Global Crypto Market Cap Increases Despite Market Slump
Despite the recent market-wide slump, the global crypto market cap recorded a 3.68% increase this week to $1.69 trillion, with substantial contributions from large-cap assets such as Bitcoin (BTC), XRP (XRP), and Shiba Inu (SHIB).
Bitcoin Surges to 21-Month High
Before the start of the week, BTC recorded three consecutive intraday losses, dropping to a low of $43,929. However, the crypto asset started the week on a favorable footing.
Bitcoin rallied 7.5% to a 21-month high of $47,248 on Jan. 8. The asset net resistance at this new peak, leading to a slight decline. However, despite the decline, BTC ended Jan. 8 with an impressive 6.88% increase, closing the day above the $46,000 mark, at $46,951.
Bitcoin’s bullish performance was bolstered by growing optimism surrounding the upcoming spot BTC ETF products.
XRP Struggles to Reach Target Price
XRP leveraged the broader market uptrend this week to target the $0.63 price point but faced a subsequent decline that resulted in a crash below multiple pivotal support levels.
The crypto token surged to a high of $0.6240 on Jan. 11 but slumped by 5.32% on Jan. 12.
XRP needs to hold above the support at $0.5780 to make any attempt toward the next pivotal price point.
Shiba Inu’s Battle for a Key Price Level
The $0.00001 price level represents one of the most pivotal psychological thresholds for Shiba Inu.
SHIB recovered the $0.00001 point on Jan. 10 but dropped below it during the Jan. 12 downturn.
Shiba Inu currently trades at $0.00000992, looking to again reclaim the $0.00001 psychological threshold.
Hot Take: Crypto Market Cap Sees Growth Despite Slump
The global crypto market cap has managed to increase by 3.68% this week despite the recent market slump. This growth can be attributed to the strong performance of large-cap assets like Bitcoin, XRP, and Shiba Inu. Bitcoin experienced a surge to a 21-month high before facing a slight decline, while XRP struggled to reach its target price but still managed to make gains. Shiba Inu continues to battle for a key price level, attempting to reclaim and hold the $0.00001 threshold. Overall, despite fluctuations and challenges, the crypto market remains resilient and continues to attract investors.
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