BTC Climbs Close to $25,000 Again, Pulls ETH and Most Altcoins Towards Profits

BTC jumped back to trade at $24,346 (roughly Rs. 20 lakh) on Tuesday, March 14.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 14 March 2023 11:25 IST

BTC Climbs Close to $25,000 Again, Pulls ETH and Most Altcoins Towards Profits

Photo Credit: Pixabay/ WorldSpectrum

The valuation of the global crypto sector stands at $1.08 trillion

Highlights

DOGE, SHIB reeled-in gains
Ripple, USDC also rose in prices
LEO recorded minor loss

Bitcoin grew by 9.37 percent in terms of value, in the last 24 hours. After facing losses and slow growth in recent days, BTC jumped back to trade at $24,346 (roughly Rs. 20 lakh) on Tuesday, March 14. On international exchanges such as Coinbase as well, BTC managed to reel-in gains of nearly 11 percent to hover close to its present resistance mark of $25,000 (roughly Rs. 20.5 lakh). Overall, the value of Bitcoin rose by $2,101 (roughly Rs. 1.73 lakh) in one day.

Ether roped in gains of 5.63 percent on Tuesday, following Bitcoin's trajectory. ETH is presently trading at the price point of $1,673 (roughly Rs. 1.37 lakh), as per Gadgets 360's crypto price tracker. In the last 24 hours, ETH added $84 (roughly Rs. 6,918) to its value.

“There's a temporary respite among the crypto community as the widespread sell off of assets, which was observed over the last few days, comes to an end as indicated by Bitcoin's Exchange Net Position,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

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Most cryptocurrencies also rose in prices in the backdrop of the top two cryptocurrencies seeing significant profits.

These include stablecoins Tether, USD Coin, Ripple, and Binance USD as well as both the memecoins Dogecoin and Shiba Inu.

Popular cryptocurrencies Cardano, Polygon, Solana, Polkadot, Tron, Litecoin, and Avalanche — also bagged profits after days of laying low on the price charts.

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The overall global crypto valuation spiked by 5.50 percent taking its figure to $1.08 trillion (roughly Rs. 89,13,585 crore) in the last 24 hours, showed CoinMarketCap.

“The closure of three crypto-friendly banks, Silvergate, SVB, and Signature, is likely to result in short-term liquidity issues since these banks acted as the primary ramps for US dollar into crypto assets. We might see a rapid shift in the usage of new banking partners by the crypto industry. Many in the industry are pivoting to Mercury, BCB Group, Axos, and a few other banks that cater to crypto startups. This could also spark a flight of crypto companies to other more favourable jurisdictions like Switzerland, Hong Kong, Dubai, and the UK,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap

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