Bitcoin (BTC) has surpassed the $50,000 mark, a significant milestone for the oldest and most valuable cryptocurrency in the world. This marks the first time BTC has reached this level since December 2021. Currently, the price has slightly decreased to $49,750. This rally can be attributed to a combination of factors such as inflows from ETFs, an upcoming Halving event, and a strong US stock market. Other top coins, including Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), have also seen an increase in value.
Among these top coins, the BEAM token has shown the biggest gain with a 24-hour jump of over 13 percent. On the other hand, FLARE has experienced the biggest loss with a 24-hour dip of over 2 percent.
The global crypto market cap is currently at $1.87 trillion, with a 24-hour gain of 3.52 percent.
Bitcoin (BTC) is currently priced at $49,785.67, showing a 24-hour gain of 3.30 percent according to CoinMarketCap. In India, WazirX reports a BTC price of Rs 42.88 lakh.
Ethereum (ETH) has seen a 24-hour gain of 5.54 percent, currently priced at $2,639.92. In India, the price stands at Rs 2.27 lakh according to WazirX.
Dogecoin (DOGE) has registered a 24-hour jump of 1.68 percent and is currently priced at $0.08179. In India, the price is Rs 7.11 as reported by WazirX.
Litecoin (LTC) has seen a 24-hour gain of 1 percent, with a current price of $71.95. In India, the price stands at Rs 6,194.58.
XRP has shown a 24-hour gain of 0.91 percent, currently priced at $0.5286. In India, the price is Rs 45.88 according to WazirX.
Solana (SOL) has seen a 24-hour jump of 6.17 percent and is currently priced at $113.15. In India, the price stands at Rs 9,650 according to WazirX.
According to CoinMarketCap, the top five crypto gainers over the past 24 hours are BEAM (13.33 percent), ORDI (12.49 percent), Helium (9.67 percent), Sei (8.99 percent), and Gnosis (8.24 percent).
On the other hand, the top five crypto losers over the past 24 hours are Flare (2.40 percent), Immutable (2.13 percent), Kaspa (1.18 percent), Axie Infinity (0.63 percent), and UNUS SED LEO (0.20 percent).
Edul Patel, co-founder and CEO of Mudrex, stated that BTC’s rise above $50,000 is causing losses for bears. The surge is supported by the strong performance of the US stock market, significant investments in spot Bitcoin ETFs, and an upcoming halving event. He also mentioned that the next resistance for BTC is at $50,250, with the potential for a continued climb beyond $51,200.
CoinSwitch Markets Desk noted that BTC has printed eight consecutive green candles, a feat that was last achieved in July 2021, which led to the previous all-time high of $69,000. They also mentioned that with the market picking up pace, Ethereum and its top layer-2 solutions have also started to show strength.
Sathvik Vishwanath, CEO and co-founder of Unocoin, stated that BTC’s rise above $50,000 is causing losses for bears. He also mentioned that spot Bitcoin ETFs saw net inflows of $1.1 billion last week, surpassing $10 billion in assets under management. He believes that while bearish concerns persist, bullish resistance around $52,000 is likely to persist, spelling more woes for Bitcoin bears.
The CoinDCX research team advised traders to pay attention to the US CPI announcement today as it has the potential to impact market volatility. They also mentioned that from a technical perspective, both BTC and ETH show bullish momentum and have their sights set on higher levels.
In conclusion, it is important to note that cryptocurrency and NFTs are unregulated and can be highly risky. Readers are advised to seek expert advice and read offer documents carefully before making any investments. Market predictions are speculative, and any investment made shall be at the sole cost and risk of the readers.
