Bitcoin Surges Amid Market Volatility
On March 24, Bitcoin experienced a notable increase of 3.10 percent on international exchanges, trading at approximately $86,700 (around Rs. 74.5 lakh). In India, the cryptocurrency saw a two percent rise, with prices fluctuating between $89,423 (about Rs. 76.8 lakh) and $90,375 (approximately Rs. 77.7 lakh). Despite this uptick, the overall cryptocurrency market remains volatile, with many altcoins showing little movement.
Market Sentiment and Bitcoin’s Performance
Bitcoin is currently in a consolidation phase, remaining stable below the $86,000 mark (roughly Rs. 74 lakh) while maintaining support above $81,000 (approximately Rs. 70 lakh). According to the CoinSwitch markets desk, market sentiment appears bullish, with over 60 percent of Binance Futures traders holding long positions. This suggests that many investors are anticipating a potential upward breakout in the near future. As Bitcoin continues to navigate this phase, analysts are closely monitoring its price movements. The cryptocurrency’s resilience above key support levels indicates a cautious optimism among traders. However, the broader market’s volatility could lead to fluctuations in Bitcoin’s price as investors react to external economic factors.
Ether’s Gains and Investor Activity
Ether also recorded gains over the weekend, rising by 1.89 percent on international exchanges and five percent on Indian platforms. Currently, Ether is priced at $2,037 (approximately Rs. 1.75 lakh) globally and $2,110 (around Rs. 1.81 lakh) in India. Despite a three-month downtrend, large investors have been accumulating Ether, with the number of wallets holding at least $100,000 worth of the cryptocurrency increasing significantly in recent weeks. According to data from Glassnode, the number of such wallets rose from about 70,000 on March 10 to over 75,000 by March 22. This accumulation trend suggests that institutional interest in Ether remains strong, despite the prevailing macroeconomic concerns affecting the entire cryptocurrency market. Analysts predict that sideways trading may continue until April as investors await clearer signals for future price movements.
Overall Market Trends and Altcoin Performance
The overall cryptocurrency market capitalization grew by 2.30 percent in the last 24 hours, reaching approximately $2.83 trillion (around Rs. 2,43,12,944 crore). Alongside Bitcoin and Ether, several altcoins, including Ripple, Solana, and Shiba Inu, also reported gains. However, other cryptocurrencies such as Binance Coin, Dogecoin, and Cardano faced losses, indicating a mixed performance across the market. Additionally, cryptocurrencies like Bitcoin Cash and Uniswap experienced price dips, highlighting the ongoing volatility. As liquidity increases and major assets approach critical technical levels, investors are closely watching for signs of significant price movements in both Bitcoin and Ethereum. Experts suggest that the market may be on the brink of potential volatility and trend reversals.
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.
Follow Us on Twitter, Instagram, Facebook, & LinkedIn
