Bitcoin, which is hitting a 9-month high this week, continues to profit on Tuesday, March 21. With a small profit of 1.72%, Bitcoin’s value reaches $27,775 (approx. Rs 22.9) on Tuesday. In the past 24 hours, the price of BTC has skyrocketed by $495 (approximately Rs 40,905). The oldest cryptocurrency also showed a similar movement on international exchanges like Binance and CoinMarketCap. Experts have predicted that the next resistance point for BTC will be $30,000 (approximately Rs 24.7 lakh).
ether recorded a negligible loss of 0.30% on Tuesday. Despite this small setback, ETH continues to trade around an upward value of $1,751 (approximately Rs 1.44), according to the report. Cryptocurrency price tracker by Gadgets 360.
“Last week, crypto broke away from the traditional financial world as crypto prices surged despite the banking crisis. Many observers see this as a turning point in the evolution of cryptocurrencies as an asset class. BTC has seen a 28% gain in the past seven days. ETH and BNB are also up 13% each. The strong rise of BTC led to an increase in its dominance rate by 3 percentage points, bringing it to 44.2%. This shows that investors are more confident in depositing their crypto investments in BTC,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.
Volatility in the crypto sector split the price charts on Tuesday.
Industry experts have warned of multiple shock waves expected to shake the financial landscape over the next few days.
“Uncertainty in the banking industry is a key factor influencing movements in capital markets and this is likely to lead to the Federal Reserve re-evaluating its monetary policy regarding rate hikes, increase inflation risk. In light of this, many investors might consider Bitcoin a safe haven asset. Additionally, well-developed crypto projects such as ETH, MATIC, LIDO Finance, and UNISWAP are expected to gain significant traction in the coming days,” the CoinDCX team told Gadgets 360.
The overall crypto market valuation has increased by 0.37% in the past 24 hours. As of Tuesday, the crypto market capitalization stood at $1.16 trillion (approximately Rs 96,03,539), CoinMarketCap shows.
Rajagopal Menon, Vice President, WazirX told Gadgets 360 amid the ongoing market turmoil, crypto startups may find it difficult to raise capital for some time to come.
“Many banks still see cryptocurrencies and tech startups as risky. On the positive side, the bank’s Term Funding Program has boosted investor confidence, bringing risky assets back into action. Despite banking challenges in the crypto space, a number of financial institutions outside the US are stepping up to meet the growing demand,” Menon said.
Cryptocurrency is an unregulated digital currency that is not legal tender and subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.