Bitcoin, the most expensive asset on the cryptocurrency chart, has been rising regularly in recent days. On Wednesday, March 6, Bitcoin fell by 6.20% and was trading at $63,705 (approximately Rs. 52.80 lakh). In the past 24 hours, the value of Bitcoin briefly rose to $69,200 (roughly Rs. 5.73 crore) before falling by 10%. The continued volatility in cryptocurrency prices has investors rattled.
“It’s normal for Bitcoin to experience a correction after a month of gains or each time it reaches a new high. Bitcoin’s momentum, driven by spot ETF trading volume and interest rate cut expectations, failed to sustain as more than $1 billion (approximately $828.9 Crores) were liquidated,” BuyUcoin CEO Shivam Thakral told Gadgets360.
Ethereum fell slightly on Wednesday and was trading at $3,498 (roughly Rs. 2.90 lakh). On the last day, the value of ETH fell by $48 (roughly Rs. 3,980).
“ETH also surged as high as $3,800 (roughly Rs. 3.15 lakh) before crashing to $3,200 (roughly Rs. 2.65 lakh). This wild swing caused the altcoin to plummet 15-20% in a matter of minutes, possibly due to more than Profit taking after the 2021 peak,” CoinDCX Market Desk told Gadgets360.
As both BTC and ETH suffered losses, other altcoins were also affected. Tether, Binance Coin, Solana, Ripple, Cardano, Dogecoin, Avalanche, Polkadot, and Tron all posted losses on Wednesday.
Polygon, Bitcoin Cash, Litecoin, Stellar, Cronos, Monero, Bitcoin SV and Elrond also posted losses.
The overall valuation on the cryptocurrency chart fell by 2% in the past 24 hours. CoinMarketCap shows that the current cryptocurrency market capitalization is $2.47 trillion (approximately Rs. 20,477,189 crore).
Among the cryptocurrencies that make small profits, USD Coin, Shiba Inu, Uniswap, Leo, Cosmos, and Near Protocol are among the top.
“Bitcoin briefly reached $69,200 (roughly Rs. 5.73 lakh) before succumbing to selling pressure, leading to a subsequent sell-off and pushing the price to a low of $59,700 (roughly Rs. 4.94 lakh). Although Bitcoin ETH and SOL are outperforming despite falling 7% in the last 24 hours, while altcoins like ADA, DOGE and SHIB suffered losses of 10% to 12%,” WazirX Vice President Rajagopal Menon told Gadgets360.
Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided in this article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV is not responsible for any losses incurred as a result of any investment based on any perceived recommendations, predictions or any other information contained in the article.