Bitcoin Glides Closer to $50,000 Mark, Most Altcoins Ride Along into Profits

Industry experts remain reliant that institutional investors will continue to bring in capital into the crypto industry.

By Radhika Parashar | Updated: 29 March 2022 11:00 IST

Bitcoin Glides Closer to $50,000 Mark, Most Altcoins Ride Along into Profits

Photo Credit: Pexels/ Rodnae Productions

The total valuation of the crypto market has exceeded the mark of $2 trillion

Highlights

Solana, Terra saw gains
While SHIB gained, DOGE affected with losses
Polkadot, Binance USD lost values

The month of March turned out to be a profitable one for cryptocurrencies, where Bitcoin finally managed to climb high up the price ladder. On Tuesday, March 29, Bitcoin opened with a gain of 1.84 percent. On Indian exchange CoinSwitch Kuber, BTC is trading at $48,151 (roughly Rs. 36.4 lakh). The oldest cryptocurrency also saw profits on international exchanges. With gains of around 1.10 percent, BTC prices hovered close to $47,484 (roughly Rs. 36 lakh) on exchanges such as CoinMarketCap and Binance.

Ether, with a surge of 3.37 percent, saw its price increase to $3,439 (roughly Rs. 2.60 lakh) as per Gadgets 360's crypto price tracker. The world's second most valued cryptocurrency after Bitcoin

“BTC's current dominance in the market lies at 42 percent. BTC buyers are actively trading over the weekend as momentum signals a positive trend breaking the three-month-long downward trend,” Edul Patel, CEO and Co-founder of crypto investment firm Mudrex told Gadgets 360.

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Tether, Binance Coin, USD Coin, Ripple, Cardano, and Solana emerged among profit-churners.

Terra, Avalanche, Polygon, and Chainlink also reeled in gains.

On one hand, while Shiba Inu saw minor ups, its contemporary meme-coin DOGE, continued to remain loss-ridden.

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Speaking of losses, small ones did dent a few altcoins, leaving traces of red on the price charts.

Polkadot, Binance USD, Cosmos, Uniswap, and Bitcoin Cash appeared on list of altcoins that failed to register gains.

Industry experts remain reliant that institutional investors will continue to bring more capital into the crypto industry.

“Crypto funds have also witnessed the largest inflows since mid-December, with $193 million (roughly Rs. 1,466 crore) flowing into crypto funds in the last seven days. As the total global crypto market capitalisation continues to climb higher, its recovery is not pointed to a single catalyst but rather an amalgamation of growing institutional support as well as stronger trust and demand from retail investors,” the research team at CoinDCX told Gadgets 360.

War-torn Ukraine, for instance, has been trading its crypto donations for purchasing non-lethal military equipment like night vision goggles and bullet proof vests amid its ongoing war with Russia.

“Some of the military suppliers have accounts in crypto. Actually, some of them have companies and bank accounts in jurisdictions where cryptos are allowed. And they can just get crypto in Ethereum, Bitcoin and, of course, in some stablecoins,” Alex Bornyakov, Ukraine's deputy minister of defence had told the media earlier this month.

This clearly adds to the trend of retail investors diving deeper into the crypto space.

Russia is also considering accepting BTC as an export payment for oil and gas from countries it considers ‘friendly'.

Meanwhile, the total valuation of the crypto market has touched $2.15 trillion (roughly Rs. 1,63,03,961 crore), making for its highest figure so far in 2021.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Cardano, Tether, Binance Coin, USD Coin, Ripple, Solana, Dogecoin, Shiba Inu, Avalanche, Polkadot, Binance USD, Chainlink, Polygon, Terra, Ukraine Russia War, Ukraine, Russia

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