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Despite the recent market-wide slump, the global crypto market cap recorded a 3.68% increase this week to $1.69 trillion, with substantial contributions from large-cap assets such as Bitcoin (BTC), XRP (XRP) and Shiba Inu (SHIB).
Bitcoin breaches $48k
Before the start of the week, BTC recorded three consecutive intraday losses, dropping to a low of $43,929. However, the crypto asset started the week on a favorable footing.
Bitcoin rallied 7.5% to a 21-month high of $47,248 on Jan. 8. The asset net resistance at this new peak, leading to a slight decline. However, despite the decline, BTC ended Jan. 8 with an impressive 6.88% increase, closing the day above the $46,000 mark, at $46,951.
Bitcoin’s bullish performance was bolstered by growing optimism surrounding the upcoming spot BTC ETF products. With expectations of a decision this week, several industry commentators suggested a looming approval of the ETF filings, fueling bullish sentiments and increased buying pressure.
On Jan. 10, the SEC approved all 11 spot BTC ETF filings. The development led to billions in inflows in the crypto market. The market responded with a rally across the board, with Bitcoin rallying to a 22-month high of $48,969 on Jan. 11, having breached $48,000 for the first time since March 2022.
However, the market-wide rally was short-lived, as a large-scale dump ensued shortly after. BTC dropped to a low of $41,500 on Jan. 12, closing the day with a disappointing 7.67% drop. Attempts at a comeback have been futile, as it hovers around the $43,000 mark. Overall, BTC traded flat this week, with an insignificant 0.02% rise.
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XRP battles for $0.63
XRP leveraged the broader market uptrend this week to target the $0.63 target, but the subsequent decline resulted in a crash below multiple pivotal support levels. The crypto token surged to a high of $0.6240 on Jan. 11, up 13% from the $0.5515 it began the week at.
However, the ensuing market drop saw it relinquish most of the gains picked up earlier in the week, as it slumped 5.32% on Jan. 12. XRP has reclaimed some of the losses, but it still trades below the $0.58 price threshold. Regardless, the asset is still 4.87% up this week, currently trading for $0.5784.
XRP needs to hold above the support at $0.5780 to make any attempt toward the next pivotal price point. The asset’s next resistance level sits at $0.6017, currently at Fibonacci 0.5. Breaching $0.6017 would bring the next resistance level to $0.6254. A move above $0.6254 could lift XRP toward the $0.63 price.
SHIB looks to defend $0.00001
The $0.00001 price level represents one of the most pivotal psychological thresholds for Shiba Inu. The asset has continued to reclaim and relinquish the price point since last year.
SHIB recovered the $0.00001 point on Jan. 10, hitting a high of $0.00001050 the following day, as the market recorded an uptrend following the approval of the spot BTC ETF products. However, the asset dropped below the price territory during the Jan. 12 downturn, slumping to $0.00000964.
Attempts at recovery have seen Shiba Inu retest $0.00001 on Jan. 13 and 14. However, each retest has been followed by a subsequent rejection. Shiba Inu currently trades at $0.00000992, looking to again reclaim the $0.00001 psychological threshold. The next substantial resistance point stands at $0.00001013.
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