Bitcoin, for the first time since its inception in 2009, impressively spiked to a trading price of $71,733 (roughly Rs. 59.3 lakh) on Tuesday, March 12. This is Bitcoin's latest all-time high (ATH) since the company went past the $69,000 (roughly Rs. 57 lakh) mark it achieved in November 2021. In the last 24 hours, the value of Bitcoin rose by $2,508 (roughly Rs. 2.07 lakh), marking a spike of 4.57 percent. This rally for BTC has positively impacted most cryptocurrencies, the majority of which are currently trading in profits.
“The growing acceptance of Bitcoin across institutions is acting as a major catalyst for the price surge. Investors are looking at this as a move towards greater credibility for the asset. The London Stock Exchange, for instance, has announced that they would accept Bitcoin and Ethereum Exchange-Traded Notes (ETNs) this year, indicating the increased demand for Bitcoin among ETFs. The ecosystem is bracing itself for new highs and trying to enter the market for better gains,” Rajagopal Menon, Vice President, WazirX, told Gadgets360.
Ether joined Bitcoin's rally on Tuesday. With a profit of 5.41 percent, the present pricing of ETH stands at $4,043 (roughly Rs. 3.34 lakh). Over the last day, the value of ETH has managed to rise by $203 (roughly Rs. 16,800). The asset seems to be inching closer to its previously attained ATH of $4,721 (roughly Rs. 3.90 lakh).
“The price of Ethereum has surged by nearly 85 percent since the beginning of the year and shows no signs of slowing down. Bullish sentiment remains strong in the ETH market, with the Relative Strength Index (RSI) pointing upwards. This indicates at the increasing momentum for ETH with its growth momentum favouring buyers,” the ZebPay trade desk told Gadgets360.
The overall market sentiment leaned towards profit as of Tuesday. Tether, Solana, Ripple, USD Coin, Cardano, Shiba Inu, Polkadot, and Tron were trading in the greens.
Tron, Uniswap, Bitcoin Cash, and Litecoin also registered gains.
As per CoinMarketCap, the overall market capitalisation of the crypto sector went up by 4.28 percent in the last 24 hours. At present, the crypto market valuation stands at $2.71 trillion (roughly Rs. 2,24,25,141 crore), which is this year's all-time high.
Meanwhile Circuits of Value, Flex, and Chainlink registered losses on Tuesday.
“The broader market is in the green, while the fear and greed index continues to be in the ‘Extreme Greed' signifying a very strong investor sentiment,” the CoinSwitch Markets Desk told Gadgets360.
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