Bitcoin, Ether recover in price terms after brief pullback, Shiba Inu and Chainlink see minor declines

Bitcoin, which recently experienced a brief period of price correction, has returned to the profit side of the crypto chart. On Thursday, March 7, Bitcoin saw a small gain of 0.12%, taking its trading value to $65,002 (roughly Rs. 53.8 lakh). In the last day, BTC value jumped by $1297 (Rs. 1.07 lakh approx). Not just Bitcoin, but in the last 24 hours, the entire cryptocurrency market has witnessed a significant recovery after the recent decline.

Ether is currently trading at $3,505 (roughly Rs. 2.90 lakh), after posting a 6.69 percent price gain on Thursday. In the last few hours, Ether did touch a yearly high of $3,900 (roughly Rs. 3.22 lakh) before declining to its current price.

“BTC is facing a key resistance area at $69,000 (approx. Rs. 57.1 lakh), though it remains supported by the 50-day exponential moving average (EMA), indicating potential stability. On the other hand, ETH is eyeing the $4,100 (roughly Rs. 3.39 lakh) level as the next resistance, with strong support from the 20-day EMA on the four-hour chart,” CoinDCX’s market team told Gadgets360.

Cryptocurrencies trading in losses on Thursday included Tether, Ripple, Shiba Inu, Chainlink and LEO.

Apart from the above popular altcoins, all others are trading in profits. These include Binance Coin, Solana, Cardano, Dogecoin, Avalanche, Polkadot and Tron among others.

“Notable tokens belong to the AI ​​category as popular tokens like FET (+52 percent), RNDR (+46 percent) and AGIX (+43 percent) as they showed significant gains on the USD pairing. This means investor confidence in AI-based tokens. It is worth noting that all these tokens have already crossed 10x their market cycle lows and a correction would not be surprising,” the CoinSwitch Markets Desk told Gadgets360.

Over the past 24 hours, the total crypto market capitalization has risen by 0.56 percent in estimation. The market capitalization of the sector currently stands at $2.48 trillion (roughly Rs. 2,05,30,320 crore) – according to CoinMarketCap. Investors are advised to be cautious before making decisions as the market is subject to volatility amid its ongoing rally, experts said.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on an accepted recommendation, forecast or other information contained in the article.