Crypto Market Stagnates Amid Uncertain Trends
The cryptocurrency market has experienced a lackluster performance throughout March, with little expectation for significant changes in the near future. On March 19, Bitcoin saw a slight decline of less than one percent across various exchanges, currently trading at approximately $83,000 (around Rs. 71.8 lakh) on global platforms. In India, exchanges like CoinSwitch and CoinDCX report Bitcoin prices ranging from $85,515 (Rs. 74.8 lakh) to $87,509 (Rs. 75.7 lakh).
Bitcoin Shows Signs of Accumulation
Despite its recent dip, Bitcoin is showing early signs of accumulation, according to data from Glassnode. Historically, accumulation can signal a potential recovery for the asset. Alankar Saxena, Co-founder and CTO of Mudrex, noted that renewed demand from spot Bitcoin ETFs has led to inflows of $274 million (approximately Rs. 2,370 crore) on Monday, marking the highest level in six weeks. Saxena emphasized that any updates from the Federal Reserve regarding quantitative tightening could serve as a key catalyst for Bitcoin to break above the $85,000 (around Rs. 73.5 lakh) mark, potentially boosting investor confidence.
Ether Gains Amid Market Volatility
Ether has managed to gain 1.38 percent on international exchanges, currently trading at $1,933 (approximately Rs. 1.67 lakh). On Indian exchanges, ETH has seen minor profits, reaching $2,022 (around Rs. 1.75 lakh). Traders are closely monitoring the Federal Open Market Committee (FOMC) meeting scheduled for today, which could significantly influence monetary policy. Key announcements expected from the meeting include decisions on interest rates and quarterly economic projections from committee members. The CoinSwitch Markets Desk has predicted that volatility will persist, advising investors to exercise caution.
Altcoins Struggle as Market Cap Remains Steady
On Wednesday, many altcoins faced losses, including Ripple, Binance Coin, Solana, Cardano, and Dogecoin. Other cryptocurrencies such as Chainlink, Shiba Inu, Litecoin, Bitcoin Cash, Monero, Cronos, and Cosmos also registered price dips. The overall cryptocurrency market cap currently stands at $2.71 trillion (approximately Rs. 2,34,47,064 crore), reflecting a minimal rise of 0.03 percent, according to CoinMarketCap. While some altcoins like Tron, Leo, Stellar, Avalanche, Uniswap, and Near Protocol have shown small profits, the market remains largely choppy.
Market Analysts Warn of Continued Volatility
Market analysts anticipate ongoing volatility in the cryptocurrency landscape. Avinash Shekhar, Co-Founder and CEO of Pi42, highlighted that geopolitical events, such as the recent Trump-Putin call regarding Ukraine, contribute to market uncertainty. He noted that high whale accumulation indicates that strategic investors are still active in the market. As traders navigate shifting sentiment and technical trends, they must remain vigilant for breakout opportunities or potential corrections in the coming days.
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