The cryptocurrency world witnessed a rollercoaster this week, but despite some dips, the overall sentiment is bullish! The global crypto market capitalization bounced back, surging by 3.68% to reach a solid $1.69 trillion. This positive momentum was largely fueled by the big players – Bitcoin (BTC), XRP (XRP), and Shiba Inu (SHIB) – all showing significant activity. Let’s dive into what exactly happened with these crypto giants.
Bitcoin’s Big Break: Back Above $48,000!
Remember those nervous moments when Bitcoin seemed to be slipping, recording intraday losses and touching a low of $43,929? Well, things took a sharp turn for the better as the week kicked off. Bitcoin didn’t just recover; it rallied!
Key Bitcoin Highlights This Week:
- Impressive Rally: Bitcoin surged by a significant 7.5%, hitting a 21-month peak of $47,248 on January 8th.
- Brief Resistance: It met some resistance at this new high, causing a slight pullback.
- Strong Close: Despite the brief dip, BTC ended January 8th with a powerful 6.88% gain, closing above $46,000 at $46,951.
What sparked this bullish behavior? The answer is simple: anticipation and then celebration of the spot Bitcoin ETF approval. Rumors and expert predictions of an impending ETF approval had been circulating, injecting a dose of optimism into the market. This anticipation alone created buying pressure, pushing Bitcoin upwards.
Then came January 10th – the day the SEC gave the green light to not just one, but eleven spot Bitcoin ETF applications! This landmark decision opened the floodgates for institutional investment, resulting in billions flowing into the crypto market. The reaction was immediate and powerful.
Bitcoin’s price surged again, reaching a new 22-month high of $48,969 on January 11th. For the first time since March 2022, BTC had broken through the $48,000 barrier. The bulls were in charge!
See Also: Bitcoin Short-Term Holders Panic-dropped $5B BTC After Price Dropped Toward $40,000
However, as often happens in the crypto world, the euphoria was followed by a reality check. A large sell-off occurred soon after, causing a sharp downturn. Bitcoin plummeted to $41,500 on January 12th, ending the day with a disappointing 7.67% drop. Profit-taking after the ETF news? Likely.
Since then, Bitcoin has been trying to regain its footing, currently hovering around the $43,000 mark. Overall, for the week, Bitcoin’s movement has been relatively flat, showing a marginal increase of just 0.02%.
XRP’s $0.60 Challenge: Will It Break Through?
XRP also rode the wave of market optimism this week, setting its sights on the $0.63 target. But like Bitcoin, it faced a setback after the initial surge. Let’s examine XRP’s journey.
XRP’s Price Action:
- Uptrend: XRP jumped to a high of $0.6240 on January 11th, a solid 13% increase from the week’s starting point of $0.5515.
- Pullback: The subsequent market downturn erased a significant portion of these gains, with XRP dropping 5.32% on January 12th.
- Current Status: XRP has recovered some ground but is still trading below the $0.58 level.
Despite the retracement, XRP is still in positive territory for the week, up by 4.87% and currently trading at $0.58118.
See Also: 25.6 Billion XRP ‘Partial Payments Exploit’ On Bitfinex Thwarted
For XRP to make another run at higher prices, holding above the $0.5780 support level is crucial. The next major hurdle lies at the $0.6017 resistance, currently at the Fibonacci 0.5 level. Breaking through $0.6017 could pave the way for a test of the $0.6254 resistance, and potentially even the $0.63 target.
Shiba Inu and the $0.00001 Battleground
Shiba Inu (SHIB), the popular meme coin, is locked in a persistent struggle around the $0.00001 price level. This price point has acted as a significant psychological barrier for SHIB, with the asset repeatedly crossing and retreating from it.
SHIB’s Dance Around $0.00001:
- Recaptured Level: SHIB briefly reclaimed $0.00001 on January 10th, reaching a high of $0.00001050 the following day, mirroring the broader market’s ETF-driven uptrend.
- Dipped Below: The market-wide downturn on January 12th pulled SHIB back below this level, dropping to $0.00000964.
- Ongoing Retests: Shiba Inu has attempted to reclaim $0.00001 again on January 13th and 14th, but each attempt has faced rejection so far.
See Also: 85 Million SHIB Rewards For Stakers: Shiba Inu Marketing Lead, Lucie
Currently, Shiba Inu is trading at $0.00000969 and is once again trying to overcome the $0.00001 psychological threshold. The next significant resistance point for SHIB is at $0.00001013.
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.
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.