Bitcoin, Ether Chase New All-Time Highs Despite Incurring Small Losses, Market Stays Volatile

Bitcoin, Ether Chase New All-Time Highs Despite Incurring Small Losses, Market Stays Volatile

Bitcoin on Monday, March 11 registered a loss of one percent. The most expensive cryptocurrency in existence, Bitcoin is presently trading at the price point of $68,481 (roughly Rs. 56.6 lakh). This is the closest it has come to its previously set all-time high pricing of $69,225 (roughly Rs. 57.2 lakh). Over the weekend, Bitcoin managed to rise in pricing by $2,087 (roughly Rs. 1.72 lakh). Market analysts are now looking at the mark of $70,000 (roughly Rs. 57.8 lakh) as the next big resistance point for the crypto asset.

Ether slipped in pricing by 2.64 percent. The value of ETH, at the time of writing stands at $3,840 (roughly Rs. 3.17 lakh). Over the weekend, Ether also managed to record a substantial spike of $297 (roughly Rs. 24,555) in its value.

“The biggest Spot ETF which fuelled this recent rally, BlackRock’s bitcoin exchange-traded fund, has reached $10 billion (roughly Rs. 90,110 crore) faster than any US ETF in history. We could see Ethereum break the $4,000 (roughly Rs. 3.30 lakh) resistance level as the Dencun upgrade, which is expected to decrease fees on the Layer2 Blockchains, is less than two days away,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Along with BTC and ETH, majority altcoins reflected losses next to their names on Monday.

These include Tether, Solana, Ripple, USD Coin, Cardano, Shiba Inu, Polkadot, and Tron.

Tron, Uniswap, Bitcoin Cash, and Litecoin also logged losses as of Monday.

“With just 40 days left to the Bitcoin halving event, we can expect a period of heightened volatility in the market. Simultaneously, the wider investment landscape continues to actively move towards digital assets,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.

In the last 24 hours, the overall crypto market cap dunked by 1.61 percent. The current crypto market valuation stands at $2.59 trillion (roughly Rs. 2,14,13,614 crore), as per CoinMarketCap. While BTC’s dominance on the market cap stands at 51.9 percent, Ether’s stands at 17.9 percent.

Meanwhile, cryptocurrencies trading in the profits include Binance Coin, Chainlink, Polygon, Near Protocol, and Leo.

“The ETH/BTC pair appears stable, indicating a potential rebound, which could lead to ETH outperforming BTC in the coming days or weeks. It’s worth noting that the upcoming US CPI announcement may introduce additional volatility into the market, the CoinDCX research team told Gadgets360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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