Bitcoin Value Sees Notable Spike, Most Altcoins Shrug Off Volatile Phase of Price Correction

A number of cryptocurrencies seem to be getting back on the profit track, after seeing a brief period of price correction. Bitcoin on Friday, March 22 stepped into the trading arena at the price point of $64,950 (roughly Rs. 54.13 lakh). Bitcoin did see a minor loss of 1.60 percent on Friday, but its value has seen a rise of $2,150 (roughly Rs. 1.80 lakh) in the last 48 hours. The asset is expected to remain volatile in the coming days.

“Bitcoin is consolidating as Spot Bitcoin ETFs continue their trend of net outflows. Popular investor grayscale's gBTC has seen outflows of -$1.8 billion (roughly Rs. 15,012 crore). We may see a breakout of this range into the mid $70,000s (roughly Rs. 58.3 lakh) in the next few days or weeks. The Bitcoin price must maintain the $61,000 (roughly Rs. 50.8 lakh) support region in case of a dip,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

With most cryptocurrencies seeing gains, only some tailed behind Bitcoin on the loss-trail on Friday. These include Solana, Avalanche, Polkadot, Polygon, and Near Protocol.

Leo, Cosmos, and Cronos also registered minor losses.

Profits, meanwhile, struck more cryptocurrencies on Friday. Ether rose in price by around one percent. Its trading value at the time was $3,405 (roughly Rs. 2.83 lakh). Tether, Binance Coin, Ripple, Cardano, and Dogecoin -- are all trading in profits.

Shiba Inu, Chainlink, Tron, and Wrapped Bitcoin also reflected notable gains.

“Altcoins demonstrated resilience, as Ripple's XRP, Filecoin's FIL, and Internet Computer's ICP recorded gains of six percent to seven percent. The dollar's revival ensued after the Swiss central bank unexpectedly slashed interest rates, undoing BTC's gains following yesterday's dovish Fed comments,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

The overall valuation of the crypto market rose by 0.58 percent in the last 24 hours. The current market cap stands at $2.51 trillion (roughly Rs. 2,09,25,680 crore) as per CoinMarketCap.

In a significant development meanwhile, BlackRock introduced its tokenised asset fund, on the Ethereum network.

“This fund will allow qualified investors to earn US dollar yields by subscribing through Securitize, marking a significant step forward in tokenised asset offerings,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.

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