BTC Continues Rally, Touches $57,000 Mark; Altcoins See Profits

Bitcoin is undergoing a period of rally with its pricing going higher by the day. The asset on Wednesday, February 28 recorded a gain of 2.20 percent. At the time of writing, Bitcoin was trading at the price point of $56,992 (roughly Rs. 47.2 lakh). For a brief time, the asset did touch the mark of $57,000 (roughly Rs. 47.4 lakh) before receding. In the last 24 hours, the value of BTC has risen by $1,240 (roughly Rs. 1.02 lakh).

“Bitcoin (BTC) saw a substantial surge, registering an 11.5% increase in the past 24 hours. The primary catalyst for this surge is the assertive purchasing behaviour of Bitfinex traders, collectively acquiring $123 million (roughly Rs. 1,019 crore) worth of Bitcoin. Simultaneously, there was noteworthy spot buying activity on a major exchange, further solidifying the positive sentiment in the market,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

Ether clocked a profit of 0.228 percent on Wednesday. With this, its trading value has climbed to the price point of $3,248 (roughly Rs. 2.70 lakh). Over the last day, the value of ETH has spiked by $28 (roughly Rs. 2,320).

“Ethereum has been up for the past six days and is up by 42 percent month-to-date. Ethereum’s resistance lies at $3,500 (roughly Rs. 2.9 lakh) level, the current trend suggests that this resistance could be tested soon,” Edul patel, CEO of Mudrex told Gadgets360.

With both, BTC and ETH rallying with gains – several altcoins are recovering from their prior losses. These include Ripple, USD Coin, Dogecoin, Tron, and Polkadot.

Other profit-minting cryptocurrencies include Uniswap, Shiba Inu, Bitcoin Cash, Leo, Stellar, Cronos, and Monero.

The overall crypto market cap rose by 1.90 percent in the last 24 hours. The valuation at this point stands at $2.16 trillion (roughly Rs. 1,79,10,115 crore), according to CoinMarketCap.

“Memecoins like FLOKI (+19.51 percent) and DOGE (+5.3 percent) have also started to see investor interest even though DOGE could not sustain over the 10 cents mark for a very long time. Traders are still eyeing the ETH/BTC pair which faced resistance at 0.06 levels and could test 0.055 again. Any move in this pair usually defines where the altcoin market is headed,” the CoinSwitch Markets Desk told Gadgets360.

Meanwhile, loss-making cryptocurrencies on Wednesday include Tether, Binance Coin, Solana, Cardano, Avalanche, and Chainlink.

“Today’s announcement of the US GDP prelim (QoQ) could introduce some volatility into the market,” the CoinDCX research team has warned.

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