Bitcoin reached a new all-time high before experiencing a subsequent dip, as indicated by the crypto chart depicting nerve-wracking fluctuations.
Bitcoin experienced a decline of 6.20 percent on Wednesday, March 6, bringing its trading price down to $63,705 (approximately Rs. 52.8 lakh).
Bitcoin, the top-priced asset in the cryptocurrency market, has been witnessing frequent surges in recent days. On Wednesday, March 6, Bitcoin experienced a decline of 6.20 percent, bringing its trading value to $63,705 (approximately Rs. 52.8 lakh). Within the last 24 hours, Bitcoin’s value briefly surged to $69,200 (roughly Rs. 57.3 lakh) before dropping by ten percent. The consistent fluctuations in cryptocurrency prices have left investors feeling anxious.
Shivam Thakral, CEO of BuyUcoin, stated to Gadgets360 that it’s typical to observe a correction in Bitcoin following a month-long surge or whenever it hits a new all-time high (ATH). The upward momentum of Bitcoin, driven by Spot ETF volumes and expectations of interest rate cuts, came to a halt as over $1 billion (approximately Rs. 8,289 crore) worth of assets were liquidated.
On Wednesday, Ether experienced a slight decrease, trading at $3,498 (approximately Rs. 2.90 lakh). Within the past 24 hours, the value of ETH decreased by $48 (approximately Rs. 3,980).
“ETH experienced a surge to $3,800 (approximately Rs. 3.15 lakh) before sharply dropping to $3,200 (approximately Rs. 2.65 lakh). This significant fluctuation led to a 15-20 percent decline in altcoins within minutes, potentially attributed to profit-taking following the surpassing of the 2021 peak,” stated the CoinDCX market desk to Gadgets360.
As both BTC and ETH are facing losses, other altcoins are also being affected. On Wednesday, Tether, Binance Coin, Solana, Ripple, Cardano, Dogecoin, Avalanche, Polkadot, and Tron are all trading in the red.
The total valuation of the cryptocurrency market decreased by two percent in the past 24 hours. According to CoinMarketCap, the current market capitalization of the cryptocurrency market is $2.47 trillion (approximately Rs. 2,04,77,189 crore).
Among the cryptocurrencies that recorded modest gains were USD Coin, Shiba Inu, Uniswap, Leo, Cosmos, and Near Protocol.
“BTC briefly surged to $69,200 (approximately Rs. 57.3 lakh) before facing selling pressure, which triggered subsequent sell-offs and pushed the price down to a low of $59,700 (approximately Rs. 49.4 lakh). Despite Bitcoin’s seven percent decline in the last 24 hours, ETH and SOL performed well, whereas altcoins like ADA, DOGE, and SHIB experienced losses ranging from 10 percent to 12 percent,” stated Rajagopal Menon, Vice President at WazirX, speaking to Gadgets360.
