Ready to navigate the exciting world of crypto this week? Last week was a thrilling ride in the cryptocurrency market, with a strong bullish wave sweeping through the top players. Fueled by Bitcoin’s resurgence, altcoins like Shiba Inu (SHIB) and ORDI (ORDI) also saw impressive gains. Let’s dive into the performance of these top cryptocurrencies and see what’s in store for the week ahead!
The overall crypto market cap experienced a significant boost, jumping by 4.3% to reach a staggering $2.66 trillion by March 31st. This surge indicates a powerful influx of capital, with $11 billion flowing into the market. Want to know which cryptocurrencies were leading this charge? Let’s break down the performance of Bitcoin, Shiba Inu, and ORDI.
Bitcoin’s Back Above $70,000: What Fueled the Rebound?
Remember Bitcoin’s wild ride last week? After hitting an all-time high of $73,794, the price took a dip, falling below the $70,000 mark and almost touching the $60,000 zone. It was a bit of a nail-biter! But just when things looked uncertain, investor optimism roared back.
Bitcoin staged a remarkable recovery, powerfully reclaiming the $70,000 territory. You can check the live Bitcoin price here to stay updated!
A significant turning point occurred on March 25th when BTC surged to $71,213, marking its biggest intraday jump of the week at 4%. This rebound was perfectly timed with a positive shift in momentum for spot Bitcoin ETFs. After five days of net outflows, these ETFs recorded a net inflow of $15.7 million on March 25th, signaling renewed institutional interest.
The momentum continued on March 26th, with Bitcoin ETFs witnessing a massive $418 million inflow – the largest since March 13th! This influx of capital further solidified Bitcoin’s recovery.
While Bitcoin faced resistance around $71,754 and found support at $68,362, it largely consolidated its gains throughout the week. The price fluctuated, but the overall upward trend remained intact.
As of now, Bitcoin is trading around $70,409, boasting a solid 4.76% gain for the week. Interestingly, even above $70,000, Bitcoin’s daily Relative Strength Index (RSI) is at 58.62, below the overbought threshold. This suggests there might still be room for Bitcoin to grow. Could we see another push higher this week?
Shiba Inu’s Winning Streak: Meme Coin Magic?
Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, also had a fantastic week! Building on a bullish close last week, SHIB kicked off this week with an impressive four-day winning streak. Was it just riding Bitcoin’s wave, or was there more to Shiba Inu’s surge?
While SHIB did benefit from Bitcoin’s positive momentum on March 25th, its gain was a more modest 2.24%. However, this was enough to extend its winning streak that began on March 23rd.
Shiba Inu truly shone on Tuesday, March 26th, defying broader market trends with a significant 6.76% intraday jump. This rally pushed SHIB above $0.00003 for the first time in almost two weeks!
Even after a slight correction the next day, SHIB held strong above the $0.00003 level. This price point became a springboard for another price surge, reaching a peak of $0.00003285 on March 28th before settling to a 6.10% gain for the day.
In the following days, SHIB experienced a correction but managed to maintain support around $0.000030, setting its sights on pushing towards $0.000031. Is this meme coin gearing up for another run?
Currently, Shiba Inu is up by 8.5% for the week, trading at $0.00003048. Its resilience and upward momentum make it a cryptocurrency to watch closely this week!
ORDI: A Top 24-Hour Gainer – The Ordinals Effect?
ORDI, the token inspired by Casey Rodarmor’s Ordinals Protocol, emerged as a real star performer last week. But it wasn’t a smooth ride initially.
ORDI initially faced some selling pressure, dropping 4% from its opening price to a low of $60.9 on March 28th. This retest of the $60 level, however, proved to be a turning point, providing the strength for a powerful rebound.
This rebound propelled ORDI, a cryptocurrency closely tied to the Bitcoin ecosystem, to a substantial 8.78% gain on Saturday, March 30th. This was its largest intraday increase in ten days, showcasing strong renewed interest.
This impressive performance helped ORDI reclaim the $70 price level. Although it briefly dipped below $70 on March 30th, it quickly resumed its upward trajectory.
With a remarkable 10.60% surge in the last 24 hours alone, ORDI has become one of the top gainers in the market, ranking fourth among the top 100 cryptocurrencies. For the week, ORDI boasts a 10.25% increase, outperforming both Bitcoin and Shiba Inu in percentage gains. Is the Ordinals Protocol driving this momentum, and can ORDI maintain this upward trend?
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.