Bitcoin, Ether Chase New All-Time Highs Despite Incurring Small Losses, Market Stays Volatile

Over the weekend, Bitcoin managed to rise in value by $2,087 (roughly Rs. 1.72 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 11 March 2024 11:39 IST

Bitcoin, Ether Chase New All-Time Highs Despite Incurring Small Losses, Market Stays Volatile

Photo Credit: Pexels

The current crypto market valuation stands at $2.59 trillion

Highlights

Solana, Ripple saw losses
Chainlink, Polygon saw gains
Cronos, Stellar recorded price dips

Bitcoin on Monday, March 11 registered a loss of one percent. The most expensive cryptocurrency in existence, Bitcoin is presently trading at the price point of $68,481 (roughly Rs. 56.6 lakh). This is the closest it has come to its previously set all-time high pricing of $69,225 (roughly Rs. 57.2 lakh). Over the weekend, Bitcoin managed to rise in pricing by $2,087 (roughly Rs. 1.72 lakh). Market analysts are now looking at the mark of $70,000 (roughly Rs. 57.8 lakh) as the next big resistance point for the crypto asset.

Ether slipped in pricing by 2.64 percent. The value of ETH, at the time of writing stands at $3,840 (roughly Rs. 3.17 lakh). Over the weekend, Ether also managed to record a substantial spike of $297 (roughly Rs. 24,555) in its value.

“The biggest Spot ETF which fuelled this recent rally, BlackRock's bitcoin exchange-traded fund, has reached $10 billion (roughly Rs. 90,110 crore) faster than any US ETF in history. We could see Ethereum break the $4,000 (roughly Rs. 3.30 lakh) resistance level as the Dencun upgrade, which is expected to decrease fees on the Layer2 Blockchains, is less than two days away,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

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Along with BTC and ETH, majority altcoins reflected losses next to their names on Monday.

These include Tether, Solana, Ripple, USD Coin, Cardano, Shiba Inu, Polkadot, and Tron.

Tron, Uniswap, Bitcoin Cash, and Litecoin also logged losses as of Monday.

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“With just 40 days left to the Bitcoin halving event, we can expect a period of heightened volatility in the market. Simultaneously, the wider investment landscape continues to actively move towards digital assets,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.

In the last 24 hours, the overall crypto market cap dunked by 1.61 percent. The current crypto market valuation stands at $2.59 trillion (roughly Rs. 2,14,13,614 crore), as per CoinMarketCap. While BTC's dominance on the market cap stands at 51.9 percent, Ether's stands at 17.9 percent.

Meanwhile, cryptocurrencies trading in the profits include Binance Coin, Chainlink, Polygon, Near Protocol, and Leo.

“The ETH/BTC pair appears stable, indicating a potential rebound, which could lead to ETH outperforming BTC in the coming days or weeks. It's worth noting that the upcoming US CPI announcement may introduce additional volatility into the market, the CoinDCX research team told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More