Despite the recent market-wide slump, the global cryptocurrency market cap registered a 3.68% increase this week to $1.69 trillion, with significant contributions from large assets such as Bitcoin (BTC), XRP (XRP), and Shiba Inu (SHIB).
Bitcoin exceeds $48,000
Before the start of the week, Bitcoin posted three consecutive intraday losses, falling to a low of $43,929. However, crypto assets started the week on a positive note.
Bitcoin rose 7.5% to a 21-month high of $47,248 on January 8. Net assets resisted at this new peak, resulting in a slight decline. However, despite the decline, Bitcoin ended January 8 with an impressive 6.88% increase, closing the day above the $46,000 mark, at $46,951.
Bitcoin's bullish performance has been fueled by growing optimism surrounding upcoming spot BTC ETF products. With a decision expected this week, many industry commentators have pointed to imminent approval of ETF applications, fueling bullish sentiment and increasing buying pressure.
On January 10, the SEC approved all 11 spot deposits for Bitcoin ETFs. The development led to billions in inflows into the cryptocurrency market. The market responded with a rally across the board, with Bitcoin rising to a 22-month high of $48,969 on January 11, after surpassing $48,000 for the first time since March 2022.
However, the market-wide rally was short-lived, as a widespread dump occurred soon after. Bitcoin fell to a low of $41,500 on January 12, closing the day with a disappointing 7.67% decline. Attempts to come back were futile, as it hovered around the $43,000 mark. Overall, Bitcoin traded flat this week, with a slight rise of 0.02%.
XRP battles for $0.63
XRP took advantage of the broader market uptrend this week to target the $0.63 target, but the subsequent decline led to a breakdown below multiple pivotal support levels. The cryptocurrency token rose to a high of $0.6240 on January 11, up 13% from the $0.5515 it started the week at.
However, the ensuing market decline saw it give up most of the gains made earlier in the week, falling 5.32% on January 12. XRP has recovered some of its losses, but is still trading below the $0.58 price threshold. Regardless, the asset is still up 4.87% this week, and is currently trading for $0.5784.
XRP needs to stay above the support at $0.5780 to make any attempt towards the next pivotal price point. The next resistance level for the asset is located at $0.6017, currently at the 0.5 Fibonacci level. A break of $0.6017 will bring the next resistance level to $0.6254. A move above $0.6254 could push XRP towards a price of $0.63.
SHIB looks to defend $0.00001
The $0.00001 price level represents one of the most important psychological thresholds for the Shiba Inu. The asset has continued to recover and give up its price point since last year.
SHIB regained the $0.00001 point on January 10, reaching a high of $0.00001050 the next day, as the market recorded an uptrend following the approval of spot BTC ETF products. However, the asset fell below the price zone during the recession on January 12, falling to $0.00000964.
Attempts to recover saw the Shiba Inu retest $0.00001 on January 13 and 14. However, each retest is followed by subsequent rejection. The Shiba Inu is currently trading at $0.00000992, and is once again looking to reclaim the psychological threshold of $0.00001. The next big resistance point stands at $0.00001013.
