Ethereum's Shapella Upgrade Pushes It Higher, Bitcoin, Dogecoin Decline: Analyst Predicts 47% Rally For This Altcoin

Major coins traded mixed on Wednesday evening. Despite the highly anticipated inflation data and the eagerly awaited Ethereum Shanghai upgrade, neither Bitcoin nor Ethereum showed much movement.

What Happened: Following the successful implementation of Ethereum’s Shanghai upgrade, participants in the network were finally able to withdraw staked ETH. The price of ETH showed little movement and ticked slightly upward.

At the time of writing, the global crypto market capitalization stood at $1.23 trillion, a slight decrease of 0.07% over the last day.  

The looming threat of a recession left its mark on Wall Street as stocks experienced a decline. Despite cooler than expected inflation data being released, investors remained concerned, resulting in the S&P 500 experiencing a 0.41% decline, while the Nasdaq Composite fell by 0.85%.

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News Highlights: According to FTX’s legal team, there is a possibility of the company restarting in the future. During a Wednesday hearing in the United States Bankruptcy Court for the District of Delaware, lawyers from Sullivan & Cromwell revealed that the crypto firm had recovered approximately $7.3 billion in liquid assets.

Analyst Notes: Edward Moya, senior market analyst at OANDA, said, "Bitcoin profit-taking is intensifying after prices surged following the knee-jerk reaction to the inflation report. It seems the momentum rally for Bitcoin might be over for now.  Inflation hedge and or a breaking of its correlation from equities might subside for a while. Bitcoin looks poised to consolidate here as it will clearly need a robust catalyst to keep the rally going. Downside support should come from the $27,500 region."

Pseudonymous crypto analyst Rekt Capital predicts a temporary dip in BTC prices at $28,987 levels, followed by a breakthrough that would see the cryptocurrency climb past $30,119 levels and even reach new heights.

According to Ali Charts, a notable cryptocurrency analyst, XRP could experience a significant surge of up to 47% if it manages to close a 3-day candlestick above the key resistance level of $0.54. This could trigger a bullish breakout that could potentially propel XRP to the next target of $0.80.

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