Bitcoin, in these last two weeks, has shown an unprecedented rally in its price owing to massive inflows in BTC ETFs. Stepping into the first week of March, the rally of Bitcoin seems to be affecting all other cryptocurrencies. Bitcoin on Monday, March 4 recorded a profit of 2.27 percent. The asset is trading at the price point of $63,485 (roughly Rs. 52.6 lakh). Over the last week, the value of Bitcoin has risen by $1,740 (roughly Rs. 1.44 lakh).
“There has been a 23 percent increase in the past seven days and an impressive 45 percent rise in the last 30 days. 97 percent of all Bitcoin addresses are currently in a profitable state, marking the first time in over two years, as per IntoTheBlock. This surge is attributed to the rising mainstream acceptance of spot Bitcoin ETFs and the nearing Bitcoin Halving event. BTC is aiming for the $67,150 (roughly Rs. 55.6 lakh) resistance level, and a successful breach this week could point to the possibility of a new all-time high,” Edul patel, CEO of Mudrex told Gadgets360.
Ether grew by 1.36 percent in the last 24 hours. At the time of writing, the value of ETH stood at $3,473 (roughly Rs. 2.87 lakh). For the last one week, ETH has managed to retain its pricing close to the mark of $3,400 (roughly Rs. 2.80 lakh).
“For ETH, it needs to break and sustain above $3,500 (roughly Rs. 2.90 lakh) to aim for $3,830 (roughly Rs. 3.17 percent) and $3,965 (roughly Rs. 3.28 lakh),” the CoinDCX Market desk told Gadgets360.
Among other cryptocurrencies that registered profits, Binance Coin, USD Coin, Cardano, Dogecoin, Shiba Inu, and Polkadot marked their names.
Cosmos, Near Protocol, Qtum, and Braintrust also recorded minor gains.
The overall market cap of the crypto sector stands at $2.38 trillion (roughly Rs. 1,97,27,808 crore) after it registered a spike of 1.55 percent in the last 24 hours, as per CoinMarketCap.
Several other cryptocurrencies registered losses on the crypto chart despite BTC’s rally. Tether, Solana, Ripple, Avalanche, Chainlink, Polygon, and Uniswap registered losses.
“This week may see increased volatility due to several macro events such as US Job Openings, US Non-Farm Employment Change, and the US Unemployment Rate, which could impact the market further,” 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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