BTC Sees Significant Surge, Most Altcoins Rally to Take Profits

After a brief price correction, many cryptocurrencies appear to be returning to profitability. On Friday, March 22, Bitcoin entered the trading arena at a price of $64,950 (approximately Rs. 54.13 lakh). Bitcoin did edge down by 1.60% on Friday, but its value increased by $2,150 (roughly Rs. 1.80 lakh) in the past 48 hours. The asset is expected to remain volatile in the coming days.

“Bitcoin is consolidating as spot Bitcoin ETFs continue to see net outflows. Popular investor Grayscale’s gBTC has seen outflows of $1.8 billion (roughly Rs. 15,012 crore). In the coming days and weeks, we may We will see a breakout of this range above $70,000 (approximately Rs. 5.83 lakh). Bitcoin price must maintain the $61,000 (approximately Rs. 5.08 lakh) support zone to prevent a decline,” BuyUcoin CEO Shivam Thakral told Gadgets360.

While most cryptocurrencies posted gains, only a few trailed Bitcoin during Friday’s losses. These include Solana, Avalanche, Polkadot, Polygon and Near Protocol.

Leo, Cosmos and Cronos also posted minor losses.

Meanwhile, more cryptocurrencies were added to profits on Friday. Ethereum prices rose by about one percent. Its transaction value at the time was $3,405 (approximately Rs. 2.83 lakh). Tether, Binance Coin, Ripple, Cardano and Dogecoin – are all trading profitably.

Shiba Inu, Chainlink, Tron, and Wrapped Bitcoin also saw significant growth.

“Altcoins have shown resilience, with Ripple’s XRP, Filecoin’s FIL, and Internet Computer’s ICP all recording gains of 6% to 7%. The U.S. dollar follows the Swiss National Bank’s surprise rate cut, WazirX Vice President Rajagopal Menon told Gadgets360 The recovery offset Bitcoin’s gains following yesterday’s dovish comments from the Federal Reserve.

The overall cryptocurrency market valuation increased by 0.58% in the past 24 hours. The current market capitalization is $2.51 trillion (approximately Rs. 20,925,680 crore) coin market cap.

Meanwhile, BlackRock has launched a tokenized asset fund on the Ethereum network, a major development.

Parth Chaturvedi, head of investments at CoinSwitch Ventures, told Gadgets360: “The fund will allow accredited investors to earn USD proceeds through Securitize subscriptions, marking an important step forward for tokenized asset issuance.”

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.