Bitcoin and Altcoins Surge Amid Market Optimism
On March 26, Bitcoin demonstrated modest gains, climbing 1.05% to reach $87,375 (approximately ₹75 lakh) on international exchanges. In India, Bitcoin’s price fluctuated slightly, trading between $87,990 (around ₹75.4 lakh) and $90,197 (about ₹77.3 lakh). Analysts suggest that this positive trend may continue into April, a month historically favorable for Bitcoin, which has averaged a 13% gain.
Market Trends and Trading Volume
Despite the recent uptick in Bitcoin and several altcoins, the global trading volume has decreased by over 11%, indicating reduced market participation. However, the sentiment among traders remains optimistic, with many awaiting the next significant price movement. The CoinDCX research team noted that both Bitcoin and altcoins are maintaining their gains, hinting at a potential upswing in the near future. This cautious optimism suggests that a renewed crypto bull run could be on the horizon.
Ether’s Performance and Market Dynamics
Ether also joined Bitcoin in the profit column, rising by 0.28% to trade at $2,050 (approximately ₹1.75 lakh) on global exchanges. On Indian platforms, Ether’s gains were minimal, with prices ranging from $2,066 (around ₹1.77 lakh) to $2,355 (approximately ₹2.01 lakh). The ZebPay Trade Desk highlighted that Ether has been experiencing a downtrend, forming a ‘Descending Channel’ pattern, which indicates strong selling pressure. Analysts suggest that if Ether can break above its current resistance level, it may rally towards $2,500 (about ₹2.15 lakh).
Altcoins and Overall Market Capitalization
Several altcoins also reported gains on Wednesday, including Ripple, Solana, Dogecoin, Cardano, Avalanche, Stellar, Shiba Inu, and Litecoin. Other cryptocurrencies like Cronos, Bitcoin SV, Iota, Polygon, Status, Braintrust, Cartesi, and Ardor also saw positive movements. The overall cryptocurrency market capitalization increased by 0.76% over the past 24 hours, now valued at $2.86 trillion (approximately ₹2,45,24,347 crore), according to CoinMarketCap. Analysts at Bernstein project that the total market capitalization could triple to $7.5 trillion (around ₹6,43,31,625 crore) by the end of 2025, driven by unprecedented institutional adoption.
Investor Sentiment and Future Outlook
While Bitcoin’s stability is being closely monitored, altcoins like Dogecoin are gaining traction among traders. Avinash Shekhar, Co-Founder and CEO of Pi42, emphasized the importance of observing whether Bitcoin can maintain its momentum or if it will face a pullback. As the market evolves, investors remain vigilant, navigating the complexities of cryptocurrency trading.
Observer Voice is the one stop site for National, International news, Sports, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.
