crypto.news
Last week, a predominantly bullish trend occurred among the sector’s top cryptocurrencies, primarily attributed to a rise in the price of Bitcoin (BTC).
Altcoins such as Shiba Inu (SHIB) and ORDI (ORDI) experienced substantial gains, riding on Bitcoin’s momentum.
The upsurge observed in the market culminated in a 4.3% increase in the global crypto market capitalization, which rose to $2.66 trillion on March 31 as the market saw an influx of $11 billion in capital.
Here’s an analysis of some of those performances.
Bitcoin reclaims $70,000
The previous week saw one of Bitcoin’s worst weekly performances. The premier crypto’s $73,794 all-time high gave way to bearish pressure, which saw Bitcoin break below the $70,000 territory — nearly relinquishing the $60,000 zone.
A recovery push rekindled investor optimism, allowing BTC to reclaim $70,000.
A significant portion of the week’s upward trajectory occurred on March 25, when BTC soared to $71,213. Bitcoin concluded the day with a 4% increase, marking its largest intraday gain for the week.
This rebound also coincided with a positive shift in momentum for spot Bitcoin exchange-traded funds, or ETFs. These financial instruments ended five days of outflows when they recorded $15.7 million in net inflows on March 25.
The ETF market observed significant capital injections on March 26, with inflows reaching $418 million, the highest since March 13.
Bitcoin largely remained in a consolidation phase, encountering strong resistance at $71,754. However, the asset upheld the support at $68,362. Throughout this period, Bitcoin experienced fluctuating trends, yet it successfully retained the gains achieved earlier in the week.
At the time of reporting, Bitcoin is valued at $70,409, reflecting a weekly gain of 4.76%. While trading above $70,000, its daily relative strength index (RSI) remains below overbought levels at 58.62, implying a potential for continued growth.
You might also like: Bitcoin futures open interest hits record $36b before options expiry
Shiba Inu’a winning streak
Shiba Inu concluded last previous week with a bullish performance, which continued into this week, resulting in a four-day winning streak at the outset. Despite benefiting from Bitcoin’s upward momentum on March 25, SHIB only saw a modest 2.24% increase by day’s end.
This increase was adequate to sustain its three-day winning streak, which began on March 23.
Shiba Inu continued its upward trajectory into Tuesday, March 26, defying market trends with an intraday gain of 6.76%. With this rally, SHIB closed above $0.00003 for the first time in 12 days.
Despite a mild correction the following day, the meme-inspired token maintained its position above $0.00003. Shiba Inu utilized this price threshold as a launching pad for its subsequent price surge, reaching a peak of $0.00003285 on March 28, before moderating to end the day with a gain of 6.10%.
In the ensuing days, Shiba Inu encountered a significant correction. However, it managed to uphold the $0.000030 level, looking to push toward $0.000031.
The asset currently stands at an 8.5% increase for the week, with its current price resting at $0.00003048.
ORDI among top 24-hour gainers
Inspired by Casey Rodarmor’s Ordinals Protocol, the ORDI token emerged as one of the standout performers last week.
The asset experienced a significant underperformance initially, with a 4% decline from its opening price to a low of $60.9 on March 28. This retest of the $60 level resulted in sufficient strength for a rebound.
The rebound propelled Bitcoin-centric cryptocurrency ORDI to achieve a substantial 8.78% gain on Saturday, March 30, marking its most significant intraday increase in the past ten days.
This performance led to the recapture of the $70 price level. Although the asset closed below $70 on March 30, it resumed its upward trajectory as of this morning.
With a notable 10.60% surge in the last 24 hours, ORDI has emerged as one of the top performers in the market, securing the fourth position among the largest gainers in the top 100. Additionally, the cryptocurrency has achieved a 10.25% increase for the week.
Read more: Dogwifhat reaches a new all-time high as whales reluctant to sell