The past week saw a predominantly bullish trend in the cryptocurrency sector, mainly driven by the rising price of Bitcoin (BTC). Altcoins like Shiba Inu (SHIB) and ORDI also experienced significant gains, capitalizing on Bitcoin’s momentum.
The market saw a 4.3% increase in global crypto market capitalization, reaching $2.66 trillion on March 31 as $11 billion poured into the market. Let’s take a closer look at the performances of BTC, SHIB, and ORDI.
Bitcoin managed to reclaim the $70,000 mark after a rough week that saw it dip below $70,000. A recovery push boosted investor confidence, helping BTC climb back to $70,000. The week saw BTC hitting $71,213 on March 25, marking a 4% increase and its largest intraday gain. Exchange-traded funds (ETFs) also experienced positive momentum, with significant inflows on March 25 and 26.
Shiba Inu, on the other hand, had a winning streak, with a four-day surge that started on March 25. Despite a modest 2.24% increase that day, SHIB continued to climb, closing above $0.00003 for the first time in 12 days on March 28. Despite a correction, SHIB remained above $0.00003 and is currently up 8.5% for the week.
ORDI, inspired by Casey Rodarmor’s Ordinals Protocol, emerged as a standout performer last week. After initially underperforming, ORDI saw a significant rebound on March 30, gaining 8.78% and reclaiming the $70 price level. With a 10.60% surge in the last 24 hours, ORDI is among the top gainers in the market and has seen a 10.25% increase for the week.
Overall, the cryptocurrency market is showing positive signs, with various assets experiencing significant gains and investor optimism on the rise.