Bitcoin Shows Gradual Climb Above $66,000, Ether Undergoes Price Correction

Cryptocurrency price charts for Friday, March 8th reflect gains for a bunch of cryptocurrencies. Bitcoin on Friday recorded a gain of 2.03 percent, taking its price to $66,394 (roughly Rs. 54.9 lakh). This is a gradual escalation in BTC price by $1392 (roughly Rs. 1.15 lakh) from its value yesterday. According to market analysts, bulls are currently driving Bitcoin’s market trajectory, while also boosting the asset’s price.

“Capital inflows from traditional financial sectors to spot bitcoin ETFs remain an important factor fueling the price surge alongside the upcoming bitcoin halving,” Edul Patel, CEO of Mudrex, told Gadgets360.

Ether managed to carve out a small gain of 0.96 percent on Friday. The value of Ether, at the time of writing, stands at $3,543 (roughly Rs. 2.93 lakh). In the last day, the value of ETH increased by $38 (Rs. 3142 approximately). The asset briefly touched $3,900 (roughly Rs. 3.22 lakh) before returning to the current price point.

“Ether is positioned for significant growth in 2024. Analysts predict Ether (ETH) to potentially double or exceed current prices, reaching between $8,000 (roughly Rs. 6.61 lakh) and $10,000 (roughly Rs. 8.2 lakh). Dencun’s upcoming upgrade, scheduled for this month, ensures more profitable transactions on Level 2 networks, driving increased activity. Also, enthusiasm surrounds Ether ETF applications, with a regulatory decision expected in May,” Rajagopal Menon, Vice President of WazirX told Gadgets360.

Binance Coin, Ripple, Dogecoin, Avalanche, Chainlink and Polygon all joined BTC and ETH on the winning side of the crypto price chart.

Uniswap, Bitcoin Cash, Litecoin, Leo, Monero and Bitcoin SV also posted small gains.

According to CoinMarketCap, the overall valuation of the crypto market rose by 2.08 percent in the last 24 hours. The crypto market capitalization currently stands at $2.55 trillion – the highest value reached in the last two years.

“AI-related tokens are reacting positively ahead of Nvidia’s conference later this month, which is speculated to include a crypto product. SOL (+3.1 percent) also witnessed a significant breakout after breaching its resistance at $140 (roughly Rs. 11,580),” Parth Chaturvedi, Head of Investments, CoinSwitch Ventures, told Gadgets360.

Meanwhile, crypto losers on Friday included Tether, USD Coin, Cardano, Shiba Inu, Polkadot and Tron.

Stellar, Cronos, Cosmos and Near Protocol also recorded losses.

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