Bitcoin Breaches $70,000 Before Receding to $67,700, Market Under Mild Volatility

The crypto chart reflected gains next to most cryptocurrencies on Tuesday, March 26. Bitcoin stepped into the trading arena on Tuesday, reflecting a profit of five percent. Its current trading value stands at $67,730 (roughly Rs. 56.4 lakh). In the early hours of the day however, Bitcoin did manage to breach the mark of $70,000 (roughly Rs. 58.3 lakh) before receding and consolidating at its current price point. Market analysts are hopeful that Bitcoin could soon see itself pacing towards the $80,000 mark (roughly Rs. 66.6 lakh).

“After days of downsize market movement, BTC changed after a few days of downside and have turned bullish again with its price already crossing the $70,000 (roughly Rs. 58.3 lakh) mark. With inflation levels reaching towards peak levels, retail users using Bitcoin as a way towards monetary debasement has been the number one reason why more and more people have started to invest in Bitcoin,” the CoinSwitch Markets Desk told Gadgets360.

Ether surged in value by 4.24 percent on Tuesday. Its trading value currently stands at $3,465 (roughly Rs. 2.88 lakh).

“Despite enduring considerable volatility, Ethereum finds solace in recent developments such as the Dencun upgrade, the looming possibility of ETF launches, overarching market trends, and the residual impact of Bitcoin halving. On March 21, ETH plunged to a low of $3,086 (roughly Rs. 2.57 lakh). However, there’s a glimmer of hope as Ethereum’s price showed signs of recovery, marked by a notable 10 percent surge in its 24-hour trading volume,” said the ZebPay Trade Desk, commenting on ETH’s market situation.

Following BTC and ETH, majority cryptocurrencies showed profits on Tuesday. These include Binance Coin, Solana, USD Coin, Cardano, Dogecoin, Shiba Inu, Chainlink, and Tron.

Polkadot, Polygon, Near Protocol, Uniswap, and Litecoin are also trading in profits.

The overall market cap of the crypto sector is up by 3.84 percent. The valuation of the crypto sector stands at $2.67 trillion (roughly Rs. 2,22,53,929 crore), as per CoinMarketCap.

A small number of cryptocurrencies are trading in the losses on Tuesday. These include Tether, Ripple, and Leo.

“In the last 24 hours, the crypto market showed resilience, with a notable uptick. Most coins, especially those in the Real-World Assets sector, demonstrated strength, outpacing the overall market after the announcement of $100M (roughly Rs. 833 crore) tokenisation fund by BlackRock,” the CoinSwitch Markets Desk told Gadgets360.

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