Crypto Price Today: Bitcoin Value Currently Over $73,000, Ether Volatile After Dencun Upgrade


Bitcoin gained 1.75 percent on Thursday, March 14. At the time of writing, Bitcoin was priced at $73,118 (approximately Rs 60.5 lakh). Despite the heavy market conditions, Bitcoin has managed to hold on to the price point of $73,000 (approximately Rs 60.4 lakh) for more than 48 hours. Analysts have indicated that a potential cooling period could loom over BTC in the coming days after the asset has only recorded gains in recent days.

“Bitcoin continues to rally after one-week record spot ETF net inflows of $1.1 billion (roughly Rs. 9,117 crores). MicroStrategy which recently bought $821.7 million (roughly Rs. 6,805 crores) worth of Bitcoin is now raising another $500 million (roughly Rs. 4,144 crores) to buy additional Bitcoins. This price action reflects strong institutional buying. For Bitcoin, $74,000 (roughly Rs. 61.3 lakh) is the next price level before it eventually reaches $100,000 (roughly Rs. 82.8 lakh),'' Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

Along with Bitcoin, Tether, Binance Coin, Solana, USD Coin, Cardano and Avalanche recorded gains.

USD Coin, Cardano, Shiba Inu, Polkadot and Polygon also made small profits.

The overall crypto market managed to rise only 0.78 percent in the last 24 hours. According to CoinMarketCap the current crypto market valuation is $2.75 trillion (approximately Rs 2,27,90,762 crore). However, Ether's rally saw a halt following the completion of the Denkun upgrade of the Ethereum blockchain on March 13. On the occasion of this network upgrade, Ether recorded price fluctuations. The asset saw a marginal loss of 0.7 per cent on Thursday, taking its trading price to $3,950 (approximately Rs 3.27 lakh). Unlike BTC, ETH has not been able to break its previous all-time high of $4,891 (approximately Rs 4.05 lakh), which it achieved in November 2021.

With the Denkun upgrade now deployed, transaction fees, scalability, and security measures of the Ethereum-backed layer-2 blockchain will be improved. ETH value may rise later as the Denkun correction starts to appear.

Other cryptocurrencies showing losses on Thursday along with ETH include Ripple, Dogecoin, Chainlink, Tron, Bitcoin Cash, Uniswap and Litecoin.

“New investors should carefully evaluate the risks and rewards of entering the Bitcoin market at its current valuation of over $1.4 trillion (approximately Rs 1,16,02,990 crore). FOMO (fear of missing out) on rising prices cannot be denied, but market volatility and macroeconomic factors need to be taken into account before taking any investment decision,” Dhruvil Shah, Senior Vice President, Technology at Liminal, told Gadgets360. told.

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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