Top cryptocurrencies to watch this week: BTC, SHIB, ORDI

Over the past week, the leading cryptocurrencies within their sector mostly experienced a surge in value. This trend can mainly be linked back to Bitcoin‘s (BTC) price increase.

Some alternative coins like Shiba Inu (SHIB) and ORDI (ORDI) saw significant price increases, fueled by the surge of Bitcoin.

The significant growth in the market led to a 4.3% jump, raising the total value of the global crypto market to an impressive $2.66 trillion on March 31. This increase was driven by a substantial injection of $11 billion in investment capital into the market.

Here’s an analysis of some of those performances.

Top cryptocurrencies to watch this week: BTC, SHIB, ORDI

Bitcoin reclaims $70,000

Last week brought about one of the poorest weekly showings for Bitcoin. The cryptocurrency’s record-breaking price of $73,794 was overshadowed by bearish forces, causing Bitcoin to drop below $70,000 and flirt with the $60,000 level.

A recovery push rekindled investor optimism, allowing BTC to reclaim $70,000.

On March 25, Bitcoin experienced a substantial rise during the week, reaching a peak of $71,213. This marked a 4% daily improvement, representing Bitcoin’s most notable single-day growth within that period.

On March 25, there was a turnaround in Bitcoin ETFs’ trend, marking an end to their five-day streak of outflows. A total of $15.7 million flowed into these funds.

On March 26, there was a large amount of money poured into the ETF market, with a total of $418 million invested, which is the most since March 13.

Bitcoin continued to hover around a particular price range, hitting a roadblock at $71,754. But it didn’t give way and held firm at its base of $68,362. During this timeframe, Bitcoin saw erratic price movements, but managed to preserve the gains it had made earlier in the week.

Currently, Bitcoin is priced at $70,409 according to recent reports, representing a weekly increase of 4.76%. With each trade surpassing $70,000, the daily RSI sits at a comparatively low 58.62 – suggesting further potential for expansion.

Shiba Inu’a winning streak

Last week, Shiba Inu finished strong with a bullish trend that carried over into this week, giving it four consecutive days of gains at the beginning. Although Bitcoin’s rise on March 25 helped, SHIB experienced only a modest 2.24% growth by the end of the day.

This increase was adequate to sustain its three-day winning streak, which began on March 23.

On March 26, Tuesday, Shiba Inu bucked the market downtrend and surged, recording a 6.76% intraday increase. Consequently, the coin broke through the $0.00003 mark for the first time in 12 days during closing.

The meme-inspired token, after a minor adjustment the next day, continued to hover above $0.00003. Shiba Inu capitalized on this level as a springboard, propelling its price up to an astounding high of $0.00003285 on March 28. However, it later toned down, concluding the day with a robust increase of 6.10%.

Over the next few days, the price of Shiba Inu underwent a notable decrease. Nevertheless, it held firm at the $0.000030 mark and aimed to advance towards $0.000031.

This week, the asset has grown by 8.5%, and its present value is $0.00003048.

ORDI among top 24-hour gainers

Last week, the ORDI token gained significant attention, drawing inspiration from Casey Rodarmor’s Ordinals Protocol.

At first, the value of the asset fell short significantly, dropping by 4% from its starting point to reach a minimum of $60.9 on March 28. Subsequently, this dip back to $60 triggered enough resilience for a recovery.

On March 30, 2023, Bitcoin-linked cryptocurrency ORDI experienced a notable surge, jumping by 8.78% during the day – its largest single-day growth in the previous ten-day period.

After this strong showing, the price of the asset has bounced back up to the $70 mark, having dipped below it on March 30th but regaining momentum since then.

Over the past day, ORDI has experienced a significant jump of 10.6%, moving it up as one of the top performing assets in the market and ranking fourth among the top 100 with the greatest weekly growth at 10.25%.

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2024-03-31 15:33