Bitcoin Price Surpasses $61,000, Ether Shows Gradual Rally: Details

Bitcoin is pumping, folks! The asset, for the first time since November 2021, crossed the $61,000 mark (around Rs. 51 lakh). On Thursday, February 29, Bitcoin posted a profit of 8.32%, taking its price to $61,746 (around Rs. 51.4 lakh). In the last 24 hours, the value of Bitcoin increased by $3,754 (approximately Rs. 3.11 lakh). According to market analysts, this surge is attributed to ten spot Bitcoin ETFs in the US registering a new daily record surpassing trading volume of $7.7 billion (around Rs. 63,833 crore) triggered by retail investors who have jumped into the cryptocurrency rally.

“BlackRock’s Bitcoin ETF traded for $3.3 billion (about Rs. 27,357 crore) on Wednesday, double its previous volume record. Year-to-date, Bitcoin is up more than 50%. If this momentum continues, it is likely that Bitcoin will soon surpass its previous all-time high,” Edul Patel, CEO of Mudrex, told Gadgets360.

Ether posted a profit of 5.42% when it entered the trading floor on Thursday. The current trading value of ETH stands at $3,424 (approximately Rs. 2.83 lakh). Over the past day, ETH price increased by $176 (around Rs. 14,590).

“Ethereum has crossed $3,400 (around Rs. 2.81 lakh), which is yet to have a Bitcoin-like rally and is expected to hold these levels firmly until the halving. ETH spot ETFs could take the second largest cryptocurrency to new all-time highs (ATH),” Manhar Garegrat, Country Head, India & Global Partnerships at Liminal Custody Solutions, told Gadgets360.

Numerous altcoins have joined BTC and ETH in their rallies. These include Binance coin, Solana, Cardano, Dogemoneta, Avalanche, Chain shirtAND Polka dot.

Other cryptocurrencies trading in gains on Thursday include Bitcoin wrapped, Shiba Inu, Bitcoin Cash, LitecoinAND Cosmos.

The overall cryptocurrency market capitalization increased by 6.90% in the last 24 hours. The current valuation of the cryptocurrency market stands at $2.3 trillion (approximately Rs. 1,90,67,264 crore) according to CoinMarketCap. In light of BTC’s ongoing rally, Bitcoin’s dominance of the cryptocurrency market stands at 53%.

“All Indian investors who had previously invested in Bitcoin are now in a profitable position with market sentiment slowly shifting towards the ‘extreme greed’ category. A glimpse of what could happen if I get too late was visible yesterday After BTC reached $64,000 (around Rs. 53 lakh), there was a sudden drop due to sudden profit booking and BTC price fell below $59,000 (around Rs. 48, 9 lakh) in a matter of minutes, causing nearly $200 million (around Rs. 1,658 crore) worth of settlements in just an hour. At the same time, Coinbase, the world’s largest fiat-based exchange, also collapsed for a while,” the CoinSwitch Markets Desk noted.

Despite the otherwise bullish market sentiment, some cryptocurrencies posted losses on Thursday. These include Bind, Ripple, Tron, Polygon, Uniswap, Close to the protocolAND Leo.

“It is worth noting that Bitcoin never surpassed all-time highs during the halving. The all-time high of $69,000 (around Rs. 57.2 lakh) would act as major resistance. However, in yesterday’s cryptocurrency market cycle, we also saw a glimpse of what altcoins can do even in such scenarios, as leading memecoin DOGE pumped 20% in just an hour,” CoinSwitch Markets Desk added .

In the context of the ongoing bull run, market analysts advise caution and due diligence to the investment community.

Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any losses resulting from investments based on recommendations, forecasts or any other information contained in the article.

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