Bitcoin Holds Steady Above $63,000 Amid Weekend Volatility; SOL and USDT Witness Price Declines
Current Bitcoin Price: $63,485 (Approx. Rs. 52.6 Lakh)
Over the past fortnight, Bitcoin has exhibited an extraordinary surge in its value, largely fueled by substantial investments pouring into BTC ETFs. As we transitioned into the initial week of March, this bullish momentum seems to have spilled over into the broader cryptocurrency market. On Monday, March 4th, Bitcoin notched a commendable gain of 2.27 percent, elevating its trading price to $63,485 (approximately Rs. 52.6 lakh). In the preceding week alone, Bitcoin’s value surged by $1,740 (roughly Rs. 1.44 lakh), reflecting a remarkable ascent.
Recent data from IntoTheBlock reveals a staggering 23 percent surge in Bitcoin’s value over the past seven days, accompanied by an impressive 45 percent surge over the last month. An overwhelming 97 percent of all Bitcoin addresses are currently witnessing profitability, marking a milestone not seen in over two years. Market experts attribute this surge to the growing mainstream acceptance of spot Bitcoin ETFs and the impending Bitcoin Halving event.
Edul Patel, CEO of Mudrex, highlighted Bitcoin’s ambitious target of breaching the $67,150 (approximately Rs. 55.6 lakh) resistance level, suggesting that a successful breakthrough this week could pave the way for a new all-time high.
In tandem with Bitcoin’s bullish trajectory, Ether, the native cryptocurrency of the Ethereum network, also experienced notable growth. Over the past 24 hours, Ether recorded a modest gain of 1.36 percent, with its value hovering around $3,473 (approximately Rs. 2.87 lakh) at the time of writing. Throughout the preceding week, Ether managed to sustain its price close to the $3,400 (approximately Rs. 2.80 lakh) mark, underscoring its resilience amidst the broader market volatility.
“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. Among other cryptocurrencies that registered profits, Binance Coin, USD Coin, Cardano, Dogecoin, Shiba Inu, and Polkadot marked their names.
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’srally.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.
