In the past week, the cryptocurrency market witnessed a predominantly bullish trend, largely attributed to a surge in the price of Bitcoin (BTC). This bullish momentum extended to various altcoins, including Shiba Inu (SHIB) and ORDI (ORDI), leading to substantial gains across the sector.
The collective market capitalization of cryptocurrencies surged by 4.3%, reaching $2.66 trillion by March 31, as a substantial influx of $11 billion in capital flooded the market.
Bitcoin’s Rebound:
Bitcoin, after experiencing a dip below $70,000 territory following a period of bearish pressure, staged a remarkable recovery, reclaiming the $70,000 threshold. Notably, on March 25, BTC surged to $71,213, marking its largest intraday gain of 4% for the week. This resurgence coincided with a positive shift in momentum for spot Bitcoin exchange-traded funds (ETFs), which recorded notable net inflows.
Throughout the week, Bitcoin encountered resistance at $71,754 but managed to maintain support at $68,362. Currently valued at $70,409, Bitcoin reflects a weekly gain of 4.76%, with potential for further growth as indicated by its daily relative strength index (RSI) of 58.62.
Shiba Inu’s Bullish Streak:
Shiba Inu experienced a bullish run, culminating in a four-day winning streak at the beginning of the week. Despite modest gains on March 25, SHIB sustained its upward trajectory, defying market trends with an intraday gain of 6.76% on March 26. Subsequently, SHIB reached a peak of $0.00003285 on March 28, before moderating to close the day with a gain of 6.10%.
Although encountering a mild correction thereafter, Shiba Inu managed to uphold its position above $0.00003, currently reflecting an 8.5% increase for the week with a price of $0.00003048.
ORDI’s Performance:
ORDI, inspired by Casey Rodarmor’s Ordinals Protocol, showcased significant gains despite initial underperformance. Following a rebound from the $60 level, ORDI surged by 8.78% on March 30, reclaiming the $70 price level. Presently, ORDI stands as one of the top performers in the market, recording a 10.60% surge in the last 24 hours and a 10.25% increase for the week, securing the fourth position among the top 100 gainers.
Overall, the cryptocurrency market’s bullish trend, fueled by Bitcoin’s resurgence, has propelled various altcoins to notable gains, underlining the sector’s resilience and potential for growth.
