The rise in spot Bitcoin ETF activities have propelled the oldest and most expensive cryptocurrency to its highest price point since 2021. On Tuesday, February 27, Bitcoin's value stood at around $55,753 (roughly Rs. 46.2 lakh) after the asset logged a profit of 8.38 percent in the last 24 hours. Before stabilising at this point, the asset briefly also touched the mark of $57,000 (roughly Rs. 47.2 lakh) sometime in the early hours of Tuesday. In the last 24 hours, the value of BTC has risen by a whopping $4,263 (roughly Rs. 3.5 lakh).
“With Blackrock's spot Bitcoin ETF trading volume hitting a record $1.3 billion (roughly Rs. 10,776 crore), and halving coming in the next 50 days, analysts are predicting this is an unprecedented bullish factor causing this gain. However, it is worthwhile to note that the journey from $57,000 (roughly Rs. 47.2 lakh) to the last recorded all-time high of $69,000 (roughly Rs. 57.1 lakh) might not be easy because BTC is likely to face a lot of strong resistance points on the way, starting at $57,500 (roughly Rs. 47.6 lakh),” the CoinSwitch Markets Desk told Gadgets360.
Ether joined Bitcoin in the rally and bagged the price point of $3,220 (roughly Rs. 2.6 lakh). This is for the first time since 2021 that Ether has also breached the mark of $3,200 (roughly Rs. 2.5 lakh). The asset, that had been trading at $3,000 (roughly Rs. 2.48 lakh) for some days, rose in value by $216 (roughly Rs. 17,905).
“ETH surpassed $3,200 (roughly Rs. 2.6 lakh) for the first time in two years, indicating a bullish market sentiment with heavy institutional buying. Overall, there is a positive sentiment as bitcoin halving approaches,” Edul Patel CEO of Mudrex crypto investment firm told Gadgets360.
Majority altcoins are also reflecting gains on Tuesday. These include Binance Coin, Solana, Ripple, Cardano, Dogecoin, Tron, and Chainlink.
Uniswap, Litecoin, Near Protocol, Leo, Elrond, and Bitcoin SV are also all trading in gains following BTC's rally.
The overall valuation of the crypto market rose by 6.05 percent in the last 24 hours to stand at the valuation of $2.12 trillion (roughly Rs. 1,75,71,726 crore), showed CoinMarketCap.
“Another notable performer yesterday was the newest Ethereum-based memecoin to be listed on Binance, PEPE (+56.2 percent) that has reached its listing month's high as well showing investors' growing confidence in the crypto space,” the CoinSwitch team noted.
Stablecoins meanwhile, are trading in losses on Tuesday. These include Tether and USD Coin. Other cryptocurrencies trading in the reds include Cartesi, SushiSwap, and Augur.
Cryptocurrency is an unregulated digital currency, not a 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 sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
