BTC tops $55,700 for first time since 2021, most altcoins post profits

Increased activity in spot Bitcoin ETFs has pushed the oldest and most expensive cryptocurrency to its highest price since 2021. Bitcoin was worth around $55,753 (roughly Rs. 4.62 crore) on Tuesday, February 27, after the asset recorded a profit of $8.38 per cent in the past 24 hours. The asset also touched the $57,000 (roughly Rs. 47.20 lakh) mark sometime in the early hours of Tuesday before stabilizing to this point. In the last 24 hours, the value of BTC has surged by $4,263 (roughly Rs. 3.5 lakh).

“With BlackRock’s spot Bitcoin ETF trading volumes reaching a record $1.3 billion (roughly Rs. 10,776 crore) and a halving expected in the next 50 days, analysts are predicting an unprecedented bullishness factor leading to this gains. However, it is worth noting that the journey from $57,000 (roughly Rs. 4.72 lakh) to the last recorded all-time high of $69,000 (roughly Rs. 5.71 lakh) may not be easy as BTC is likely to face a lot of strong Challenge. The resistance point on the road is $57,500 (approximately Rs. 47.6 lakh),” CoinSwitch Markets Desk told Gadgets360.

Ethereum joins Bitcoin in trading at $3,220 (roughly Rs. 2.60 lakh). This is the first time since 2021 that Ethereum has crossed the $3,200 (roughly Rs. 2.5 lakh) mark. The asset has been trading at $3,000 (approximately Rs. 2.48 lakh) for a few days and has increased in value by $216 (approximately Rs. 17,905).

“ETH crossed $3,200 (roughly Rs. 2.6 lakh) for the first time in two years, indicating bullish sentiment and heavy institutional buying. Overall, sentiment is positive as Bitcoin halving approaches.” Cryptocurrency Investment Edul Patel, CEO of the company Mudrex, told Gadgets360.

Most altcoins also mirrored Tuesday’s gains. These include Binance Coin, Solana, Ripple, Cardano, Dogecoin, Tron, and Chainlink.

As BTC rises, so do Uniswap, Litecoin, Near Protocol, Leo, Elrond, and Bitcoin SV.

It shows that the overall valuation of the cryptocurrency market has increased by 6.05% in the past 24 hours to reach $2.12 trillion (approximately Rs. 175,717.26 billion). coin market cap.

The CoinSwitch team noted: “Another outperforming currency yesterday was the latest Ethereum-based memecoin listed on Binance, PEPE (+56.2%), which has reached its listing month high and also shows investors’ interest in the cryptocurrency space. Confidence keeps growing.”

Meanwhile, stablecoins were trading in the red on Tuesday. These include Tether and USD coins. Other cryptocurrencies that saw price declines include Cartesi, SushiSwap and Augur.

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.