Crypto Prices Today: Bitcoin At 62K, Ethereum Above $3400 As SHIB & PEPE Surge Over 50%

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2 Mar 2024

The top crypto prices today registered a positive shift action as the Bitcoin (BTC) price extended higher than $62,000 while several altcoins gained significantly. In addition, Ethereum also surged past $3,400. Meanwhile, other top altcoins, such as XRP, Cardano (ADA), and Shiba Inu (SHIB) soared in value.

Major Crypto Prices Today

The Bitcoin price recorded a significant rebound. The Bitcoin price was down by 1.06%, reaching $62,121.90 at the time of writing on Saturday, March 2. On the other hand, it’s trading volume plunged by 34.81% to $39.50 billion in the last 24 hours. Meanwhile, the crypto boasted a market cap of $1.22 trillion.
Turning to altcoins, the Ethereum price gained 1.65% to $3,431.32 at press time with a market valuation of $412.23 billion. Whilst, ETH saw its trading volume plummet by 37.25%, reaching $16.25 billion. Meanwhile, the Binance Coin (BNB) price increased 1%, reaching $411.08. In contrast, its 24-hour trade volume dipped by 20.20% to $1.57 billion.
The Solana price defied the gaining momentum and extended below the $130 mark. The Solana price was down by 5.84%, settling $129.51. In addition, SOL witnessed a 41.89% plunge in trade volume to $4.08 billion in the last 24 hours. Whilst, the XRP price soared above the $0.63 level. The XRP price recorded a gain of 6.05%, settling at $0.6304. Moreover, XRP’s trading volume slipped by 28.61% to $2.41 billion.
Meanwhile, the Cardano price recorded a surge of 12.40% to $0.756 today. Whilst, ADA recorded a massive 22.72% drop in its 24-hour trading volume, settling at $1.22 billion. As the top crypto prices gained notably, the meme coin arena also followed. The Dogecoin price soared by 16.81% to $0.1421 while its rival, Shiba Inu, registered a massive 57.58% surge in value and traded at $0.0000202.
Also Read: Shiba Inu Coin Price Analysis As Token Burn Rate Skyrockets Driving SHIB Rally

Top Crypto Prices Today Are

Pepe Coin Price Spikes 53%

The Pepe Coin (PEPE) crypto, a popular meme crypto, registered a massive jump today. At press time, the Pepe Coin price shot by 53.04% to $0.000004216 with a market valuation of $1.77 billion. In addition, its 24-hour trade volume skyrocketed by 173.52% to $1.95 billion.

Dogwifhat Rallies 37%

Dogwifhat (WIF), another meme crypto, registered a phenomenal surge of over 37% and emerged as one of the top crypto gainers today. The WIF price soared by 37.35% to $1.23 at the time of reporting. Moreover, its trade volume was spiked 70.30% to $379.99 million. Furthermore, the Dogwifhat crypto attained a high of $1.32 amid the rally today.
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Dogwifhat (WIF) Price Rally: This Trader Turns $310 To $3.12 Million In 3 Months

Dogwifhat (WIF) Price Rally: This Trader Turns $310 to $3.12 Million In 3 Months

Dogwifhat price rally continues with a whale investing 9,999 $SOL, approximating $1.34 million, garnering market attention.
By Bhushan Akolkar1 hour ago

STORY HIGHLIGHTS

A trader purchased 2.58 million WIF coins 3 months back for just $310.
Dogwifhat price rallies by 300% over the last week supported by memecoin fest.
The massive whale purchases for WIF remains intact amid recent rally.

Solana-based memecoin Dogwifhat is on a major price rally with gains standing at a staggering 300% over the last week. The recent Dogwifhat (WIF) price rally to $1.25 has helped some traders mint multi-million dollars in a short time.

Trader Makes $3.12 Million in Dogwifhat (WIF) Price Rally

Insights from on-chain data provider Lookonchain reveal an impressive feat in the cryptocurrency market. As the value of $WIF (Token WIF) continues its upward trajectory, data indicates that a trader who initially purchased 2.58 million $WIF with only 5.288 $SOL (Solana token) valued at $310, is now witnessing a substantial increase in their investment.
Remarkably, the initial investment of $310 has now appreciated to a staggering $3.12 million, reflecting a significant gain for the trader. This astounding growth equates to an impressive gain of 10,075 times the initial investment over a period of three months.

WIF Whale Buying Continues

Despite this rally, the whale interest in Dogwifhat remains strong. A notable transaction involving a whale has caught the attention of market participants. Just six hours ago, a whale invested 9,999 $SOL (Solana token), equivalent to $1.34 million, to acquire 1.49 million $WIF at a price of $0.8995 per token. This substantial investment underscores growing interest in $WIF and highlights the evolving dynamics within the cryptocurrency space.

As the Solana-based memecoin comes into the limelight, big players have shown interest in supporting WIF. Earlier on Thursday, February 29, Robinhood announced support for the WIF coin among several other cryptocurrencies.
Furthermore, the massive mania triggered by the memecoin fest has further supported the ongoing rally in Dogwifhat. In the last 24 hours, the Shiba Inu (SHIB) price has surged by 52.85%, reaching $0.00001976, accompanied by a market cap of $11.65 billion. Additionally, the daily trading volume for SHIB has soared by an impressive 93%, approaching $4 billion.
Meanwhile, the Dogecoin (DOGE) rally persists with an additional 18% increase at the current moment, surpassing $0.15. In the past week alone, the DOGE price has skyrocketed by an astounding 66%.

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Memecoin Mania: Shiba Inu (SHIB) Price Shoots 52%, Insider Predicts 800% Rally In A Week

Memecoin Mania: Shiba Inu (SHIB) Price Shoots 52%, Insider Predicts 800% Rally In A Week

Shiba Inu price rallies hard as the burn rate surges by a staggering 30,000% in just 24 hours. Other memecoins join the party.
By Bhushan Akolkar2 hours ago
Updated 1 hour ago

STORY HIGHLIGHTS

Shiba Inu burn rate surges 30,000% leading to strong price rally.
Shiba Inu insider Lucie predicts 800% rally in a weeks time.
Dogecoin (DOGE) and Dogwifhat (WIF) contributed to this memecoin price rally.

With the support of the rally in the broader cryptocurrency market, there’s a strong undercurrent in the memecoin sector. In the last 24 hours, Shiba Inu has been leading the memecoin rally with a staggering 52% accompanied by Dogecoin’s 18% gains. The Shiba Inu price is currently trading at $0.00002.

Shiba Inu (SHIB) Price Rally

As of press time, the Shiba Inu (SHIB) price is up 52.85% trading at $0.00001976 with a market cap of $11.65 billion. Also, the daily trading volume for SHIB has also shot up by a staggering 93% moving closer to $4 billion.
The recent surge in the SHIB price comes amid massive whale activity. Lookonchain’s data reveals a significant event: a whale recently sold a considerable amount of PEPE tokens, totaling 1.97 trillion and reaching a staggering $6.07 million. Following this sale, the whale pocketed a profit of $3.49 million. Subsequently, the whale shifted focus to Shiba Inu, purchasing 75.9 billion SHIB tokens valued at $893,000.

Another major contributing factor to the Shiba Inu (SHIB) price rally is the staggering 30000% surge in burn rate recorded on March 1st. In the past 24 hours, the destruction of 3.75 million SHIB tokens has contributed to a continuous reduction in the meme coin’s supply, prompting increased optimism within the global crypto community. The total tokens burnt from Shiba Inu’s initial supply have now reached around 410.70 trillion SHIB, leaving a circulating supply of 581.65 billion coins.
Lucie, a marking specialist within the Shiba Inu ecosystem, anticipates an 800% surge in the Shiba Inu price. Drawing parallels with the 2021 bull run, Lucie points out a remarkable 800% increase within a single week, even in the absence of any documented burns.

Memecoin Fest Begins

According to on-chain data provider Santiment, Shiba Inu is the newest memecoin experiencing a surge in value following the trends set by Dogecoin, Bonk, Floki, and Pepe. These fluctuations in social dominance are vital for predicting peak moments as the week comes to an end.

The Dogecoin (DOGE) price rally continues with another 18% gains at press time shooting past $0.15. Over the last week, the DOGE price has surged by a staggering 66%.
Solana-based Dogwifhat (WIF) is another major memecoin that has been part of the memecoin rally. In the last 24 hours, the WIF price is up by another 35% shooting all the way to $1.25. With this, Dogwifhat (WIF) has extended its weekly rally to a staggering 311%.

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Grayscale Warns Inflation Could Delay Crypto Value Rise

Grayscale Warns Inflation Could Delay Crypto Value Rise

Grayscale cautions on inflation's impact amid Bitcoin's 45% surge to $60K, record crypto fund inflows, and Ethereum's notable gains.
By Kelvin Munene Murithi6 hours ago

STORY HIGHLIGHTS

Bitcoin breaks $60K in Feb, Grayscale warns of inflation & Fed policy risks on crypto growth.
Record $6B inflow into Bitcoin ETFs as Grayscale eyes inflation impact on crypto surge.
Ethereum gains 47%, but Grayscale cautions on Fed rates & inflation's crypto market effect.

Amid a robust February that saw Bitcoin surge by 45% and break the $60,000 barrier for the first time since November 2021, Grayscale, a leading cryptocurrency asset manager, has issued a cautionary note. Analysts at Grayscale pinpoint macroeconomic factors, especially the specter of persistent inflation and the subsequent impact on Federal Reserve policy, as potential barriers to the continued appreciation of cryptocurrency values.

Stubborn Inflation and Its Implications

Grayscale analysts highlight the critical influence of macroeconomic conditions on cryptocurrency valuations. Notably, they point out the recent acceleration in inflation as a significant concern. This development decreases the likelihood of interest rate cuts by the United States Federal Reserve, a scenario that could dampen the prospects for further crypto valuation increases.
The analysts underscore the essential lesson from previous crypto cycles, demonstrating the substantial impact of Federal Reserve monetary policy and overall economic conditions on crypto asset valuations.

Federal Reserve’s Monetary Policy and Crypto Valuations

The hesitation by the Federal Reserve to cut interest rates amid high inflation could have a dual impact. On one hand, it might bolster the value of the U.S. dollar, and on the other, it could adversely affect Bitcoin and, by extension, other cryptocurrencies. Grayscale’s commentary comes in the context of the U.S. national debt climbing at an alarming rate, with an increase of approximately $1 trillion every 100 days, further complicating the inflation narrative.
Despite these challenges, Grayscale’s outlook is somewhat pessimistic. The firm anticipates that U.S. consumer price inflation could continue its downward trajectory, which would eventually facilitate rate cuts by the Fed. However, they caution investors to stay vigilant and monitor upcoming inflation reports closely, including the CPI report on March 12, the PPI report on March 14, and the Federal Reserve’s policy rate guidance at its next meeting on March 20.

Record Inflows into Crypto Funds Signal Strong Interest

In contrast to the cautious stance on macroeconomic factors, February witnessed record inflows into crypto funds. Moreover, Bitcoin ETFs in the U.S. experienced significant interest, with net inflows totaling $6 billion for the month.
This surge in demand, especially in anticipation of Bitcoin’s halving in April, underscores the growing investor interest in cryptocurrencies as a credible asset class. Even before the halving, the imbalance between new demand and the limited new supply of Bitcoin is seen as a key driver behind the recent rise in valuations.
Concurrently, Ethereum, the second-largest crypto asset by market cap, also saw a remarkable gain of 47% during the month. The anticipation of a critical upgrade to the Ethereum network and its implications for Layer 2 blockchain efficiencies contributed to this positive momentum. Additionally, the Utilities & Services Crypto Sector, which includes projects that may offer synergies with AI technologies, outperformed other market segments, gaining 53%.
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Cipher Mining (CIFR) Jumps 6% As Mined Bitcoin Tops 334 Units In February

Cipher Mining (CIFR) Jumps 6% as Mined Bitcoin Tops 334 Units in February

Cipher Mining stock jumps 6% as it reported a total of 334 Bitcoin mined for the month of February with holdings topping 1,433 BTC
By Godfrey Benjamin7 hours ago

STORY HIGHLIGHTS

Cipher Mining has released its February mining update with 334 BTC mined
The company increased its hashrate to 7.4 EH/s
The firm's shares soared by 6% in late Friday trading session to $3.09

Industrial-scale Bitcoin (BTC) mining company Cipher Mining has released its operations and production updates for February 2024.

Cipher Mining Now Holds 1433 BTC Balance

The report showed that the firm mined a total of 334 units of Bitcoin in February with an average monthly network hash rate increasing by approximately 9.4%. To fulfill its routine treasury management process, Cipher Mining sold 33 BTC in the same month. By the end of February, the Bitcoin miner was left with 1,433 BTC as its balance.
Additionally, the company stated that it deployed a total of 70,000 mining rigs, together with a month-end operating hash rate of 7.4 exahashes per second (EH/s). In response to the released update, Cipher Mining shares (CIFR) saw a jump of about 6% and within the last 24 hours, the shares have seen some movement. With a 4.39% surge to close Friday’s trading session placing CIFR’s current price at $3.09.
Cipher Mining plans to provide more updates on March 5 when it eventually has its fourth-quarter and full-year 2023 results call.
The Bitcoin mining company is committed to expanding and strengthening its BTC network infrastructure. Ultimately, the goal is to establish itself as a market leader in the crypto ecosystem particularly in the growth and innovation of mining. Therefore, Cipher Mining is pulling all efforts, resources, and partnerships in alignment with this goal.

Strain in the Bitcoin Mining Ecosystem

Generally, the Bitcoin mining ecosystem has been striving to break new ground in the last couple of months. Before the end of February, mining firm Hut 8 was considering financing its short-term expansion using the nine thousand Bitcoins that are listed on its balance sheet.
To that end, Cipher talked about constructing a new Bitcoin mining site in Texas to enhance its growth.
These achievements are also not without a few challenges as different governments are concerned about the potential risk of supporting Bitcoin mining. The White House expressed its worries that Bitcoin mining would cause problems in the country’s power grid. This is one shortcoming that many of these countries have in common.
Amidst these uncertainties, most miners are in the profit, following the rally of Bitcoin price to $63,000 earlier this week. At the time of writing, the coin is worth $62,521.34, up by 2.02% in the past 24 hours.

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David Schwartz Advocates For Swift XRPL 2.1.0 Adoption By Validators

David Schwartz Advocates for Swift XRPL 2.1.0 Adoption by Validators

Ripple CTO David Schwartz urges XRP Ledger (XRPL) to upgrade to 2.1.0 for enhanced security and efficiency by March 5.
By Maxwell Mutuma7 hours ago

STORY HIGHLIGHTS

David Schwartz calls for XRPL validators and node operators to upgrade to version 2.1.0 of rippled by March 5 to maintain service and comply with new standards.
Version 2.1.0 enhances security for digital collectibles transactions, fixes transaction glitches, and improves network connection and operations.
Over half of XRPL validators have already updated to the new version, showcasing the community's commitment to the ledger's advancement.

The XRP Ledger (XRPL) community, Ripple’s Chief Technology Officer, David Schwartz, has issued a call to action for validators and node operators. The message is clear: upgrade to the newly released version 2.1.0 of the ledger’s reference server implementation, known as rippled, by March 5. This directive underscores the importance of staying current with the ledger’s protocol enhancements to ensure uninterrupted service and adherence to the latest security and efficiency standards.

Key Enhancements in XRPL Version 2.1.0

The latest iteration of the XRPL‘s reference server brings improvements to bolster the ledger’s security, reliability, and overall performance. Among the notable upgrades, a critical focus has been placed on the security of transactions, especially those involving digital collectibles. The update aims to mitigate potential vulnerabilities and enhance the integrity of digital asset exchanges on the platform by tightening the rules around these transactions.
Furthermore, version 2.1.0 addresses a previously identified glitch that could lead to errors in certain transaction scenarios. The update also introduces solutions for improving connection setup within the system alongside other technical enhancements designed to streamline network operations. These adjustments are pivotal in promoting a smoother, more secure experience for all XRPL users.

Community Response and Protocol Amendment Process

The XRPL community has responded favorably to the call for upgrades, with over half of the network’s validators already transitioning to version 2.1.0. This swift adaptation by the community reflects the ledger’s collaborative approach to maintaining its infrastructure. Validators play a crucial role in the XRPL ecosystem, verifying transactions and achieving consensus to maintain the ledger’s accuracy and consistency.
The XRPL employs a decentralized amendment process, requiring over 80% support from its validators over a two-week voting period to implement protocol changes. This rigorous consensus mechanism ensures that modifications like those introduced in the 2.1.0 update receive widespread approval from the community, aligning with the ledger’s democratic governance model.
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