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Bitcoin halving is finally completed, and the crypto community is excited and confused at the same time. This is because Bitcoin has seen wild price swings in the past few weeks, not only Bitcoin but also altcoins. Bitcoin reached its all-time high in March but soon dropped around $59,000, which sent shock waves in the crypto community. However, crypto experts have been bullish on crypto charts and prices, along with Bitcoin. Looking at the past halving cycles, there are high chances that the prices will go up; also, we know it’s a highly volatile market, so nobody can predict what will happen. *Fingers crossed*
With so much going on, Bitcoin (BTC), Shiba Inu (SHIB), and Bonk (BONK) have drawn considerable interest due to recent developments and market shifts. Let’s look at these top cryptos you can watch this week.
#1 Bitcoin (BTC)
Launched by the mysterious Satoshi Nakamoto in 2009, Bitcoin is widely regarded as the first crypto. It is a decentralized digital currency that can be bought, sold, and exchanged without an intermediary like a bank. It is a mode of exchange, i.e., a currency, a store of value, or an alternative investment.
No matter whether you buy Bitcoin (BTC) in India or anywhere in the world, the transaction undergoes verification through a process called “mining,” which relies on computational power. Unlike traditional stock markets, you can invest in Bitcoin in India at any time of the day. Bitcoin is one of the earliest and most widely recognized cryptos, having gained immense popularity worldwide. However, it has also experienced significant price fluctuations, creating a captivating narrative of ups and downs. The success of Bitcoin has paved the way for the emergence of other high-value cryptos, such as Ethereum, Cardano, Solana, Dogecoin, and more, which now dominate the market based on their market capitalization.
The price of Bitcoin (BTC) on WazirX is INR 59,10,398 today. According to CoinMarketCap, the 24-hour trading volume is $25,014,308,066, with a circulating supply of 19,688,462 BTC and a market cap of $1,298,226,164,715.
Bitcoin’s recent price surge can be attributed to various factors, including the effects of the halving event, which has reduced transaction fees and miner earnings. The introduction of the Runes protocol has also played a significant role by boosting on-chain activity. Layer 2 tokens have also outperformed Bitcoin, indicating a broader interest in crypto markets. The surge in transaction fees, reminiscent of early 2018 levels, suggests increased activity facilitated by protocols like Runes.
#2 Shiba Inu (SHIB)
Shiba Inu, launched in August 2020 by its founder Ryoshi, draws inspiration from the adorable dog breed that shares its name. It should not be mistaken for Dogecoin, another crypto featuring the same breed as its mascot. Shiba Inu positions itself as a “Dogecoin killer.”
It is built on the Ethereum blockchain, enabling the execution of smart contracts. Through these smart contracts, Shiba Inu can work with Decentralized Applications (DApps), granting it more functionality. In contrast, Dogecoin needs this capability, making it significantly more limited in its capabilities.
The price of Shiba Inu (SHIB) on WazirX is INR 0.002401 today. According to CoinMarketCap, the 24-hour trading volume of SHIB is $949.13M, with a circulating supply of 589.29T SHIB and a market cap of $15.93B.
Shiba Inu’s recent price surge can be attributed to its team’s successful fundraising efforts, securing $12 million from venture capital investors through selling its unreleased token, TREAT. Investors such as Polygon Ventures and Mechanism Capital participated in the funding rounds, boosting investor confidence. TREAT, the utility and governance token of Shiba Inu’s new privacy-focused Layer 3 blockchain, has generated excitement within the community. This blockchain, developed using fully holomorphic encryption technology, aims to address privacy and trust concerns while complying with regulatory requirements, attracting attention and driving SHIB’s price upward.
#3 Bonk (BONK)
BONK, Solana’s pioneering dog-themed coin, prioritizes community inclusivity by airdropping 50% of its supply to Solana users. Launched on December 25, 2022, it spurred a 34% rise in SOL token prices within 48 hours, with trading commencing on December 30, 2022, garnering attention from the crypto community. The team’s core mission is to restore liquidity to Solana DEXs, foster a universal community coin for all Solana dApps, and aim for equal participation in the ecosystem. The project has a modest online presence and conducted random airdrops to Solana NFT collectors, developers, and artists.
The price of Bonk (BONK) on WazirX is INR 0.0019128 today. According to CoinMarketCap, the 24-hour trading volume of BONK is $349.32M, with a circulating supply of 65.19T BONK and a market cap of $1.35B.
Bonk’s recent surge in price, with a notable 32% increase last week, positions it as one of the top gainers after the halving event. Starting at $0.000015, it rose to around $0.000019 by April 20, sustaining upward momentum. Additionally, its market value has surged by approximately 40% in the past 24 hours, exceeding $1.3 billion. This rise in value can also be attributed to its sponsorship of the Crypto Fight Night 4 tournament in Dubai, which served as a promotional platform for the crypto brand.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
