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

Feb29,2024



Bitcoin is on the rise, friends! For the first time since November 2021, wealth has crossed the $61,000 mark (about Rs 51 lakh). On Thursday, February 29, a profit of 8.32 percent was recorded in Bitcoin, taking its price to $ 61,746 (approximately Rs 51.4 lakh). In the last 24 hours, the price of Bitcoin has increased by $ 3,754 (about Rs 3.11 lakh). According to market analysts, the surge is attributed to ten spot Bitcoin ETFs in the US hitting a new daily record by crossing trading volumes of $7.7 billion (roughly Rs. 63,833 crores) as retail investors jumped into the crypto rally. Have done.

“BlackRock's Bitcoin ETF traded $3.3 billion (roughly Rs. 27,357 crores) on Wednesday, double its previous volume record. Bitcoin has increased by more than 50 percent over the last year. If this momentum continues, it is likely that Bitcoin will soon surpass its previous all-time high,” Edul Patel, CEO of Mudrex, told Gadgets360.

Ether made a gain of 5.42 percent as it entered the trading rink on Thursday. The current trading price of ETH is $3,424 (approximately Rs 2.83 lakh). Over the past day, ETH pricing has increased by $176 (approximately Rs 14,590).

“Ethereum broke $3,400 (roughly Rs. 2.81 lakh) with a similar rally as Bitcoin is yet to take place and these levels are expected to hold strongly until the halving. ETH-Spot ETF could send the second-largest crypto to new all-time high (ATH),'' Manhar Garegrate, country head, India and global partnerships at Liminal Custody Solutions, told Gadgets360.

A large number of altcoins have joined the rallies of BTC and ETH. These include Binance Coin, Solana, Cardano, Dogecoin, Avalanche, Chainlink and Polkadot.

Other cryptocurrencies that traded with gains on Thursday included Wrapped Bitcoin, Shiba Inu, Bitcoin Cash, Litecoin and Cosmos.

The total crypto market cap increased by 6.90 percent in the last 24 hours. According to CoinMarketCap the current crypto market valuation is $2.3 trillion (approximately Rs 1,90,67,264 crore). In light of BTC's ongoing rally, Bitcoin's dominance on the crypto market stands at 53 percent.

“All Indian investors who had previously invested in Bitcoin are now in a profitable position and the market sentiment is gradually moving towards the 'extreme greed' category. Yesterday we got a glimpse of what can happen if we delay too much. After BTC reached $64,000 (about Rs 53 lakh), there was a sudden drop due to sudden profit-booking and within a few minutes the price of BTC fell below $59,000 (about Rs 48.9 lakh), losing about $200 million (about Rs 1,658 There was a loss of Rs crore). Worth liquidating in just under an hour. Simultaneously, Coinbase, the world’s largest fiat-based exchange, was also down slightly,” Coinswitch Markets Desk highlighted.

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

“It is worth noting that Bitcoin has never surpassed its all-time high in a halving event. The all-time high of $69,000 (approximately Rs 57.2 lakh) will act as a key resistance. However, in yesterday's crypto market cycle, we also saw what altcoins can do in such scenarios, as leading memecoin DOGE surged 20 percent in just one hour,'' Coinswitch Markets Desk said.

Amid the current rally, market analysts advise the investor community to exercise caution and do due diligence.


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

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