Bitcoin Price Crosses $61,000, Ether Shows Gradual Rally: Details

Bitcoin is pumping, folks! The asset, for the first time since November 2021, has crossed the mark of $61,000 (roughly Rs. 51 lakh). On Thursday, February 29, Bitcoin recorded a profit of 8.32 percent that took its price to $61,746 (roughly Rs. 51.4 lakh). In the last 24 hours, the value of Bitcoin has risen by $3,754 (roughly Rs. 3.11 lakh). As per market analysts, this surge is attributed to the ten spot Bitcoin ETFs in the US registering a new daily record by surpassing the $7.7 billion (roughly Rs. 63,833 crore) trading volume triggered by retail investors jumping on the crypto rally.

“BlackRock's Bitcoin ETF traded $3.3 billion (roughly Rs. 27,357 crore) on Wednesday, twice as much as its previous volume record. Bitcoin surged over 50 percent on a year-to-date. If this momentum continues, it is likely that Bitcoin will beat its previous all-time high soon,” Edul Patel, CEO of Mudrex told Gadgets360.

Ether clocked a profit of 5.42 percent as it stepped into the trading rink on Thursday. The current trading value of ETH stands at $3,424 (roughly Rs. 2.83 lakh). Over the last day, ETH pricing has risen by $176 (roughly Rs. 14,590).

“Ethereum broke $3,400 (roughly Rs. 2.81 lakh), which is yet to have a similar rally as Bitcoin and is expected to hold these levels strongly until the halving. ETH-spot ETFs could send the second-largest crypto to new All-Time Highs (ATH),” Manhar Garegrat, Country Head, India & Global Partnerships at Liminal Custody Solutions told Gadgets360.

A plethora of altcoins have joined BTC and ETH in their rallies. These include Binance Coin, Solana, Cardano, Dogecoin, Avalanche, Chainlink, and Polkadot.

Other cryptocurrencies trading in gains on Thursday include Wrapped Bitcoin, Shiba Inu, Bitcoin Cash, Litecoin, and Cosmos.

The overall crypto market cap rose by 6.90 percent in the last 24 hours. The current crypto market valuation stands at $2.3 trillion (roughly Rs. 1,90,67,264 crore) as per CoinMarketCap. In light of BTC's ongoing rally, the Bitcoin dominance on the crypto market stands at 53 percent.

“All Indian investors who had previously invested in Bitcoin are now in a profitable position with the market sentiment slowly moving towards the 'extreme greed' category. A glimpse of what might happen if you are too late was visible yesterday. After BTC reached $64,000 (roughly Rs. 53 lakh), there was a sudden dip due to sudden profit booking and BTC's price fell below $59,000 (roughly Rs. 48.9 lakh) within minutes, causing close to $200 million (roughly Rs. 1,658 crore) worth of liquidations within just one hour. Simultaneously, the world's largest fiat-based exchange Coinbase had also gone down for a bit,” the CoinSwitch Markets Desk highlighted.

Despite the otherwise bullish market sentiment, some cryptocurrencies did record losses on Thursday. These include Tether, Ripple, Tron, Polygon, Uniswap, Near Protocol, and Leo.

“It is worthwhile to note that Bitcoin has never crossed all-time highs in the halving event. The $69,000 (roughly Rs. 57.2 lakh) all-time high would act as a major resistance. However, in yesterday's crypto market cycle, we also saw a glimpse of what altcoins can also do in such scenarios, as major memecoin DOGE pumped 20 percent in just an hour,” the CoinSwitch Markets Desk added.

Amid the ongoing bull run, market analysts advise caution and due diligence to the investor community.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.