Bitcoin Price Slightly Increases Amid Decline in Altcoin Values

Bitcoin Rises 0.93% on Thursday, Trading at $66,615 (Approx. Rs. 55.5 Lakh

Bitcoin’s price increased by 0.93 percent on Thursday, ahead of the anticipated fourth Bitcoin halving process. This surge elevated the cryptocurrency’s value to $66,615 (approximately Rs. 55.5 lakh), according to the crypto price tracker by Gadgets360. In the past 24 hours, Bitcoin (BTC) gained $468 (roughly Rs. 39,025). On international exchanges, BTC is trading at $70,530 (roughly Rs. 58.8 lakh).

The CoinSwitch markets desk noted on Thursday, “After a slight correction in prices, BTC has started to see strength again as the world’s number one crypto has found a new base close to $70,000 (roughly Rs. 58.3 lakh). It remains to be seen if the heavy resistance zone at around $74,000 (roughly Rs. 61.7 lakh) will be breached with just eight days remaining before the Bitcoin halving.”

Meanwhile, Ether (ETH) experienced a significant price hike of 5.35 percent over the last 24 hours, despite the ongoing market volatility. This rise has brought the trading value of ETH in India to $3,355 (approximately Rs. 2.79 lakh). Over the past day, Ether’s price has climbed by $165 (roughly Rs. 13,758). On CoinMarketCap, Ether is currently trading at $3,560 (roughly Rs. 2.96 lakh).

In addition to Bitcoin and Ether, several other altcoins have shown varied performances. The market trends indicate a mixed response among different cryptocurrencies, highlighting the ongoing fluctuations in the crypto market. Investors are keenly observing these movements as they prepare for potential market shifts with the upcoming Bitcoin halving.

The approaching Bitcoin halving event is generating considerable interest and speculation among crypto enthusiasts and investors. Historically, halving events have led to significant price changes in Bitcoin and have had ripple effects across the entire cryptocurrency market. This anticipation is contributing to the current price dynamics observed in major cryptocurrencies like Bitcoin and Ether.

Overall, the crypto market remains highly dynamic with investors closely monitoring key events and market trends. The performance of Bitcoin and Ether, along with other altcoins, will be crucial in determining the market trajectory in the coming days, especially with the impending Bitcoin halving on the horizon.

“Increasing inflation has caused the interest rate futures to price in just two rate cuts in 2024 while this number was around six to eight cuts expected in the beginning of March. With interest rate not coming down, it becomes unlikely for people to keep investing in the risky asset classes like crypto,” the CoinDCX team, advising investors to be cautious about making financial decisions.