Bitcoin’s Weekend Surge: Price Climbs by $1,826 (Approximately Rs. 1.5 Lakh)
Bitcoin demonstrated a modest gain of 0.74 percent on Monday, with the world’s leading cryptocurrency reaching a price of $48,101 (approximately Rs. 39.9 lakh) at the time of publication. Notably, over the weekend, the digital asset experienced a noteworthy surge, soaring by $1,826 (approximately Rs. 1.5 lakh). Market analysts suggest that surpassing the $48,970 (approximately Rs. 40 lakh) threshold could pave the way for Bitcoin to target the elusive $50,000 (approximately Rs. 41.5 lakh) milestone, a level it has not breached since December 2021.
In contrast, Ether failed to mirror Bitcoin’s upward trajectory on Monday, registering a slight decline of 0.55 percent. Presently, the value of Ether hovers at $2,498 (approximately Rs. 2.07 lakh).
“During the weekend, Bitcoin maintained its position above $48,000 (approximately Rs. 39.8 lakh), reaching its highest point in 26 months. This surge was fueled by substantial net inflows into spot Bitcoin ETFs during the preceding week. Meanwhile, Ethereum also climbed to $2,540 (approximately Rs. 2 lakh) — its highest level since January 19 — and is currently consolidating around the $2,500 (approximately Rs. 2.07 lakh) mark. Technical indicators suggest resistance at $2,620 (approximately Rs. 2.17 lakh) and support at $2,440 (approximately Rs. 2.02 lakh),” remarked Edul Patel, CEO of Mudrex, highlighting the dynamics shaping the cryptocurrency landscape.
Like Ether, most cryptocurrencies reflected losses on Monday. These include Binance Coin, Ripple, Dogecoin, Cardano, and Avalanche.Even other altcoins like Solana, Binance Coin, Shiba Inu, Litecoin, Bitcoin Cash, and Uniswap saw their values fall on Monday.
The overall valuation of the crypto sector dipped by 0.76 percent in the last 24 hours. At present, the crypto market cap holds ground at the mark of $1.8 trillion (roughly Rs. 1,49,40,576 crore), showed CoinMarketCap. While the Bitcoin dominance on the market currently stands at 52.5 percent, Ether dominance stands at 16.7 percent.Meanwhile, Bitcoin Cash, Litecoin, Uniswap, Near Protocol, Monero — managed to see small profits on Monday.
“We are likely to see some prominent token unlocks this week, including the release of over $96 million (roughly Rs. 796 crore) worth of Sandbox’s SAND, equivalent to approx. Nine percent of SAND’s entire supply. This is slated for Valentine’s Day. Other unlocks include Aptos with a release of over seven percent (roughly worth $224.8 million (roughly Rs. 1,865 crore)) of its total token supply, and ApeCoin on February 16 with a release of 2.5 percent (roughly Rs. worth $21.84 million (roughly Rs. 181 crore) of its total token supply,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.
However, market experts have advised caution to the global investor community. “Overall, BTC’s resilience amidst regulatory scrutiny and market dynamics underscores its potential for further gains, but investors should remain vigilant of key resistance levels and external factors influencing market sentiment,” Rajagopal Menon, Vice President, WazirX.