On Thursday, March 14, Bitcoin posted a gain of 1.75 percent. The price of Bitcoin at the time of writing stood at $73,118 (approx. Rs. 60.5 lakh). Despite the overwhelming market situation, Bitcoin has managed to hold above the $73,000 (roughly Rs. 60.4 lakh) price point for more than 48 hours now. Analysts point out that a potential cooling off period could be looming over BTC in the coming days after the asset registered a surge in the past few days alone.

“Bitcoin continues to rally after a week of record spot ETF net flows of $1.1 billion (Rs. 9117 crore approx). MicroStrategy, which recently bought $821.7 million (roughly Rs. 6,805 crore) worth of bitcoin, is now raising another $500 million (roughly Rs. 4,144 crore) to buy additional bitcoins. This price action reflects strong institutional buying. For Bitcoin, $74,000 (approx. Rs. 61.3 lakh) is the next price level to watch before it eventually reaches $100,000 (approx. Rs. 82.8 lakh),” said Shivam Thakral, CEO of BuyUcoin for Gadgets360.

Along with Bitcoin, Tether, Binance Coin, Solana, USD Coin, Cardano and Avalanche posted gains.

Small gains were also reported by USD Coin, Cardano, Shiba Inu, Polkadot and Polygon.

The overall crypto market only managed to grow by 0.78 percent in the last 24 hours. The current valuation of the crypto market stands at $2.75 trillion (approx. Rs. 2,27,90,762 crores) according to CoinMarketCap. Ether, however, witnessed a halt to its rally after the Ethereum blockchain passed and completed the Dencun upgrade on March 13. On the sidelines of this network upgrade, Ether has seen price fluctuations. The asset on Thursday posted a marginal loss of 0.7 percent, taking it to trade at $3,950 (roughly Rs. 3.27 lakh). Unlike BTC, ETH failed to surpass its previous all-time high of $4,891 (roughly Rs. 4.05 lakh), which was reached in November 2021.

With the Dencun upgrade already implemented, the transaction fees, scalability and security measures of the Ethereum Layer-2 supported blockchains will improve. The value of ETH may subsequently increase as Dencun’s improvements begin to show changes.

Other cryptocurrencies that posted losses on Thursday alongside ETH included Ripple, Dogecoin, Chainlink, Tron, Bitcoin Cash, Uniswap and Litecoin.

“New investors should carefully weigh the risks and rewards of entering the Bitcoin market at its current valuation of over $1.4 trillion (approximately Rs. 1,16,02,990 crore). FOMO (fear of missing out) in skyrocketing prices is undeniable, but market volatility and broader economic factors must be taken into account before any investment decisions are made,” said Dhruvil Shah, SVP, Technology at Liminal, in front of Gadgets360.

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