Bitcoin Surpasses $65,000 for First Time Since 2021, Volatility Causes Losses for Most Altcoins

Over the past 24 hours, Bitcoin has moved closer to its latest all-time high of around $69,000 (around Rs. 57.2 lakh), which it touched in 2021. On Tuesday, despite recording a loss of 1.81%, the price of Bitcoin reached a high point of $65,036 (around Rs. 53.9 lakh). In the last 24 hours, the value of Bitcoin has increased by $1,551 (around Rs. 1.28 lakh), indicating a notable recovery. According to analysts, market sentiment is positive, driven by institutional demand, growth in spot Bitcoin ETFs and anticipation of the upcoming halving event.

“Bitcoin is on track to surpass its all-time high at any time. According to IntoTheBlock, year to date there has been a 5% increase in the number of whales holding at least 1,000 Bitcoin,” Edul Patel, CEO of Mudrex, told Gadgets360. “Additionally, 97% of all Bitcoin addresses are currently in a profitable state, demonstrating an increase in demand. Of the 19.6 million Bitcoins currently in circulation, nearly 70% (13.6 million) are held by holders who they have held their positions for over a year, reflecting growing long-term investment sentiment,” he added.

Ether followed Bitcoin and posted a loss after days of climbing the price ladder. At the time of writing, Ether was trading at $3,450 (around Rs. 2.85 lakh). In the last day, the value of Ether fell by $23 (around Rs. 1,910). Market experts have noted that Ethereum has seen a significant surge in recent years. The asset has risen 128% over the past year and an astonishing 804,027% since its launch at $0.43 (around Rs. 35) on October 20, 2015.

“While market pullbacks are normal during an uptrend, they can spark anticipation and uncertainty as investors await the market’s next move. The Ethereum Foundation’s decision to liquidate $13 million (around Rs 107 million) worth of ETH has raised concerns among investors, as such actions are often seen as harbingers of market changes. Currently, ETH has strong resistance at $3,750 (around Rs. 3.10 lakh) and $4,000 (around Rs. 3.31 lakh),” ZebPay trade desk told Gadgets360.

On Tuesday, March 5, cryptocurrencies recorded more losses than profits. These include Binance coin, Currency in USD, CardanAND Polka dot.

Tron, Polygon, Bitcoin Cash, Uniswap, LitecoinAND Cosmos losses are also recorded.

Tuesday’s profitable cryptocurrencies, however, include Dogemoneta, Shiba Inu, Leo, Stellar, ChronoAND Bitcoin SV.

The overall cryptocurrency sector valuation increased by 5.17% in the last 24 hours. Its value currently stands at $2.5 trillion (around Rs. 2,07,29,000 crore), according to CoinMarketCap. In recent days, BTC’s dominance on the cryptocurrency market has amounted to 52.5%.

“We are also seeing the rise of meme coins, with approximately seven meme coins now ranking among the top 100 cryptocurrencies by market capitalization. With a total market capitalization of over $54 billion (approximately Rs. 4,47,746 crore), the rise of meme coins indicates a shift in investor interest towards this group of cryptocurrencies. However, with the rise of the cryptocurrency market comes retail FOMO, which may have prompted speculative buying. In terms of stablecoins, Tether USDT has touched the market capitalization of $100 billion (around Rs. 8,29,160 crore) as a result of increased market participation,” Parth Chaturvedi, Chief Investment Officer, told Gadgets360 at CoinSwitch Ventures.

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