Cryptocurrency Market Volatility: Bitcoin and Ether Approach Record Highs Despite Minor Losses
Bitcoin’s Weekend Surge: A Significant Value Uptick
Bitcoin, the leading cryptocurrency, experienced a minor setback on Monday, March 11, with a one percent loss. Currently priced at $68,481 (roughly Rs. 56.6 lakh), Bitcoin is nearing its previous all-time high of $69,225 (roughly Rs. 57.2 lakh). However, over the weekend, Bitcoin saw a notable increase in value, surging by $2,087 (roughly Rs. 1.72 lakh). Analysts are now eyeing the $70,000 (roughly Rs. 57.8 lakh) mark as the next major resistance level for the digital asset.
On the other hand, Ether, the native cryptocurrency of the Ethereum blockchain, experienced a decline of 2.64 percent. Currently valued at $3,840 (roughly Rs. 3.17 lakh), Ether also witnessed a significant increase in value over the weekend, rising by $297 (roughly Rs. 24,555).
Shivam Thakral, CEO of BuyUcoin, commented on the recent market movements, stating, “The biggest Spot ETF which fuelled this recent rally, BlackRock’s bitcoin exchange-traded fund, has reached $10 billion (roughly Rs. 90,110 crore) faster than any US ETF in history. We could see Ethereum break the $4,000 (roughly Rs. 3.30 lakh) resistance level as the Dencun upgrade, which is expected to decrease fees on the Layer2 Blockchains, is less than two days away.”
These developments indicate the ongoing volatility in the cryptocurrency market, with both Bitcoin and Ether showcasing resilience despite minor losses. Investors remain cautiously optimistic as they monitor price movements and upcoming events that could influence market trends.
Bitcoin on Monday, March 11 registered a loss of one percent. The most expensive cryptocurrency in existence, Bitcoin is presently trading at the price point of $68,481 (roughly Rs. 56.6 lakh). This is the closest it has come to its previously set all-time high pricing of $69,225 (roughly Rs. 57.2 lakh). Over the weekend, Bitcoin managed to rise in pricing by $2,087 (roughly Rs. 1.72 lakh). Market analysts are now looking at the mark of $70,000 (roughly Rs. 57.8 lakh) as the next big resistance point for the crypto asset.
Ether slipped in pricing by 2.64 percent. The value of ETH, at the time of writing stands at $3,840 (roughly Rs. 3.17 lakh). Over the weekend, Ether also managed to record a substantial spike of $297 (roughly Rs. 24,555) in its value.
“The biggest Spot ETF which fuelled this recent rally, BlackRock’s bitcoin exchange-traded fund, has reached $10 billion (roughly Rs. 90,110 crore) faster than any US ETF in history. We could see Ethereum break the $4,000 (roughly Rs. 3.30 lakh) resistance level as the Dencun upgrade, which is expected to decrease fees on the Layer2 Blockchains, is less than two days away,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
