Bitcoin Trades Over $65,000 for First Time Since 2021, Volatility Causes Losses for Most Altcoins

In the last 24 hours, the value of Bitcoin rose by $1,551 (roughly Rs. 1.28 lakh), indicating a remarkable upswing.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 5 March 2024 12:32 IST

Bitcoin Trades Over $65,000 for First Time Since 2021, Volatility Causes Losses for Most Altcoins

Photo Credit: Unsplash/ Viktor Forgacs

The valuation of the crypto sector currently stands at $2.5 trillion

Highlights

Cartesi, Braintrust saw losses
Stellar, Cronos recorded gains
Binance USD, Augur saw gains

The last 24 hours, Bitcoin has come closest to it last attained all-time high of around $69,000 (roughly Rs. 57.2 lakh), which it touched in 2021. On Tuesday, despite registering a loss of 1.81 percent, Bitcoin's price reached a high point of $65,036 (roughly Rs. 53.9 lakh). In the last 24 hours, the value of Bitcoin rose by $1,551 (roughly Rs. 1.28 lakh), indicating a remarkable upswing. As per analysts, the market sentiment is positive, driven by institutional demand, the growth of spot Bitcoin ETFs, and the anticipation of the upcoming halving event.

“Bitcoin is on track to surpass its all-time high anytime now. According to IntoTheBlock, there has been a five percent year-to-date increase in the number of whales holding at least 1,000 Bitcoins,” Edul Patel, CEO of Mudrex, told Gadgets360. “Furthermore, 97 percent of all Bitcoin addresses are currently in a profitable state, showcasing a surge in demand. Out of the 19.6 million Bitcoins currently in circulation, nearly 70 percent (13.6 million) are held by holders who have maintained their positions for over a year, reflecting a growing long-term investment sentiment,” he added.

Ether followed Bitcoin and logged a loss after days of rallying up the price ladder. At the time of writing, Ether was trading at $3,450 (roughly Rs. 2.85 lakh). Over the last day, Ether dipped in value by $23 (roughly Rs. 1,910). Market experts have noted that Ethereum has seen a significant surge these recent years. The asset has risen by 128 percent over the past year and an astonishing 804,027 percent since its inception at $0.43 (roughly Rs. 35) on October 20, 2015.

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“While market pullbacks are normal during an uptrend, they can prompt anticipation and uncertainty as investors await the market's next move. The decision by the Ethereum Foundation to liquidate $13 million (roughly Rs. 107 crore) worth of ETH has raised concerns among investors, as such actions are often seen as precursors to market shifts. Presently, ETH has a strong resistance at $3,750 (roughly Rs. 3.10 lakh) and $4,000 (roughly Rs. 3.31 lakh),” the ZebPay trade desk told Gadgets360.

More cryptocurrencies recorded losses than profits on Tuesday, March 5. These include Binance Coin, USD Coin, Cardano, and Polkadot.

Tron, Polygon, Bitcoin Cash, Uniswap, Litecoin, and Cosmos are also recorded losses.

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Profit-making cryptocurrencies on Tuesday, on the other hand, include Dogecoin, Shiba Inu, Leo, Stellar, Cronos, and Bitcoin SV.

The overall valuation of the crypto sector has risen by 5.17 percent in the last 24 hours. It's worth currently stands at $2.5 trillion (roughly Rs. 2,07,29,000 crore), as per CoinMarketCap. In the last few days, BTC dominance on the crypto market stands at 52.5 percent.

“We are also seeing the rise of meme coins, with roughly seven meme coins now ranking among the top 100 cryptos by market cap. With a total market cap of over $54 billion (roughly Rs. 4,47,746 crore), the rise of meme coins indicates a shift in investor interest towards this bucket of crypto assets. However, with the rise of the crypto market comes retail FOMO, which may have induced speculative buying. In terms of stablecoins, Tether's USDT touched $100 billion (roughly Rs. 8,29,160 crore) market cap as a result of increased market participation,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More