Bitcoin price rises slightly as several altcoins continue to fall in value

According to Gadgets360’s cryptocurrency price tracker, Bitcoin prices rose 0.93% on Thursday, boosting the value of Bitcoin to $66,615 (approximately Rs 55.5 lakh) ahead of the upcoming fourth Bitcoin halving process. In the past 24 hours, the value of BTC increased by $468 (approximately Rs. 39,025). Meanwhile, on international exchanges, BTC is trading at $70,530 (approximately Rs. 5.88 crore).

“Bitcoin has started to strengthen again after a minor price correction as the world’s number one cryptocurrency has found a new base near $70,000 (roughly Rs. 5.83 crore). Bitcoin halving is just a few days away, CoinSwitch Markets said on Thursday With eight days left, it remains to be seen whether the heavy resistance zone around $74,000 (approximately Rs. 6.17 lakh) will finally be breached.

Despite the market volatility, Ethereum price has gained a significant 5.35% in the past 24 hours. At this point, the trading value of ETH in India has reached $3,355 (approximately Rs. 2.79 lakh). On the last day, Ethereum price increased by $165 (approximately Rs. 13,758). On CoinMarketCap, Ethereum is trading at $3,560 (roughly Rs. 2.96 lakh).

“Markets have seen volatility over the past 24 hours as higher-than-expected CPI data was released. This resulted in a brief decline in the cryptocurrency market. ETH continues to trade within a range and is likely to rise after breaking above the $3,650 (approximately Rs. 3.04 lakh) level ,” CoinDCX Market Desk told Gadgets360.

Tether, Binance Coin, Dogecoin, Avalanche, Leo, Cosmos and Cronos joined BTC and ETH as the other cryptocurrencies that saw price gains on Thursday.

However, other popular cryptocurrencies have fallen in value due to continued market volatility. Solana, Ripple, Cardano, Shiba Inu, and Polkadot find themselves in the red on the cryptocurrency charts.

According to statistics, the overall valuation of the crypto market currently reaches $2.63 trillion (approximately Rs. 219,258.76 billion), up 1.36% in the past 24 hours coin market cap.

“Rising inflation has interest rate futures pricing in just two rate cuts in 2024, compared with around the six to eight rate cuts expected in early March. With interest rates not falling, people are unlikely to continue investing in risky asset classes like cryptocurrencies, ” the CoinDCX team told Gadgets360, advising investors to remain cautious when making financial 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.