Bitcoin on Thursday, March 14 minted a gain of 1.75 percent. The price of Bitcoin, at the time of writing, stood at $73,118 (roughly Rs. 60.5 lakh). Despite the overwhelming market situation, Bitcoin has managed to hold ground over the price point of $73,000 (roughly Rs. 60.4 lakh) for more than 48 hours now. Analysts indicate that a potential cooling period may be looming over BTC in the coming days after the asset only registered spike in the recent days.
“Bitcoin continues to rally after a week of record spot ETF net inflows of $1.1 billion (roughly Rs. 9,117 crore). MicroStrategy which recently bought $821.7 million (roughly Rs. 6,805 crore) worth of Bitcoin, is now raising $500 million (roughly Rs. 4,144 crore) more to buy additional Bitcoin. This price action reflects strong institutional buying. For Bitcoin, $74,000 (roughly Rs. 61.3 lakh) is the next price level to watch before it eventually hits $100,000 (roughly Rs. 82.8 lakh),” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Along with Bitcoin, Tether, Binance Coin, Solana, USD Coin, Cardano, and Avalanche recorded gains.
Small profits have also been clocked by USD Coin, Cardano, Shiba Inu, Polkadot, and Polygon.
The overall crypto market only managed to rise by 0.78 percent in the last 24 hours. The current crypto market valuation stands at $2.75 trillion (roughly Rs. 2,27,90,762 crore) as per CoinMarketCap. Ether, however, witnessed a halt in its rally after the Ethereum blockchain underwent and completed the Dencun upgrade on March 13. On the sidelines of this network upgrade, Ether registered price fluctuations. The asset on Thursday, reflected a minor loss of 0.7 percent which took its trading value to $3,950 (roughly Rs. 3.27 lakh). Unlike BTC, ETH has not been able to breach its previous all-time high of $4,891 (roughly Rs. 4.05 lakh) that it attained in November 2021.
With the now deployed Dencun upgrade, the transaction fees, scalability, and security measures of Ethereum-supported Layer-2 blockchains will improve. The value of ETH can subsequently increase as the Dencun improvements begin to show changes.
Other cryptocurrencies that reflected losses on Thursday alongside ETH include Ripple, Dogecoin, Chainlink, Tron, Bitcoin Cash, Uniswap, and Litecoin.
“New investors must carefully weigh the risks and rewards of entering the Bitcoin market at its current valuation of over $1.4 trillion (roughly Rs. 1,16,02,990 crore). The FOMO (fear of missing out) on soaring prices is undeniable, but the market’s volatility and broader economic factors should be taken into account before making any investment decisions,” Dhruvil Shah, Senior Vice President, Technology at Liminal told Gadgets360.
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