TL;DR

• The PI token is already live, with speculation that Binance might be the next crypto exchange to allow trading services with it.
• Ripple (XRP) has been experiencing a downfall lately, but analysts remain optimistic that a renewed bull run could be incoming.
• SHIB dropped 28% this month. One popular analyst sees potential for a substantial resurgence if Shibarium gains traction.

What’s New Around Pi Network?

The crypto project has taken center stage lately due to launching its Open Network on February 20. This allowed exchanges to list Pi Network’s native token and make it publicly accessible. The first to embrace it included Bitget, OKX, and MEXC.

Binance was also rumored to join the list. The world’s biggest cryptocurrency exchange even held a community vote to determine whether its users would want to see PI available for trading. Over 86% of the voters clicked the “yes” option, but the company has remained silent on the matter.

It is worth mentioning that there has been rising speculation that Binance might do so as soon as this week, more specifically on March 14. The date is special for the community since it will mark the sixth birthday of Pi Network. It also aligns with Pi Day, a celebration of the mathematical constant π (pi), which is approximately 3.14.

Despite reaching the aforementioned milestone, Pi Network remains quite controversial. For instance, it keeps extending the deadline to pass KYC procedures and migrations to the mainnet. The process, known as “the Grace Period,” was supposed to run until February 28, but the team later moved it to March 14.

Earlier this week, the developers warned users to complete the required steps before that date “to avoid forfeiting most of your Pi other than Pi mined within the rolling window of the last 6 months before your Pi is migrated.

How’s XRP Doing?

Ripple’s native token is also among the top-trending topics in the crypto space. The asset has been on a massive uptrend since the election of Donald Trump, almost reaching its all-time high of $3.40 in January this year.

Since then, though, it has headed south and is currently trading at around $2.10 (per CoinGecko’s data). Several hours ago, it even dipped to a multi-month low of $1.92 before the bulls recovered some of the losses. 

Despite the bearish environment, numerous analysts continue to envision a resurgence to new peaks for XRP. The X user Dark Defender recently suggested that the asset successfully broke the multi-year resistance line in November 2024 and tested previous resistance as support. 

“I’ve never seen XRP bullish more than this before,” Dark Defender stated. 

For their part, EGRAG CRYPTO predicted a rather ridiculous price explosion to the $27-$222 range. Such high prices would require XRP’s market capitalization to multi-trillion levels, which as of the moment, seems highly unlikely.

Is SHIB Poised for a Comeback?

Last but not least, we will touch upon Shiba Inu, whose price has also suffered the negative consequences of the broader crypto market crash. As of this writing, the meme coin is worth around $0.00001162, representing a 28% decline on a monthly scale.

According to the popular analyst Jeremie Davinci, though, SHIB still has a chance to go “to the moon.” The Bitcoin advocate assumed that such progress would rely heavily on Shibarium’s advancement.

“I like Shiba Inu, as you know, and I think it will do relatively well in this cycle, but it may not go as high as you expect. I think Shiba Inu has a lot of utility now that they have Shibarium, and basically, it’s a chain that you can actually run all kinds of applications.

However, nobody is using it, and there are no applications for using your tokens on Shibarium yet. If they get that solved, Shiba Inu will go to the moon,” he said.

At the beginning of the year, the layer-2 scaling solution gained attention for handling millions of transactions each day. By February, the total transactions on the network exceeded 900 million. However, in recent weeks, Shibarium’s activity has slowed significantly.

Over the past 24 hours, the cryptocurrency market endured another period of enhanced volatility and instability. Bitcoin (BTC), for one, tanked to a four-month low of under $77,000.

The altcoins have suffered even more substantial losses. Ethereum (ETH) temporarily slipped below $1,800 for the first time since October 2023, whereas its market cap tumbled to $221 billion.

BTC Overcomes the Latest Dip

The primary cryptocurrency recorded a brief price increase to almost $84,000 on March 10, but the bears quickly retook control again. In the following hours, they suppressed the valuation to as low as $76,700. It is worth mentioning that this level was last witnessed in November 2024.

As CryptoPotato reported, the market’s decline negatively affected traders who have opened long positions with high leverage. The liquidations on a 24-hour scale reached almost $1 billion, with BTC trades accounting for over 30% of the total figure.

In the past few hours, though, the bulls stepped in to stop the freefall. The asset’s price climbed to $81,500 where it stands at the moment of this writing.

BTC’s market capitalization is around $1.6 trillion, while its dominance against the alternative coins has risen to 58.9%. 

ETH Leads the Altcoin Crash

The situation with some of BTC’s rivals is even worse. The second-biggest cryptocurrency – Ethereum (ETH) – plummeted to a 17-month low of $1,790 before slightly recovering to the current $1,900. Still, this represents a 10% price decrease on a daily basis.

Ripple (XRP), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Pi Network (PI), and many more altcoins have also entered red territory, albeit seeing less substantial losses than ETH. 

The very few top 100 cryptocurrencies that have headed north in the past 24 hours include Story (IP), Movement (MOVE), MANTRA (OM), and Mantle (MNT).

The total cryptocurrency market capitalization currently stands at roughly $2.75 trillion, representing a 2.5% drop for the day.

Bitcoin has now corrected 29% from its all-time high of $108,786 on Jan. 20 to a 2025 low of $76,784 during early trading in Asia on March 11.

Crypto investors and traders are panic selling again as sentiment turned sour, but this has all happened before in previous bull market cycles.

Crypto analysts ‘Rekt Capital’ looked at previous cycles, noting that the average BTC correction in 2017 was 35%, and in the 2021 cycle, it was 37%.

If it is to fall between these during this market cycle, prices could drop as low as $70,000.

Patience is Key

In late February, BitMEX co-founder Arthur Hayes predicted a fall to $70,000 as large hedge funds unwound their ETF positions to seek better yield opportunities.

“Be f***ing patient,” he said on March 10, reiterating that prediction that BTC would likely bottom around $70,000. A 36% correction from an all-time high is “very normal for a bull market,” he added.

He said that central banks would start adjusting their monetary policies, which is when markets will bounce back.

Capriole Fund founder Charles Edwards agreed with the notion saying, “As things get bearish, they also get more bullish,” before adding:

“The worse the economic data becomes, the more relatively discounted Bitcoin tends to get and the more likely we are to see Fed easing.”

“It can be wise to await a good technical recovery bounce or a key policy change instead of trying to catch falling knives,” he advised.

Recession Fears Loom

Recession fears have rattled investors who heavily sold off tech stocks and crypto assets on Monday.

The S&P 500, tech-heavy Nasdaq, and Dow Jones Industrial Average all fell heavily as the American “magnificent 7” shed more than $750 billion in market capitalization in one day amid the US stock rout.

Leading Wall Street banks such as JPMorgan have increased their odds of a recession in 2025 and decreased their predictions for GDP growth.

Ark Invest’s Cathie Wood said the “market is discounting the last leg of a rolling recession,” which will give the Trump administration and central bank “many more degrees of freedom than investors expect,” leading to a recovery in the second half of this year.