BTC Pumps Over $55,700 for First Time Since 2021, Most Altcoins See Profits

The rise in spot Bitcoin ETF actions have propelled the oldest and most costly cryptocurrency to its highest value level since 2021. On Tuesday, February 27, Bitcoin’s worth stood at round $55,753 (roughly Rs. 46.2 lakh) after the asset logged a revenue of 8.38 % within the final 24 hours. Before stabilising at this level, the asset briefly additionally touched the mark of $57,000 (roughly Rs. 47.2 lakh) someday within the early hours of Tuesday. In the final 24 hours, the worth of BTC has risen by a whopping $4,263 (roughly Rs. 3.5 lakh).

“With Blackrock’s spot Bitcoin ETF trading volume hitting a record $1.3 billion (roughly Rs. 10,776 crore), and halving coming in the next 50 days, analysts are predicting this is an unprecedented bullish factor causing this gain. However, it is worthwhile to note that the journey from $57,000 (roughly Rs. 47.2 lakh) to the last recorded all-time high of $69,000 (roughly Rs. 57.1 lakh) might not be easy because BTC is likely to face a lot of strong resistance points on the way, starting at $57,500 (roughly Rs. 47.6 lakh),” the CoinChange Markets Desk advised Gadgets360.

Ether joined Bitcoin within the rally and bagged the value level of $3,220 (roughly Rs. 2.6 lakh). This is for the primary time since 2021 that Ether has additionally breached the mark of $3,200 (roughly Rs. 2.5 lakh). The asset, that had been buying and selling at $3,000 (roughly Rs. 2.48 lakh) for some days, rose in worth by $216 (roughly Rs. 17,905).

“ETH surpassed $3,200 (roughly Rs. 2.6 lakh) for the first time in two years, indicating a bullish market sentiment with heavy institutional buying. Overall, there is a positive sentiment as bitcoin halving approaches,” Edul Patel CEO of Mudrex crypto funding agency advised Gadgets360.

Majority altcoins are additionally reflecting features on Tuesday. These embrace Binance Coin, Solana, Ripple, Cardano, Dogecoin, Tron, and Chainlink.

Uniswap, Litecoin, Near Protocol, Leo, Elrond, and Bitcoin SV are additionally all buying and selling in features following BTC’s rally.

The general valuation of the crypto market rose by 6.05 % within the final 24 hours to face on the valuation of $2.12 trillion (roughly Rs. 1,75,71,726 crore), confirmed CoinMarketCap.

“Another notable performer yesterday was the newest Ethereum-based memecoin to be listed on Binance, PEPE (+56.2 percent) that has reached its listing month’s high as well showing investors’ growing confidence in the crypto space,” the CoinChange workforce famous.

Stablecoins in the meantime, are buying and selling in losses on Tuesday. These embrace Tether and USD Coin. Other cryptocurrencies buying and selling within the reds embrace Cartesi, SushiSwap, and Augur.

Cryptocurrency is an unregulated digital forex, not a authorized tender and topic to market dangers. The data offered within the article isn’t supposed to be and doesn’t represent monetary recommendation, buying and selling recommendation or every other recommendation or advice of any type supplied or endorsed by NDTV. NDTV shall not be accountable for any loss arising from any funding primarily based on any perceived advice, forecast or every other data contained within the article.