Bitcoin Value Sees Significant Surge, Most Altcoins Shrug Off Volatile Price Correction Phase

A number of cryptocurrencies appear to be returning to the profit path after seeing a brief period of price correction. On Friday, March 22, Bitcoin entered the trading arena at a price of $64,950 (approximately Rs. 54.13 lakh). Bitcoin saw a minor loss of 1.60 percent on Friday, but its value rose by $2,150 (roughly Rs. 1.80 lakh) in the last 48 hours. The asset is expected to remain volatile in the coming days.

“Bitcoin Consolidates as Spot Bitcoin ETFs Continue Trend of Net Outflows. Popular investor Grayscale’s gBTC has seen outflows of -$1.8 billion (roughly Rs. 15,012 crore). We may see a break of this range to the mid-$70,000s (roughly Rs. 58.3 lakh) in the next few days or weeks. Bitcoin price should maintain the $61,000 (roughly Rs. 50.8 lakh) support region in case of a downside,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

With most cryptocurrencies posting gains, only a few trailed Bitcoin on Friday’s losing streak. These include Solana, Avalanche, Polkadot, Polygon and Near Protocol.

Leo, Cosmos and Kronos also recorded minor losses.

Meanwhile, gains hit more cryptocurrencies on Friday. Ether rose in price by about a percent. Its trade value at that time was $3,405 (approx. Rs. 2.83 lakh). Tether, Binance Coin, Ripple, Cardano, and Dogecoin — all trading with gains.

Shiba Inu, Chainlink, Tron and Wrapped Bitcoin also posted significant gains.

“Altcoins showed resilience as Ripple’s XRP, Filecoin’s FIL and Internet Computer’s ICP recorded gains of six percent to seven percent. The dollar’s recovery followed after the Swiss central bank unexpectedly cut interest rates, canceling BTC’s gains following yesterday’s dovish Fed comments,” Rajagopal Menon, VP of WazirX told Gadgets360.

The overall valuation of the crypto market rose by 0.58 percent in the last 24 hours. The current market capitalization stands at $2.51 trillion (roughly Rs. 2,09,25,680 crores) as per CoinMarketCap.

Meanwhile, in a significant development, BlackRock has unveiled its tokenized asset fund on the Ethereum network.

“This fund will allow qualified investors to earn returns in USD by subscribing through Securitize, marking a significant step forward in tokenized asset offerings,” Parth Chaturvedi, Head of Investments, CoinSwitch Ventures told Gadgets360.

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.