Over the past two weeks, Bitcoin has seen an unprecedented rise in its price due to massive inflows into the BTC ETF. As the first week of March rolls around, Bitcoin’s rally seems to be affecting all other cryptocurrencies. Bitcoin on Monday, March 4 recorded a gain of 2.27 percent. The asset is trading at $63,485 (Rs. 52.6 lakh approx). In the last week, the value of Bitcoin has increased by $1,740 (roughly Rs. 1.44 lakh).

“There is a 23 percent increase in the last seven days and an impressive 45 percent increase in the last 30 days. 97 percent of all Bitcoin addresses are currently in a profitable state, marking the first time in more than two years, according to IntoTheBlock. This surge is due to the growing mainstream adoption of spot bitcoin ETFs and the approaching bitcoin halving event. BTC is aiming for the resistance level of $67,150 (roughly Rs. 55.6 lakh) and a successful breakout this week could indicate the possibility of a new all-time high,” Edul Patel, CEO, Mudrex, told Gadgets360.

Ether is up 1.36 percent in the last 24 hours. At the time of writing, the value of ETH stood at $3473 (approx. Rs. 2.87 lakh). For the last one week, ETH has managed to keep its prices close to the $3400 mark (roughly Rs. 2.80 lakh).

“For ETH, it needs to break and hold above $3,500 (approx Rs 2.90 lakh) to aim for $3,830 (approx Rs 3.17 per cent) and $3,965 (approx Rs 3.28 lakh),” the bureau said CoinDCX Market in front of Gadgets360.

Among other cryptocurrencies that registered gains, Binance Coin, USD Coin, Cardano, Dogecoin, Shiba Inu and Polkadot marked their names.

Cosmos, Near Protocol, Qtum and Braintrust also posted marginal gains.

The total market capitalization of the crypto sector stands at $2.38 trillion (roughly Rs. 1,97,27,808 crore), after registering a jump of 1.55 percent in the last 24 hours, according to CoinMarketCap.

Several other cryptocurrencies registered losses on the crypto chart despite BTC’s rally. Tether, Solana, Ripple, Avalanche, Chainlink, Polygon and Uniswap recorded losses.

“This week could see increased volatility due to several macro events such as US job openings, US nonfarm payrolls change and US unemployment rate, which could further impact the market,” CoinDCX research team said in front of Gadgets360.

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