Bitcoin Price Now Over $73,000, ETH Fluctuating: Details

On Thursday, March 14, Bitcoin gained 1.75%. As of writing this article, the price of Bitcoin is $73,118 (approximately Rs. 60.5 lakh). Despite the tough market conditions, Bitcoin has held on to the $73,000 (roughly Rs. 60.40 lakh) price point for over 48 hours. Analysts say that after Bitcoin surged only in recent days, there could be a potential cooling off period in the coming days.

“Bitcoin continues to rally after a record week of net inflows of $1.1 billion (roughly Rs. 9,117 crore) into spot ETFs. MicroStrategy recently bought $821.7 million (roughly Rs. 6,805 crore) worth of Bitcoin and has now raised another 500 million (roughly Rs. 4,144 crore) to buy more Bitcoin. This price action reflects strong institutional buying. For Bitcoin, $74,000 (roughly Rs. 6.13 crore) is the next one to watch The price level then eventually reaches $100,000 (approximately Rs 82.80 lakh),” BuyUcoin CEO Shivam Thakral told Gadgets360.

In addition to Bitcoin, Tether, Binance Coin, Solana, USD Coin, Cardano and Avalanche all recorded gains.

USD Coin, Cardano, Shiba Inu, Polkadot, and Polygon also made small profits.

The entire cryptocurrency market has gained just 0.78% in the past 24 hours. The current cryptocurrency market valuation is USD 2.75 trillion (approximately Rs. 2,27,90,762 crore) coin market cap. However, Ethereum’s rally came to an abrupt halt after the Ethereum blockchain completed the Dencun upgrade on March 13. Coinciding with this network upgrade, the price of Ethereum has fluctuated. On Thursday, the asset edged down 0.7% and was trading at $3,950 (roughly Rs. 3.27 lakh). Unlike BTC, ETH failed to surpass the all-time high of $4,891 (roughly Rs. 4.05 lakh) set in November 2021.

With the Dencun upgrade now deployed, transaction fees, scalability, and security measures for the Ethereum-powered layer 2 blockchain will all be improved. The value of ETH may subsequently increase as Dencun’s improvements begin to show changes.

Other cryptocurrencies that fell alongside ETH on Thursday include Ripple, Dogecoin, Chainlink, Tron, Bitcoin Cash, Uniswap and Litecoin.

“With Bitcoin currently valued at over $1.4 trillion (approximately Rs 1,16,02,990 crore), new investors must carefully weigh the risks and rewards of entering the Bitcoin market. Dhruvil Shah, senior vice president of technology at Liminal, told Gadgets360, The FOMO (fear of missing out) that comes with soaring prices is undeniable, but the market’s volatility and wider economic factors should be considered before making any investment decisions.

Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided in this 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 is not responsible for any losses incurred as a result of any investment based on any perceived recommendations, predictions or any other information contained in the article.