Last week, a mainly bullish trend occurred among the top cryptocurrencies in the sector, mainly due to the rise in Bitcoin (BTC) prices.
Altcoins such as Shiba Inu (SHIB) and ORDI (ORDI) have experienced significant gains riding on Bitcoin's momentum.
This excitement observed in the market culminated in a 4.3% increase in the global crypto market capitalization, with $11 billion of capital flowing into the market, rising to $2.66 trillion on March 31st. did.
Here we analyze some of their performances.
Bitcoin regains $70,000
Last week was one of Bitcoin's worst weekly performances. The major cryptocurrency's all-time high of $73,794 turned into bearish pressure, with Bitcoin breaking below the $70,000 area and nearly relinquishing the $60,000 zone.
The recovery boost reignited investor optimism and allowed BTC to regain $70,000.
A significant portion of this week’s upward trajectory occurred on March 25th, when BTC soared to $71,213. Bitcoin ended the day up 4%, marking its biggest intraday gain this week.
This rally coincided with a positive shift in momentum for spot Bitcoin exchange traded funds (ETFs). These instruments recorded net inflows of $15.7 million on March 25, ending a five-day period of outflows.
The ETF market saw a major capital injection on March 26th, with inflows reaching $418 million, the highest since March 13th.
Bitcoin is mostly consolidating and has encountered strong resistance at $71,754. However, the asset held support at $68,362. Throughout this period, Bitcoin experienced a volatile trend, but managed to maintain the gains achieved at the beginning of the week.
At the time of reporting, Bitcoin's value was $70,409, reflecting a weekly increase of 4.76%. Although trading above $70,000, the daily relative strength index (RSI) is still below the overbought level at 58.62, suggesting continued growth potential.
Shiba Inu is on a winning streak
The Shiba Inu ended last week with a strong performance, and that continued into this week with an opening four-day winning streak. Despite benefiting from Bitcoin's upward momentum on March 25th, SHIB only gained a modest 2.24% by the end of the day.
This increase was enough to sustain a three-day winning streak that began on March 23rd.
The Shiba Inu continued its upward trajectory through Tuesday, March 26, rising 6.76% during the day, contrary to market trends. With this increase, SHIB closed above $0.00003 for the first time in 12 days.
Despite a mild correction the next day, the meme-inspired token maintained its position above $0.00003. Shiba Inu used this price threshold as a springboard for its subsequent price surge, reaching a peak of $0.00003285 on March 28, before moderating and ending the day with a 6.10% gain.
Over the next few days, the Shiba Inu encountered a serious correction. However, it manages to maintain the $0.000030 level and aims to rise towards $0.000031.
The asset is currently up 8.5% for the week and its current price is sitting at $0.00003048.
ORDI ranks among the top in 24-hour increase rate
The ORDI token, inspired by Casey Rodarmor's Ordinals Protocol, emerged as one of the standout performers last week.
The asset initially experienced significant underperformance, falling 4% from its opening price to a low of $60.9 on March 28th. This retest of the $60 level provided enough strength for a rebound.
This rally helped the Bitcoin-centric cryptocurrency ORDI achieve a massive 8.78% gain on Saturday, March 30th, marking its largest intraday gain in the past 10 days.
This performance allowed it to regain the $70 price level. The asset closed below $70 on March 30, but as of this morning it has resumed its upward trajectory.
With a notable rise of 10.60% in the past 24 hours, ORDI has emerged as one of the market's top performers, securing the 4th place among the top 100 biggest gainers. Moreover, this cryptocurrency achieved an increase of 10.25% in the market. week.
