Bitcoin’s recent halving has captured the attention of many, as people eagerly anticipate a potential surge in its price. However, instead of focusing solely on Bitcoin, investors in the cryptocurrency market are now turning their attention to other altcoins such as Ethereum, Shiba Inu, and Terra (LUNA).
One question that arises is whether it is the right time to buy Ethereum. Recently, there was a significant development in the market that caused a lot of excitement. Franklin’s ETF was listed under the name EZET at the US DTCC, and this had a positive impact on Ethereum’s price. After a period of decline, Ethereum experienced a noticeable price recovery, rising over 3% and currently trading at $3,247. This increase has also influenced the weekly outlook, with a gain of over 3% on a weekly basis. However, investors are still cautious due to Ethereum’s all-time high in 2021 and the recent peak of $4,000 last month. While many analysts predict potential rises in the future, it is important to consider that prices may fall due to geopolitical and macroeconomic factors.
Another altcoin that has garnered attention is Shiba Inu, often seen as Dogecoin’s biggest competitor. Despite its status as a meme coin, Shiba Inu has seen significant developments and remains the 11th largest by market cap. Its investors remain optimistic, even though the recent burn rate surged over 2000% and the price did not show the expected rise. Currently, Shiba Inu is trading at $0.00002471 following a 3% drop. However, the company’s future looks promising, with innovations such as Shibarium and Layer-3 aimed at boosting the coin’s price.
Moving on to Terra (LUNA), Do Kwon and the Terra Foundation caused a major disruption in the market in May 2022. Despite reaching a historic peak, LUNA failed to recover and experienced a significant decline. Currently, LUNA has shown a modest decrease of 0.82% over the last 24 hours, with a price of $0.6147. Its market cap has dropped to $444 million, ranking it 150th in the market, and the 24-hour trading volume has also decreased by 35% to $23 million.
It is important to note that the information provided in this article should not be considered as investment advice. Cryptocurrencies are known for their high volatility and therefore carry risks. Investors should conduct their own research and exercise caution when dealing with cryptocurrencies.
