Bitcoin Price Sees Minor Hike as Values of Several Altcoins Continue to Drop

Bitcoin's price rose by 0.93 percent on Thursday ahead of the upcoming fourth Bitcoin halving process, raising the value of the currency to $66,615 (roughly Rs. 55.5 lakh), as per the crypto price tracker by Gadgets360. In the last 24 hours, the value of BTC rose by $468 (roughly Rs. 39,025). On international exchanges, meanwhile, BTC is trading at $70,530 (roughly Rs. 58.8 lakh).

“After a slight correction in prices, BTC has started to see strength again as the world's number one crypto has found a new base close to $70,000 (roughly Rs. 58.3 lakh). It is yet to be seen, with just eight days remaining in Bitcoin halving, whether the heavy resistance zone at around $74,000 (roughly Rs. 61.7 lakh) gets finally breached before that or not,” the CoinSwitch markets desk said on Thursday.

Ether recorded a notable price hike of 5.35 percent in the last 24 hours, despite the market volatility. With this, the trading value of ETH has come to the mark of $3,355 (roughly Rs. 2.79 lakh) in India. Over the last day, Ether price has risen by $165 (roughly Rs. 13,758). On CoinMarketCap, Ether is trading at $3,560 (roughly Rs. 2.96 lakh).

“In the last 24 hours, the market experienced volatility following the announcement of higher-than-expected CPI data. This led to a brief dip in the crypto market. ETH continues to trade within a range, with the potential for an upward movement upon clearing the $3,650 (roughly Rs. 3.04 lakh) level,” the CoinDCX market desk told Gadgets360.

Tether, Binance Coin, Dogecoin, Avalanche, Leo, Cosmos, and Cronos emerged as other cryptocurrencies alongside BTC and ETH that saw their prices increase on Thursday.

However, other popular cryptocurrencies have dropped in value, thanks to the ongoing market volatility. Solana, Ripple, Cardano, Shiba Inu, and Polkadot found themselves on the loss-making side of the crypto chart.

The overall crypto market valuation currently sits atop the mark of $2.63 trillion (roughly Rs. 2,19,25,876 crore) and rose by 1.36 percent over the last 24 hours, according to CoinMarketCap.

“Increasing inflation has caused the interest rate futures to price in just two rate cuts in 2024 while this number was around six to eight cuts expected in the beginning of March. With interest rate not coming down, it becomes unlikely for people to keep investing in the risky asset classes like crypto,” the CoinDCX team told Gadgets360, advising investors to be cautious about making financial decisions.

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