Bitcoin retreats to $62,000, Ether falls to $3,100 as crypto market sees significant slowdown

The overall crypto market, after witnessing an upswing earlier this month, is currently undergoing some volatility. Bitcoin on Wednesday, March 20, reflected a loss of 5.38 percent. The trading value of the most expensive asset in the crypto market currently stands at $62,800 (approx. Rs. 52.1 lakh). Over the past week, BTC hit a new all-time high of $73,000 (roughly Rs. 60.6 lakh) before retreating to its current price point. The decline in the price of BTC started after the US decided not to cut interest charges for the time being.

“The decline could be a buying opportunity for investors who have been sidelined for the longest time as the halving approaches. This temporary phase of Bitcoin consolidation could be a good opportunity for investors to add it to their long-term portfolios as the overall outlook remains positive,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

Ether plunged in price by six percent on Wednesday. At the time of writing, the value of ETH stood at $3104 (approx. Rs. 2.57 lakh). Ether, as part of its rally, had breached the $3,900 price point (Rs. 3.23 lakh approx).

“If Ethereum manages to hold above the $3000 support level (roughly Rs. 2.49 lakh), it could signal a price recovery potential as buyers may find confidence in this historically significant level. However, a break below this support level could lead to a quick drop towards the next support zone around $2,800 (Rs 2.32 lakh approx), suggesting a weakening of the upside momentum,” Rajagopal Menon, Vice President of WazirX told Gadgets360.

Most cryptocurrencies at this point are facing the brunt of the continued slowdown in market momentum. These include Solana, Binance Coin, Avalanche, Dogecoin, Shiba Inu and Polkadot.

Polygon, Near Protocol, Bitcoin Cash, Uniswap, Chainlink and Tron also failed to register gains.

Against the odds, Wrapped Bitcoin, Leo, Iota and Braintrust managed to make minor gains on Wednesday.

The total market capitalization of the crypto sector fell by 5.76 percent in the last 24 hours. The valuation of the crypto sector, according to CoinMarketCapstood at $2.31 trillion (roughly Rs. 1,91,80,992 crore) as of March 20.

“Strengthening the argument that with BTC halving in less than 30 days — there could be another shakeout.” Solana lost more than 13 percent in value in one day, other Tier 1 blockchains and said that “Solana Killers” such as Aptos (+4.5 percent) and Fantom (+18.8 percent) have shown decent strength, indicating that that investor confidence has not yet been lost and some cooling off before there can be another move up,” the CoinSwitch market desk told Gadgets360, commenting on the state of the market.

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