Bitcoin and Ether Prices Experience Fluctuations
Bitcoin and Ether, two of the most popular cryptocurrencies, witnessed changes in pricing on Monday, March 11th. Bitcoin observed a one percent loss, bringing its current trading price to $68,481 (roughly Rs. 56.6 lakh), inching closer to its previous all-time high of $69,225 (roughly Rs. 57.2 lakh). Over the weekend, Bitcoin saw an increase of $2,087 (roughly Rs. 1.72 lakh), with market analysts eyeing the $70,000 (roughly Rs. 57.8 lakh) mark as the next significant resistance level for the digital asset.
Ether, on the other hand, experienced a decline of 2.64 percent, with its value resting at $3,840 (roughly Rs. 3.17 lakh) at the time of reporting. Despite this dip, Ether managed to show a spike of $297 (roughly Rs. 24,555) in value over the weekend.
Shivam Thakral, CEO of BuyUcoin, highlighted the impact of BlackRock’s bitcoin exchange-traded fund, which recently surged to $10 billion (roughly Rs. 90,110 crore), setting a historical record for US ETFs. Thakral suggested that Ethereum could surpass the $4,000 (roughly Rs. 3.30 lakh) resistance level in anticipation of the upcoming Dencun upgrade, expected to reduce fees on Layer2 Blockchains within the next two days, as reported by Gadgets360.
Altcoins Experience Mixed Responses
In addition to Bitcoin and Ether, various altcoins showed mixed outcomes on Monday. Tether, Solana, Ripple, USD Coin, Cardano, Shiba Inu, Polkadot, and Tron all saw losses in their prices. Similarly, Tron, Uniswap, Bitcoin Cash, and Litecoin recorded losses on the same day.
Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, predicted an impending period of heightened market volatility with only 40 days left until the Bitcoin halving event. Chaturvedi also noted a growing trend of interest in digital assets within the wider investment landscape.
Crypto Market Cap Fluctuates
Over the past 24 hours, the overall crypto market capitalization dipped by 1.61 percent, reaching $2.59 trillion (roughly Rs. 2,14,13,614 crore) as per CoinMarketCap data. Bitcoin retained a dominant market share of 51.9 percent, while Ether accounted for 17.9 percent of the total market cap.
Other cryptocurrencies like Binance Coin, Chainlink, Polygon, Near Protocol, and Leo managed to secure profits amidst the market fluctuations, showcasing a continuing interest in the crypto sector.
The CoinDCX research team pointed out the stability in the ETH/BTC pair, hinting at a potential rebound that could lead to Ether outperforming Bitcoin in the near future. The team also highlighted the looming US CPI announcement and its potential to introduce additional market volatility.
Disclaimer and Conclusion
It is essential to note that cryptocurrency remains an unregulated digital asset, not recognized as legal tender, and carries inherent market risks. The information provided in this article does not constitute financial advice, trading recommendations, or endorsements by NDTV. Any investment based on perceived recommendations is at the reader’s own risk, as NDTV bears no responsibility for any resulting losses.
In conclusion, the cryptocurrency market continues to witness dynamic shifts in pricing and market behavior. As investors navigate through these fluctuations, it is crucial to stay informed, exercise caution, and make well-informed decisions when engaging with digital assets.
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