Bitcoin (BTC) Price Predicions, Solana (SOL) Volatility, Shiba Inu (SHIB) Developments: Bits Recap Jan 8

TL;DR

• Bitcoin (BTC) has shown strong performance in 2023 and early 2024, but its price has recently stabilized in a specific range.
• Solana’s (SOL) value saw significant growth last year, but has experienced a downturn recently. Several factors could potentially influence its future market performance.
• Shiba Inu (SHIB) has had some setbacks in its price, but its layer-2 blockchain solution, Shibarium, has made notable progress in terms of transactions and wallet addresses.

BTC Volatility Incoming?

Despite its impressive performance throughout 2023 and the solid start of 2024, Bitcoin’s price has recently consolidated between $43,000 and $44,000, with its future dependent on some significant upcoming events. 

One example is the BTC halving scheduled for April this year, which will reduce miners’ rewards by half. Supply reduction could result in price appreciation if the demand stays the same or increases.

The stock-to-flow creator “PlanB” supports that thesis, recently outlining that BTC could surpass $530,000 after the halving. The analyst also forecasted that the asset’s price could rise to $50K-$60K in the months prior to the halving. 

SOL is Losing Steam

Solana’s SOL is another digital asset that charted substantial gains last year, with its price reaching almost $125 on Christmas (over a 1,100% increase compared to January 1, 2023). However, the recent correction in the market has taken its toll, and SOL tumbled below the $90 level (per CoinGecko’s data).

Despite being one of the top performers in 2023, especially towards the end of the year, SOL is undergoing an obvious correction, which may extend to the important support level of $78.

Of course, there are many potential positive market catalysts in the near future, and it’ll be interesting to see how Solana will turn out in January.

SHIB Smashes Record After Record

Last but not least, we will touch upon the popular memecoin Shiba Inu (SHIB). Despite its price being in red in the past several days, its layer-2 blockchain solution, Shibarium, has experienced serious progress.

As CryptoPotato  reported  last week, total transactions on the network exceeded the 250 million milestone, whereas wallet addresses surpassed 1.3 million.

Shibarium officially  went live  in August last year, aiming to benefit the Shiba Inu ecosystem by reducing transaction fees and improving speed.