Bitcoin price sees slight rise as many Altcoins continue to fall in value

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According to Gadgets360's crypto price tracker, the price of Bitcoin rose 0.93 percent on Thursday ahead of the upcoming fourth Bitcoin halving process, taking the currency's value to $66,615 (approximately Rs 55.5 lakh). The value of BTC increased by $468 (approximately Rs 39,025) in the last 24 hours. Meanwhile, on international exchanges, BTC is trading at $70,530 (approximately Rs 58.8 lakh).

“After a minor correction in prices, BTC has started to see strength again as the world's number one crypto found a new base near $70,000 (approximately Rs 58.3 lakh). It remains to be seen, with just eight days left until the Bitcoin halving, whether the heavy resistance zone of around $74,000 (roughly Rs. 61.7 lakh) is finally broken before then, CoinSwitch Market Desk said on Thursday.

Despite market volatility, Ether recorded a notable rise of 5.35 percent in the last 24 hours. With this, the trading value of ETH in India has come down to $3,355 (approximately Rs 2.79 lakh). The price of Ether has increased by $ 165 (approximately Rs 13,758) in the last day. Ether is trading at $3,560 (approximately Rs 2.96 lakh) on CoinMarketCap.

“In the last 24 hours, the market experienced volatility following the announcement of higher than expected CPI data. This caused a slight decline in the crypto market. ETH continues to trade within a range with a possibility of an upside move after surpassing the $3,650 (approximately Rs 3.04 lakh) level, CoinDCX Market Desk told Gadgets360.

Tether, Binance Coin, Dogecoin, Avalanche, LEO, Cosmos and Cronos emerged as the other cryptocurrencies along with BTC and ETH that saw their prices rise on Thursday.

However, other popular cryptocurrencies have declined in value due to ongoing market volatility. Solana, Ripple, Cardano, Shiba Inu and Polkadot found themselves on the losing side of the crypto charts.

According to CoinMarketCap, the total crypto market valuation is currently above the $2.63 trillion mark (approximately Rs 2,19,25,876 crore) and is up 1.36 percent in the last 24 hours.

“Rising inflation has led interest rate futures prices to see only two rate cuts in 2024, compared to the number of around six to eight rate cuts expected in early March. With interest rates not going down, it becomes impossible for people to continue investing in risky asset classes like crypto,” the CoinDCX team told Gadgets360, advising investors to be cautious about making financial decisions.


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