Bitcoin Retains Profits, Several Altcoins Record Dips Amid Crypto Fluctuation
Bitcoin, that is riding on its nine-month high value this week, continued to see profits on Tuesday, March 21. With a minor profit of 1.72 percent, the value of Bitcoin reached $27,775 (roughly Rs. 22.9 lakh) on Tuesday. In the last 24 hours, the price of BTC spiked by $495 (roughly Rs. 40,905). The oldest cryptocurrency also showed a similar movement on international exchanges such as Binance and CoinMarketCap. Experts have predicted that BTC’s next resistance point would be at $30,000 (roughly Rs. 24.7 lakh).
Ether recorded a negligible loss of 0.30 percent on Tuesday. Despite this minor setback, ETH continued to trade around its risen value of $1,751 (roughly Rs. 1.44 lakh), as per the crypto price tracker by Gadgets 360.
“Last week, crypto decoupled from the traditional financial world as crypto prices rallied despite the banking crisis. Many observers see this as a watershed moment in crypto’s evolution as an asset class. BTC has seen a 28 percent gain in the past seven days. ETH and BNB are also up by 13 percent each. BTC’s sharp rise has led to a surge in its dominance by three percentage points, taking it to 44.2 percent. This indicates that investors are more confident parking their crypto investments in BTC,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.
The volatility in the crypto sector divided the price charts on Tuesday.
Profits added to the values of Tether, Binance Coin, Ripple, Cardano, and Solana alongside Bitcoin.
On the other hand, Polygon, Polkadot, Tron, Dogecoin, and Shiba Inu — joined Ether on the loss-making side of the crypto price chart.
Industry experts have sounded an alert around more shockwaves that are expected to rattle the financial landscape in the next few days.
“The instability in the banking industry has been the primary factor influencing the movements in the capital markets, and this could potentially lead to the Federal Reserve re-evaluating its monetary policy of increasing interest rates, increasing the risks of inflation. In the wake of this, more investors could consider Bitcoin as a safe haven asset. Additionally, crypto projects with good developments like ETH, MATIC, LIDO Finance, and UNISWAP are expected to see significant traction in the coming days,” the CoinDCX research team told Gadgets 360.
The overall crypto market valuation managed to grow by 0.37 percent in the last 24 hours. As of Tuesday, the crypto market cap stood at $1.16 trillion (roughly Rs. 96,03,539 crore), CoinMarketCap showed.
Amid the ongoing market chaos, crypto startups may find it difficult to secure funding for some time to come, Rajagopal Menon, Vice President, WazirX told Gadgets 360.
“Many banks still consider crypto and tech startups risky. On the bright side, the Bank Term Funding Program has increased investor confidence, putting risk assets back into play. Despite the challenges of banking in the crypto sector, some financial institutions outside the US are stepping up to cater to the growing demand,” Menon said.
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.
