RCO Finance (RCOF) Rebounds Impressively from the Latest Crypto Slump, While Bitcoin (BTC) Rises Marginally

Shiba Inu (SHIB) and Solana (SOL) rebound impressively from the latest crypto slump, while Bitcoin (BTC) rises marginally. However, this Ethereum token gains much better than SHIB, SOL, and BTC. Which cryptocurrency is this? And how can crypto enthusiasts benefit from its rise? Keep reading to find out.

August 5 was a day of reckoning for crypto, as external factors like the Bank of Japan raising its interest rate by 0.25% and geopolitical tensions in the Middle East caused a run on the crypto markets.

With Bitcoin (BTC) affected, other cryptos, including Shiba Inu (SHIB), were equally affected. SHIB lost 23.9% in less than 24 hours.

However, the worst of the dump was over quickly as most cryptos recovered. SHIB gained 30% over the past two days, regaining most of its loss on August 5.

Analysts say SHIB can rise to $0.000061 by the end of 2024 if the market condition improves.SHIB price analysis for August 2024. Source: FXStreet

Solana (SOL) Gains 38.6% After Initial Slump

SOL was also affected by the crypto bloodbath on August 5. The token lost 24.2% in the chaos, reaching its lowest price in five months. However, SOL has rebounded admirably, gaining 38.6% in less than two days.

Analysts say the market has stabilized, and the selling pressure stopped. They add that this rise might have been driven by traders and holders buying the dip in anticipation of the crypto bull run later in 2024.

Experts believe the current bull cycle is not over, and this period is for consolidation. They predict that SOL can rise to $402 by 2024’s end.solana price analysis for August 2024. Source: Coinpedia

Bitcoin Posts Muted Gains After Disastrous Dip

Bitcoin slumped to its lowest price in almost six months on August 5. The top cryptocurrency nosedived as exchange rate fluctuations in Japan, macroeconomic uncertainty in the US, and geopolitical tensions in the Middle East combined to cause a major shakeup in markets worldwide.

BTC has since mounted a comeback, gaining 16.4% from its lowest point on August 5. However, these gains are significantly lower than that of SHIB and SOL.

This has prompted analysts to speculate on how long it will take for the premier crypto to rebound completely.

Analysts say BTC will likely remain below $60,000 throughout August.

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