Bitcoin, Ether chase new all-time highs, despite suffering small losses, market remains volatile

Bitcoin on Monday, March 11 registered a loss of one percent. The most expensive cryptocurrency in existence, Bitcoin is currently trading at $68,481 (roughly Rs. 56.6 lakh). This is closest to its previous high price of $69,225 (Rs. 57.2 lakh approx). Over the weekend, Bitcoin managed to increase its price by $2,087 (roughly Rs. 1.72 lakh). Market analysts are now looking at the $70,000 mark (roughly Rs. 57.8 lakh) as the next major resistance point for the crypto asset.

Ether fell in price by 2.64 percent. The value of ETH at the time of writing stands at $3,840 (approx. Rs. 3.17 lakh). Over the weekend, Ether also managed to register a significant jump of $297 (roughly Rs. 24,555) in its value.

“The largest Spot ETF that fueled this recent rally, BlackRock’s Bitcoin Exchange Traded Fund, hit $10 billion (approx. Rs. 90,110 crore) faster than any US ETF in history. We can see Ethereum breaking the $4000 resistance level (roughly Rs. 3.30 lakh) as the Dencun upgrade expected to lower Layer2 Blockchains fees is less than two days away,” said Shivam Thakral , CEO of BuyUcoin for Gadgets360.

Along with BTC and ETH, most altcoins reflected losses next to their names on Monday.

These include Tether, Solana, Ripple, USD Coin, Cardano, Shiba Inu, Polkadot and Tron.

Tron, Uniswap, Bitcoin Cash and Litecoin also posted losses since Monday.

“With only 40 days left until the Bitcoin halving event, we can expect a period of increased market volatility. At the same time, the broader investment landscape continues to actively move towards digital assets,” Parth Chaturvedi, Head of Investments, CoinSwitch Ventures told Gadgets360.

In the last 24 hours, the total capitalization of the crypto market has decreased by 1.61 percent. The current valuation of the crypto market stands at $2.59 trillion (roughly Rs. 2,14,13,614 crores), according to CoinMarketCap. While BTC’s market cap dominance stands at 51.9%, Ether’s is 17.9%.

Meanwhile, cryptocurrencies trading in the gains include Binance Coin, Chainlink, Polygon, Near Protocol and Leo.

“The ETH/BTC pair appears stable, indicating a potential rebound, which could see ETH outperform BTC in the coming days or weeks. It’s worth noting that the upcoming US CPI announcement could introduce additional volatility to the market, CoinDCX’s research team told Gadgets360.

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