Last week saw a predominantly bullish trend across the sector's top cryptocurrencies, driven largely by an increase in the price of Bitcoin (BTC).
Altcoins such as Shiba Inu (SHIB) and ORDI (ORDI) recorded significant gains due to Bitcoin's momentum.
The upswing seen in the market culminated in a 4.3% increase in the global cryptocurrency market capitalization, which rose to $2.66 trillion on March 31, as the market saw capital inflows of $11 billion.
Here is an analysis of some of those performances.
BTC, SHIB and ORDI Prices – March 31st | Source: Santiment
Bitcoin demands $70,000 back
The previous week saw one of Bitcoin's worst weekly performances. The leading cryptocurrency's all-time high of $73,794 gave way to bearish pressure that saw Bitcoin fall below the $70,000 mark and almost abandon the $60,000 zone.
A recovery push reignited investor optimism and allowed BTC to reclaim $70,000.
A significant part of this week's uptrend occurred on March 25, when BTC rose to $71,213. Bitcoin ended the day up 4%, marking its biggest intraday gain of the week.
This rally also coincided with a positive change in momentum for spot Bitcoin exchange-traded funds, or ETFs. These financial instruments ended five days of outflows as they recorded net inflows of $15.7 million on March 25.
The ETF market saw significant capital inflows on March 26, with an inflow of $418 million, the highest since March 13.
Bitcoin remained largely in a consolidation phase and faced strong resistance at $71,754. However, the asset maintained support at $68,362. During this period, Bitcoin experienced fluctuating trends but managed to maintain the gains made earlier in the week.
At the time of reporting, Bitcoin was valued at $70,409, up 4.76% weekly. Although the daily relative strength index (RSI) is above $70,000, it remains below the overbought level at 58.62, suggesting further growth potential.
Shiba Inu'a winning streak
Shiba Inu ended last week with a bullish performance that continued into this week, starting with a four-day winning streak. Despite benefiting from Bitcoin's bullish momentum on March 25, SHIB only saw a modest increase of 2.24% by the end of the day.
This increase was enough to extend the three-day winning streak that began on March 23rd.
Shiba Inu continued its upward trend through Tuesday, March 26, defying market trends with an intraday gain of 6.76%. With this rally, SHIB closed above $0.00003 for the first time in 12 days.
Despite a slight correction the following day, the meme-inspired token maintained its position above $0.00003. Shiba Inu used this price threshold as a launching pad for its subsequent price rise, reaching a high of $0.00003285 on March 28 before declining and ending the day up 6.10%.
In the following days, Shiba Inu experienced a significant correction. However, it managed to hold the $0.000030 level and move towards $0.000031.
The asset is currently up 8.5% this week with the current price at $0.00003048.
ORDI is among the top 24-hour winners
Inspired by Casey Rodarmor's Ordinals protocol, the ORDI token proved to be 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 28. This retest of the $60 level resulted in sufficient strength for a recovery.
The recovery propelled Bitcoin-centric cryptocurrency ORDI to post a sizable 8.78% gain on Saturday, March 30, marking its most significant intraday advance in the past ten days.
This performance led to the recapture of the $70 price level. Although the asset closed below $70 on March 30, it continued its upward trend as of this morning.
With a remarkable 10.60% increase in the last 24 hours, ORDI has emerged as one of the top performers in the market, securing the fourth spot among the biggest gainers in the top 100. Furthermore, the cryptocurrency has achieved a 10.25% increase this week.
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