Majority crypto assets underwent price fluctuations over the weekend after the US decided to not revise or lower interest rates. Stepping into the third week of March, the crypto price chart looked bifurcated between profit-minting and loss-ridden cryptocurrencies. Bitcoin on Monday, March 18 minted a small gain of 0.08 percent – taking its trading value to $66,180 (roughly Rs. 54.8 lakh). Between last Friday and the present day, the value of Bitcoin saw a reduction of $1,585 (roughly Rs. 1.30 lakh).
Ether rose in value by 2.63 percent, Gadgets360’s crypto price chart showed on Monday. Ether is presently trading at $3,467 (roughly Rs. 2.87 lakh).
Last week, Bitcoin and Ether witnessed a roller-coaster ride pricewise. While Bitcoin touched a new all-time high (ATH) of over $73,118 (roughly Rs. 60.5 lakh) — Ether’s trading value also reached $3,950 (roughly Rs. 3.27 lakh). Following US’ decision to not reduce the interest rate hikes, the prices of several crypto assets including BTC and ETH nosedived overnight.
“In the shorter timeframes, BTC needs to reclaim the 50 EMA 4H for a bullish trend confirmation, while ETH must reclaim the 20 EMA 4H for continued uptrend confirmation. Notably, this week’s US fed funds rate and FOMC economic projections are anticipated to bring volatility to the market,” the CoinDCX market team told Gadgets360.
Solana, Binance Coin, Avalanche, Dogecoin, Shiba Inu, and Polkadot recorded profits.
Other profit-making cryptocurrencies on Monday include Chainlink, Tron, Polygon, Near Protocol, Bitcoin Cash, and Uniswap.
“With only 34 days remaining until the next halving, Bitcoin and the crypto market can experience significant changes. Solana has shown impressive strength throughout the week and is on the path to its previous ATH above $200 (roughly Rs. 15,570),” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Among loss-making cryptocurrencies, Tether, Ripple, USD Coin, and Cardano registered losses.
Litecoin, Stellar, Zcash, Dash, and Braintrust also registered small losses on Monday.
The overall market cap of the crypto sector rose by 2.16 percent in the last 24 hours. The crypto market valuation, at the time of writing, stood at $2.58 trillion (roughly Rs. 2,13,83,117 crore) as per CoinMarketCap.
“The growing uncertainty surrounding US economic policies, particularly the ambiguity around interest rate cuts has caused some uncertainty in market sentiments. However, optimists continue to see this as a short-term pullback before more wealth starts pouring in from institutional investors. The retracement is in line with Bitcoin’s historical patterns and is not exactly an alarming sign,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
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