Bitcoin shows a gradual rise above $66,000, Ether undergoes a price correction

Cryptocurrency price charts on Friday, March 8, reflected profits from a group of cryptocurrencies. Bitcoin registered a gain of 2.03% on Friday which took its price to $66,394 (around Rs. 54.9 lakh). This is a gradual increase in BTC price of $1,392 (around Rs. 1.15 lakh) from its value yesterday. According to market analysts, bulls are currently directing the trajectory of the Bitcoin market, while pushing the price of the asset higher.

“The influx of capital from traditional financial sectors into spot Bitcoin ETFs remains a significant factor fueling the price surge, along with the impending Bitcoin halving,” Edul Patel, CEO of Mudrex, told Gadgets360.

Ether it managed a smaller gain of 0.96% on Friday. The value of Ether, at the time of writing this article, stood at $3,543 (approximately Rs. 2.93 lakh). Over the past day, the value of ETH increased by $38 (around Rs. 3,142). The asset briefly touched $3,900 (around Rs. 3.22 lakh) before falling back to its current price.

“Ether is positioned for substantial growth in 2024. Analysts expect Ether (ETH) to potentially double or surpass current prices, reaching a value between $8,000 (around Rs. 6.61 lakh) and $10,000 (around Rs. 2 lakh rupees).The upcoming Dencún update, scheduled for release this month, ensures more convenient transactions on Layer-2 networks, spurring greater activity. Additionally, excitement surrounds Ether ETF filings, with a regulatory decision expected in May,” Rajagopal Menon, vice president at WazirX, told Gadgets360.

Binance coin, Ripple, Dogemoneta, Avalanche, Chain shirtAND Polygon – all joined BTC and ETH on the profit side of the cryptocurrency price chart.

Uniswap, Bitcoin Cash, Litecoin, Leo, MoneroAND Bitcoin SV also recorded small profits.

As per CoinMarketCap, the overall cryptocurrency market valuation increased by 2.08% in the last 24 hours. The cryptocurrency market capitalization currently stands at $2.55 trillion, the highest level reached in the last two years.

“AI tokens are reacting positively ahead of Nvidia’s conference later this month which is speculated to feature a crypto product. SOL (+3.1%) also saw a significant turnaround after overcoming its resistance at $140 (approximately Rs. 11,580),” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets360.

Meanwhile, Friday’s losing cryptocurrencies include Bind, Currency in USD, Cardan, Shiba Inu, Polka dotAND Tron.

Stellar, Chrono, CosmosAND Close to the protocol also recorded losses.

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