022, according to Coin Price Forecast. SHIB is expected to trade at $0.00006 by December 2022, according to the site. Like Coin Price Forecast, WalletInvestor predicts the token’s value to double.

This, however, is not expected to happen until February 2023, according to its prediction. Gov Capital is more bullish than the rest of the market, predicting that the token’s value would nearly triple in the next 12 months. The site’s forecast for February 2023 is $0.00011.

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