BTC, SHIB, and ORDI among the top cryptocurrencies to keep an eye on this week
Last week, the cryptocurrency sector witnessed a predominantly bullish trend, mainly driven by the rise in Bitcoin’s price (BTC). Altcoins like Shiba Inu (SHIB) and ORDI (ORDI) also experienced significant gains, riding on the momentum of Bitcoin. This surge in the market led to a 4.3% increase in the global crypto market capitalization, which reached $2.66 trillion on March 31 due to an influx of $11 billion in capital.
Let’s take a closer look at the performances of these cryptocurrencies.
Bitcoin managed to reclaim the $70,000 mark after a week of bearish pressure. It had briefly dipped below the $70,000 territory and even neared the $60,000 zone. However, a recovery push revived investor optimism, allowing BTC to rise back to $70,000. On March 25, Bitcoin soared to $71,213, marking its largest intraday gain for the week with a 4% increase. This rebound coincided with a positive shift in momentum for spot Bitcoin exchange-traded funds (ETFs), which saw $15.7 million in net inflows on March 25. The ETF market experienced significant capital injections on March 26, with inflows reaching $418 million, the highest since March 13. Bitcoin faced strong resistance at $71,754 but managed to hold the support at $68,362. Despite fluctuating trends, Bitcoin retained the gains achieved earlier in the week. As of now, Bitcoin is valued at $70,409, reflecting a weekly gain of 4.76%. Its daily relative strength index (RSI) remains below overbought levels at 58.62, suggesting the potential for continued growth.
Shiba Inu had a bullish performance last week, extending into this week with a four-day winning streak. While it benefited from Bitcoin’s upward momentum on March 25, SHIB only saw a modest 2.24% increase by the end of the day. However, this increase was enough to sustain its three-day winning streak, which began on March 23. On March 26, Shiba Inu defied market trends and experienced an intraday gain of 6.76%. It closed above $0.00003 for the first time in 12 days. Despite a slight correction the following day, SHIB remained above $0.00003 and even reached a peak of $0.00003285 on March 28, ending the day with a gain of 6.10%. Although Shiba Inu faced a significant correction in the following days, it managed to hold the $0.000030 level and is now looking to push towards $0.000031. Currently, Shiba Inu has seen an 8.5% increase for the week, with its price resting at $0.00003048.
ORDI, inspired by Casey Rodarmor’s Ordinals Protocol, stood out as one of the best performers last week. Initially, the asset experienced a significant underperformance, declining by 4% from its opening price to a low of $60.9 on March 28. However, this retest of the $60 level provided enough strength for a rebound. On Saturday, March 30, ORDI achieved a substantial 8.78% gain, marking its most significant intraday increase in the past ten days. This performance led to the recapture of the $70 price level. Although ORDI closed below $70 on March 30, it resumed its upward trajectory as of this morning. With a remarkable 10.60% surge in the last 24 hours, ORDI has emerged as one of the top performers in the market, ranking fourth among the largest gainers in the top 100 cryptocurrencies. Overall, ORDI has achieved a 10.25% increase for the week.
In conclusion, last week’s bullish trend in the cryptocurrency sector, driven by Bitcoin’s price increase, resulted in significant gains for altcoins like Shiba Inu and ORDI. Bitcoin reclaimed the $70,000 mark after facing bearish pressure, while Shiba Inu and ORDI showcased impressive performances with their winning streaks and price surges.
