Bitcoin, Ether Recover Pricewise After Brief Pullback, Shiba Inu and Chainlink See Minor Dips

On Thursday, March 7 Bitcoin minted a small gain of 0.12 percent that took its trading value to $65,002 (roughly Rs. 53.8 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 7 March 2024 12:05 IST

Bitcoin, Ether Recover Pricewise After Brief Pullback, Shiba Inu and Chainlink See Minor Dips

Photo Credit: Pixabay/ Dean Crosby

The crypto market valuation, as of March 7, stands at $2.48 trillion

Highlights

Tether recorded losses alongside Chainlink and Shiba Inu
Ripple also failed to register gains
Dogecoin minted profits

Bitcoin, that underwent a small price correction period recently, has returned to the profit-side of the crypto chart. On Thursday, March 7 Bitcoin minted a small gain of 0.12 percent that took its trading value to $65,002 (roughly Rs. 53.8 lakh). Over the last day, the value of BTC has spiked by $1,297 (roughly Rs. 1.07 lakh). Not just Bitcoin, but in the last 24 hours, the overall cryptocurrency market witnessed a notable rebound following the recent downturn.

Ether is presently trading at $3,505 (roughly Rs. 2.90 lakh) after seeing a price rise of 6.69 percent on Thursday. In the last few hours, Ether did touch a yearly-high of $3,900 (roughly Rs. 3.22 lakh) before receding to its current pricing.

“BTC faces a key resistance zone at $69,000 (roughly Rs. 57.1 lakh), although it remains supported by the 50-day Exponential Moving Average (EMA) indicating potential stability. On the other hand, ETH is eyeing the $4,100 (roughly Rs. 3.39 lakh) level as its next resistance, with strong support from the 20-day EMA on the four-hour chart,” the CoinDCX market team told Gadgets360.

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Cryptocurrencies trading in losses on Thursday include Tether, Ripple, Shiba Inu, Chainlink, and LEO.

Other than the above popular altcoins, all others are trading in profits. These include Binance Coin, Solana, Cardano, Dogecoin, Avalanche, Polkadot, and Tron among others.

“Noteworthy tokens belong to the AI category as popular tokens like FET (+52 percent), RNDR (+46 percent) and AGIX (+43 percent) as they showed significant gains on the USD pairing. This signifies investors confidence in AI-based tokens. It is worthwhile to note that all of these tokens have already gone 10 times of their lows in the market cycle and a correction will not be surprising,” the CoinSwitch Markets Desk told Gadgets360.

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In the last 24 hours, the overall crypto market cap rose by 0.56 percent in valuation. The sector's market cap currently stands at $2.48 trillion (roughly Rs. 2,05,30,320 crore) -- as per CoinMarketCap. Investors are advised caution before making decisions because the market is subject to volatility amid its ongoing rally, experts have said.

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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