Bitcoin surpasses $65,000 for the first time since 2021, while volatility results in losses for the majority of altcoins.
Over the past 24 hours, Bitcoin’s value surged by $1,551 (approximately Rs. 1.28 lakh), marking a significant increase.
In the past day, Bitcoin surged close to its previous all-time high of about $69,000 (approximately Rs. 57.2 lakh), reached in 2021. Despite a 1.81 percent loss on Tuesday, Bitcoin’s price peaked at $65,036 (about Rs. 53.9 lakh). Over the last 24 hours, Bitcoin’s value increased by $1,551 (roughly Rs. 1.28 lakh), signaling a notable upward trend. Analysts attribute the positive market sentiment to institutional demand, the rise of spot Bitcoin ETFs, and anticipation surrounding the upcoming halving event.
“Bitcoin is poised to surpass its previous peak very soon,” stated Edul Patel, CEO of Mudrex, in an interview with Gadgets360. “According to IntoTheBlock, there has been a five percent increase in the number of whales holding at least 1,000 Bitcoins year-to-date. Additionally, 97 percent of all Bitcoin addresses are currently in a profitable state, indicating a surge in demand. Out of the 19.6 million Bitcoins in circulation, nearly 70 percent (13.6 million) are held by long-term investors who have maintained their positions for over a year, reflecting a growing sentiment towards long-term investment,” he elaborated.
Following Bitcoin’s lead, Ether experienced a decline after several days of price gains. As of the current writing, Ether is trading at $3,450 (approximately Rs. 2.85 lakh), marking a decrease of $23 (approximately Rs. 1,910) in value over the last 24 hours. Market analysts have observed a notable surge in Ethereum’s performance in recent years. The cryptocurrency has surged by 128 percent in the past year and an impressive 804,027 percent since its inception at $0.43 (approximately Rs. 35) on October 20, 2015.
“Market corrections are a common occurrence during an upward trend, leading to anticipation and uncertainty as investors await the market’s next move. The Ethereum Foundation’s decision to sell $13 million (approximately Rs. 107 crore) worth of ETH has raised concerns among investors, as such actions are often viewed as indicators of impending market shifts. Currently, ETH faces strong resistance levels at $3,750 (approximately Rs. 3.10 lakh) and $4,000 (approximately Rs. 3.31 lakh),” stated the ZebPay trade desk to Gadgets360.
On Tuesday, March 5, more cryptocurrencies experienced losses than gains. Among those that saw declines were Binance Coin, USD Coin, Cardano, and Polkadot. Additionally, Tron, Polygon, Bitcoin Cash, Uniswap, Litecoin, and Cosmos also registered losses.
In contrast, cryptocurrencies that saw gains on Tuesday include Dogecoin, Shiba Inu, Leo, Stellar, Cronos, and Bitcoin SV.
In the past 24 hours, the total value of the cryptocurrency sector has increased by 5.17 percent, reaching a current valuation of $2.5 trillion (approximately Rs. 2,07,29,000 crore), according to CoinMarketCap. Over the recent days, Bitcoin’s dominance in the cryptocurrency market is at 52.5 percent.
“We are also seeing the rise of meme coins, with roughly seven meme coins now ranking among the top 100 cryptos by market cap. With a total market cap of over $54 billion (roughly Rs. 4,47,746 crore), the rise of meme coins indicates a shift in investor interest towards this bucket of crypto assets. However, with the rise of the crypto market comes retail FOMO, which may have induced speculative buying. In terms of stablecoins, Tether’s USDT touched $100 billion (roughly Rs. 8,29,160 crore) market cap as a result of increased market participation,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, told Gadgets360
