According to Santiment, a well-known platform for crypto market insights, they have recently published a report highlighting the most frequently discussed cryptocurrencies of the current week. Among them, Bitcoin (BTC) is believed to take the front seat, as investors look forward to its upcoming halving event, scheduled in less than a week from now, which could potentially boost prices in the short term.
Bitcoin, Ethereum, and Solana, the top three cryptocurrencies by market cap, have been drawing significant interest lately, and for valid reasons. However, this past week has witnessed a noticeable surge in conversations around these widely-followed crypto assets.
— Santiment (@santimentfeed) April 8, 2024
The process of halving, which reduces the number of new bitcoins miners receive as reward by half, making some older bitcoins less valuable, is considered an excellent opportunity for bulls (people who believe the price will go up). In the past, the Bitcoin and other digital currency markets have responded to this event with significant price increases, with some experts predicting a potential price of $80,000 after the halving.
Ethereum (ETH) ranks second to Bitcoin (BTC), with Bitcoin serving as its primary competitor. The major debates surrounding Ethereum center on its potential for future growth, the high cost of current transactions, and the network’s congestion limit, which developers are actively addressing. Solana (SOL) occupies the third spot among users due to persistent network congestion problems that merchants encounter when processing transactions within the system.
Amazingly, Ripple‘s XRP currently holds the seventh spot in cryptocurrency rankings, surpassing Lido DAO (LDO), SafePal (SFP), and Tron (TRX). The buzz surrounding XRP has significantly increased due to its ongoing legal battle with the US Securities and Exchange Commission (SEC). This long-standing dispute, which has caused much controversy and dragged on for three years, may come to a head with a possible hearing scheduled for April 23.
The result of the ongoing legal dispute could significantly affect the value of XRP with noticeable price swings. Given its importance in the crypto market, any resolution to this lawsuit may bring about substantial consequences.
Also Read:Circle Integrates Web3 Services on Solana to Boost USDC Adoption
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2024-04-10 02:28