Bitcoin Price Surge Halts But Market Pointers Suggest Its Run Isn't Over Yet

Bitcoin surge juggernaut over the past week appears to have hit the brakes a little after being able to write off all losses for 2022 earlier this week. In terms of value, the world's most popular cryptocurrency appears to be facing a minor pullback after making a break for $48,000 (roughly Rs. 36 lakh). At the time of writing Bitcoin price is up by 0.37 percent, after recording a 1.09 percent dip through Tuesday. BTC stands at $48,570 (roughly Rs. 37 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin stands closer to the $47,000 (roughly Rs. 35.5 lakh) mark at $47,262 (roughly Rs. 36 lakh) losing 0.93 percent over the past 24 hours. As per CoinGecko data, Bitcoin has remained in the green over the past week, adding 11.3 percent week-to-day.

Ether, the world's second-largest cryptocurrency has continued to attract investments after the lows at the start of the Ukraine-Russia conflict. At the time of publishing, Ether is valued at $3,469 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $3,377 (roughly Rs. 2.5 lakh), where the coin has seen a dip of 0.61 percent over the past 24 hours. CoinGecko data suggests that the cryptocurrency's value has moved up by more than 13 percent over the past week and a strong 28 percent in value over the past month.

Gadgets 360's cryptocurrency price tracker reveals a similar picture for the rest of the major altcoins too with most cryptocurrencies being pegged back in value ever so slightly. The global crypto market cap also witnessed a drop of 0.83 percent over the past 24 hours. Cardano, Solana, Polygon, Binance Coin, Avalanche, and Terra all marked minor losses over the past day with Chainlink being the only crypto to buck that trend on the day.

Meme coins Shiba Inu and Dogecoin have also witnessed a sharp fall-off in value in what has otherwise been a good week for the two crypto asset. Dogecoin is currently valued at $0.14 (roughly Rs. 11) after falling by 2.92 percent over the last 24 hours, while, Shiba Inu is valued at $0.000028 (roughly Rs. 0.002), down by 1.09 percent over the past day.

While the wider crypto market suffered a day of price correction, data from digital asset investing firm CoinShares shows that institutional capital inflows in crypto funds stood at a strong $193 million (roughly Rs. 1,460 crore) last week. Bitcoin alone dominated 50 percent of the total inflows.

On-chain data provider Santiment also stated, "Bitcoin's whales have been active today. The 3,266 $100k+ transactions between 2 pm and 6 pm UTC (7:30 pm and 11:30 pm IST) were the most in a 4-hour interval since March 1st."

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