Bitcoin saw a gain of 1.75 percent on Thursday, March 14, with a current price of $73,118 (roughly Rs. 60.5 lakh). Despite a volatile market, Bitcoin has maintained its price point of $73,000 (roughly Rs. 60.4 lakh) for over 48 hours. However, analysts predict a potential cooling period for BTC in the coming days, following a recent spike in its value.
According to CEO of BuyUcoin, Shivam Thakral, Bitcoin’s rally is linked to record spot ETF net inflows of $1.1 billion (roughly Rs. 9,117 crore) and MicroStrategy’s recent purchase of $821.7 million (roughly Rs. 6,805 crore) worth of Bitcoin. The company is now planning to raise an additional $500 million (roughly Rs. 4,144 crore) for more Bitcoin. This indicates strong institutional buying and Thakral believes that Bitcoin may hit $100,000 (roughly Rs. 82.8 lakh) after surpassing the next price level of $74,000 (roughly Rs. 61.3 lakh).
Other cryptocurrencies also saw gains, including Tether, Binance Coin, Solana, USD Coin, Cardano, and Avalanche. Some, like USD Coin, Cardano, Shiba Inu, Polkadot, and Polygon, saw small profits.
The overall crypto market only rose by 0.78 percent in the last 24 hours, with a current valuation of $2.75 trillion (roughly Rs. 2,27,90,762 crore) according to CoinMarketCap. Ethereum, however, saw a slight dip in its rally after the Dencun upgrade on March 13, with a 0.7 percent loss and a trading value of $3,950 (roughly Rs. 3.27 lakh). Unlike Bitcoin, Ethereum has not been able to break its previous all-time high of $4,891 (roughly Rs. 4.05 lakh) from November 2021.
The recently deployed Dencun upgrade is expected to improve transaction fees, scalability, and security measures of Ethereum-supported Layer-2 blockchains, potentially increasing the value of ETH. Other cryptocurrencies that saw losses on Thursday include Ripple, Dogecoin, Chainlink, Tron, Bitcoin Cash, Uniswap, and Litecoin.
Senior Vice President of Technology at Liminal, Dhruvil Shah, cautions new investors to carefully consider the risks and rewards of entering the Bitcoin market at its current valuation of over $1.4 trillion (roughly Rs. 1,16,02,990 crore). While the fear of missing out on soaring prices may be tempting, it is important to also consider the market’s volatility and broader economic factors before making any investment decisions.
It is important to note that cryptocurrency is an unregulated digital currency and not a legal tender, making it subject to market risks. The information provided in this article is not intended to be financial or trading advice, and NDTV is not responsible for any losses that may occur from investments based on perceived recommendations, forecasts, or information contained in the article.
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