Bitcoin Value Remains Fixed Around $66,000, Small Gains Hit Ether, Solana

Major crypto assets saw price volatility over the weekend after the US decided not to review or cut interest rates. Entering the third week of March, the cryptocurrency price chart appeared to be split between profit-slicing and losing cryptocurrencies. On Monday, March 18, Bitcoin saw a small gain of 0.08 percent – ​​with its traded value reaching $66,180 (roughly Rs. 54.8 lakh). Between last Friday and today, the value of Bitcoin saw a decrease of $1,585 (roughly Rs. 1.30 lakh).

Ether rose in value by 2.63 percent, Gadgets360’s cryptocurrency price chart showed on Monday. Ether is currently trading at $3467 (approx. Rs. 2.87 lakh).

Last week, Bitcoin and Ether witnessed a roller coaster ride in terms of prices. While Bitcoin hit a new all-time high (ATH) of over $73,118 (approx. Rs. 60.5 lakh) — Ether trading value also touched $3,950 (approx. Rs. 3.27 lakh). Following the US decision not to reduce interest rate hikes, the prices of several crypto assets, including BTC and ETH, fell sharply overnight.

“In the shorter time frames, BTC needs to reclaim the 50 EMA 4H for uptrend confirmation, while ETH needs to reclaim the 20 EMA 4H for continued uptrend confirmation. It should be noted that this week’s US funds rate and FOMC economic forecasts are expected to add volatility to the market,” CoinDCX’s market team told Gadgets360.

Solana, Binance Coin, Avalanche, Dogecoin, Shiba Inu and Polkadot recorded gains.

Other cryptocurrency gainers on Monday included Chainlink, Tron, Polygon, Near Protocol, Bitcoin Cash and Uniswap.

“With only 34 days left until the next halving, Bitcoin and the crypto market could undergo significant changes. Solana showed impressive strength during the week and is on track to reach its previous ATH above $200 (approx. Rs. 15,570),” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Among the losing cryptocurrencies, Tether, Ripple, USD Coin and Cardano recorded losses.

Litecoin, Stellar, Zcash, Dash and Braintrust also posted small losses on Monday.

The total market capitalization of the crypto sector rose by 2.16 percent in the last 24 hours. The crypto market valuation, at the time of writing, stood at $2.58 trillion (approx. Rs. 2,13,83,117 crores) according to CoinMarketCap.

“Increasing uncertainty around US economic policy, particularly the uncertainty surrounding interest rate cuts, has caused some uncertainty in market sentiment. However, optimists continue to see this as a short-term pullback before more wealth starts pouring in from institutional investors. The correction is in line with Bitcoin’s historical patterns and is not exactly an alarming sign,” Rajagopal Menon, Vice President of WazirX told Gadgets360.

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