Bitcoin Shows Gradual Ascend Above $66,000, Ether Undergoes Price Correction

Bitcoin on Friday recorded a gain of 2.03 percent that took its price point to $66,394 (roughly Rs. 54.9 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 8 March 2024 12:24 IST

Bitcoin Shows Gradual Ascend Above $66,000, Ether Undergoes Price Correction

Photo Credit: Pexels/ Rodnae Productions

The crypto market cap stands at $2.55 trillion as of Friday, March 8

Highlights

Ripple, Dogecoin saw gains
Tether, Solana saw losses
Cosmos, Near Protocol also recorded price dips

The crypto price charts, on Friday, March 8, reflected profits for a bunch of cryptocurrencies. Bitcoin on Friday recorded a gain of 2.03 percent that took its price point to $66,394 (roughly Rs. 54.9 lakh). This is a gradual escalation of BTC price by $1,392 (roughly Rs. 1.15 lakh) from its value yesterday. As per market analysts, bulls are currently directing Bitcoin's market trajectory while also propelling the price of the asset higher.

“The influx of capital from traditional finance sectors into spot Bitcoin ETFs remains a significant factor fuelling the price surge, alongside the imminent Bitcoin halving,” Edul patel, CEO of Mudrex told Gadgets360.

Ether managed to mint a minor gain of 0.96 percent on Friday. The value of Ether, at the time of writing, stood at $3,543 (roughly Rs. 2.93 lakh). Over the last day, the value of ETH rose by $38 (roughly Rs. 3,142). The asset briefly touched $3,900 (roughly Rs. 3.22 lakh) before pulling back to the current price point.

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“Ether is positioned for substantial growth in 2024. Analysts project Ether (ETH) to potentially double or exceed current prices, reaching between $8,000 (roughly Rs. 6.61 lakh) and $10,000 (roughly Rs. 8.2 lakh). The imminent Dencun upgrade, scheduled for this month, ensures more cost-effective transactions on Layer-2 networks, stimulating increased activity. Furthermore, enthusiasm surrounds Ether ETF applications, with a regulatory decision expected in May,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

Binance Coin, Ripple, Dogecoin, Avalanche, Chainlink, and Polygon -- all joined BTC and ETH on the profit-making side of the crypto price chart.

Uniswap, Bitcoin Cash, Litecoin, Leo, Monero, and Bitcoin SV also registered small profits.

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As per CoinMarketCap, the overall crypto market valuation rose by 2.08 percent in the last 24 hours. The crypto market cap currently stands at $2.55 trillion – the highest it has spiked to in the last two years.

“AI-related tokens are reacting positively ahead of Nvidia's conference later this month speculated to feature a crypto product. SOL (+3.1 percent) too, has witnessed a significant breakthrough after it broke past its resistance at $140 (roughly Rs. 11,580),” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.

Meanwhile, loss-making cryptocurrencies on Friday include Tether, USD Coin, Cardano, Shiba Inu, Polkadot, and Tron.

Stellar, Cronos, Cosmos, and Near Protocol also registered losses.

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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