At the Time of Writing: Bitcoin Hits $73,118 (Approximately Rs. 60.5 Lakh)
On Thursday, March 14, Bitcoin demonstrated resilience in the face of market fluctuations, posting a notable gain of 1.75 percent. As of the time of writing, the price of Bitcoin stood strong at $73,118, translating to roughly Rs. 60.5 lakh. Impressively, Bitcoin has maintained its position above the $73,000 mark for over 48 consecutive hours, showcasing its stability amidst market volatility. However, analysts caution that a potential cooldown period may be on the horizon for Bitcoin, following a recent surge in its value.
Despite ongoing market fluctuations, Bitcoin has continued to garner significant attention from institutional investors, buoyed by a series of positive developments in the cryptocurrency space. Notably, Bitcoin’s rally coincided with a week of record spot ETF net inflows, totaling $1.1 billion. Additionally, prominent entities such as MicroStrategy have made substantial investments in Bitcoin, with recent purchases totaling $821.7 million. In a testament to the growing institutional interest in Bitcoin, MicroStrategy has announced plans to raise an additional $500 million to further bolster its Bitcoin holdings.
Commenting on Bitcoin’s price trajectory, Shivam Thakral, CEO of BuyUcoin, highlighted the impact of institutional buying on Bitcoin’s recent surge. Thakral emphasized that Bitcoin’s ascent is reflective of strong institutional demand, with $74,000 emerging as the next crucial price level to monitor before the cryptocurrency potentially reaches the coveted milestone of $100,000.
In addition to Bitcoin, several other cryptocurrencies witnessed gains during this period, including Tether, Binance Coin, Solana, USD Coin, Cardano, and Avalanche. These positive developments underscore the dynamic nature of the cryptocurrency market, characterized by rapid price fluctuations and evolving investor sentiment. As Bitcoin continues to captivate the attention of both institutional and retail investors alike, its resilience in the face of market volatility reaffirms its status as a leading digital asset poised for further growth and adoption in the years to come.
Bitcoin on Thursday, March 14 minted a gain of 1.75 percent. The price of Bitcoin, at the time of writing, stood at $73,118 (roughly Rs. 60.5 lakh). Despite the overwhelming market situation, Bitcoin has managed to hold ground over the price point of $73,000 (roughly Rs. 60.4 lakh) for more than 48 hours now. Analysts indicate that a potential cooling period may be looming over BTC in the coming days after the asset only registered spike in the recent days.
“Bitcoin continues to rally after a week of record spot ETF net inflows of $1.1 billion (roughly Rs. 9,117 crore). MicroStrategy which recently bought $821.7 million (roughly Rs. 6,805 crore) worth of Bitcoin, is now raising $500 million (roughly Rs. 4,144 crore) more to buy additional Bitcoin. This price action reflects strong institutional buying. For Bitcoin, $74,000 (roughly Rs. 61.3 lakh) is the next price level to watch before it eventually hits $100,000 (roughly Rs. 82.8 lakh),” Shivam Thakral, CEO of BuyUcoin
The overall crypto market only managed to rise by 0.78 percent in the last 24 hours. The current crypto market valuation stands at $2.75 trillion (roughly Rs. 2,27,90,762 crore) as per CoinMarketCap. Ether, however, witnessed a halt in its rally after the Ethereum blockchain underwent and completed the Dencun upgrade on March 13. On the sidelines of this network upgrade, Ether registered price fluctuations. The asset on Thursday, reflected a minor loss of 0.7 percent which took its trading value to $3,950 (roughly Rs. 3.27 lakh). Unlike BTC, ETH has not been able to breach its previous all-time high of $4,891 (roughly Rs. 4.05 lakh) that it attained in November 2021.