Bitcoin (BTC) Price Explosion, Solana (SOL) Volatility, Ripple (XRP) Targets: Bits Recap Dec 7

TL;DR

1. Bitcoin (BTC): Surpassed $44,000, contributing to a global crypto market cap of over $1.65 trillion, with signs of continued bullishness.
2. Solana (SOL): Experienced price volatility, currently hovering around $64, with potential for an upcoming rally based on positive on-chain metrics.
3. Ripple (XRP): Trading around $0.64, up 88% since January, with analysts predicting a significant rally, potentially reaching $25 in the future.

BTC’s Push Toward $44K

The cryptocurrency sector has experienced a serious revival throughout 2023, with the past few days being particularly bullish. The global crypto market capitalization has surged above $1.65 trillion, whereas Bitcoin (BTC) has been among the best-performing assets.

The primary cryptocurrency crossed the $40K level on December 4, but the uptrend did not stop there. In the following days, BTC pushed above $44,000 (per CoinGecko’s data), a peak unseen since early spring 2022.

There are numerous factors indicating that the asset’s ascent might continue in the near future. According to data presented by CryptoQuant, BTC exchange outflows have significantly surpassed inflows in the past few days. Investors’ shift toward self-custody methods is usually considered bullish as it eliminates immediate selling pressure.

Some experts argued that the current market dynamics are far more favorable than the ones during the bull run in 2021 and could trigger a further rally for Bitcoin. The X (Twitter) user Checkmate noted that the $44,000 price tag marked the “absolute zenith of on-chain mania” back in January 2021.

“Here we are at $44k and barely a squeak. Not even at 2019 levels. HODLers are not relinquishing their coins. They demand higher prices,” the analyst added.

Those willing to dive deeper into the topic and find out why BTC might be ready for an imminent bull run could take a look at our latest video below:

Is Solana (SOL) Looking for a Breakout?

Another digital asset that has captured the attention of investors lately is Solana’s native token – SOL. It was a top performer in the past few months, with its price soaring to almost $70 in mid-November. 

However, SOL could not keep the momentum, dropping to as low as $54 by the end of last month. Since then, the asset has experienced enhanced volatility, and its valuation has hovered between $55 and $65.

Nonetheless, some important on-chain metrics hint that the coin could be on the verge of a new rally. As observed on DefiLlama, total value locked (TVL) on Solana has been on the rise recently. The figure stopped at almost $700 million today (December 7), a peak last reached in November 2022.

In addition, popular analysts like Crypto King and Jacob Canfield have forecasted a bright future for SOL. The former envisioned a price spike to $300 in the long run, whereas the latter thinks the valuation could explode to a whopping $1,000.

How is Ripple (XRP) Doing?

Ripple’s native token – XRP – has also recorded some gains lately, albeit not as substantial as Bitcoin and other assets. It currently trades around $0.64, an 88% increase since January 1.

According to multiple analysts, XRP is on the verge of attacking a new all-time high price. Fiery Trading believes the coin has formed a “bull-flag” and is ready to explode to $25 by the end of next year:

“This huge pattern will explode at some point in 2024, with the most likely move being a bullish one with the halving in mind. My target for the break out is placed at $25.”

The analyst behind the popular YouTube channel CryptoTV also thinks XRP is poised for a rally, outlining $0.83 as a short-term target.

Those curious to check how the asset might perform in the remaining weeks of the ongoing year could take a look at our dedicated video below:

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