Bitcoin retreats after breaking through $70,000, market fluctuates moderately

Cryptocurrency charts reflect the gains for most cryptocurrencies on Tuesday, March 26th. Bitcoin entered the trading arena on Tuesday with a profit of 5%. Its current transaction value is $67,730 (approximately Rs. 5.64 crore). However, earlier in the day, Bitcoin did manage to cross the $70,000 (roughly Rs. 5.83 lakh) mark before retreating and consolidating at the current price point. Market analysts hope that Bitcoin will soon move towards the $80,000 mark (approximately Rs. 6.66 crore).

“After a few days of market volatility, Bitcoin has turned bullish again after a few days of losses and its price has crossed the $70,000 (approximately Rs. 58.3 lakh) mark. As inflation levels peak, Retail users use Bitcoin as a way to devalue the currency, which has become the number one reason why more and more people are starting to invest in Bitcoin,” CoinSwitch Markets Desk told Gadgets360.

On Tuesday, the price of Ethereum surged 4.24%. Its current trading value is $3,465 (approximately Rs. 2.88 lakh).

“Despite experiencing considerable volatility, Ethereum has found comfort in recent developments such as the Dencun upgrade, the looming possibility of an ETF launch, general market trends, and the residual impact of the Bitcoin halving. March 21, ETH plummeted to a low of $3,086 (approximately Rs 2.57 lakh). However, there was a glimmer of hope as the price of Ethereum showed signs of recovery with a significant 10% spike in 24-hour trading volumes.” ZebPay Trade Desk said when commenting on the market conditions of ETH.

Following BTC and ETH, most cryptocurrencies posted profits on Tuesday. These include Binance Coin, Solana, USD Coin, Cardano, Dogecoin, Shiba Inu, Chainlink, and Tron.

Polkadot, Polygon, Near Protocol, Uniswap and Litecoin are also trading profitably.

The overall market value of the crypto industry increased by 3.84%. According to data, the cryptocurrency industry is valued at $2.67 trillion (approximately Rs 22,253,929 crore) coin market cap.

A handful of cryptocurrency trades posted losses on Tuesday. These include Tether, Ripple and Leo.

“Cryptocurrency markets have shown resilience and gained significantly over the past 24 hours. After BlackRock announced a $100 million (approximately Rs. 833 crore) tokenization fund, most tokens, especially real-world Tokens across the asset space have all shown strong performance, outperforming the overall market,” CoinSwitch Markets Desk told Gadgets360.

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.