Bitcoin Nears $87,000 Amidst Volatility as Ether Gains, Altcoins Follow
Bitcoin surged to approximately $86,927, reflecting a 3.33% gain, while Ether rose to around $2,178, gaining 3.40%. Other altcoins also saw minor profits amid market unpredictability linked to tariff tensions. The cryptocurrency market capitalization is currently about $2.86 trillion, with some macroeconomic factors appearing to bolster investor sentiment.
The cryptocurrency market remains unstable in the wake of escalating international tariff tensions linked to US President Donald Trump. On March 5, Bitcoin experienced a notable gain of 3.33%, raising its price to $86,927 (approximately Rs. 75.7 lakh). Indian exchanges reported an even stronger performance, where Bitcoin climbed around 4.50%, with platforms like CoinSwitch and Giottus showing prices around $91,263 (approximately Rs. 79.4 lakh).
Ether also saw minor gains alongside Bitcoin, with a rise of 3.40% internationally, bringing its price to $2,178 (approximately Rs. 1.89 lakh). In India, Ether’s price surged to $2,324 (approximately Rs. 2.02 lakh) with a 3.88% increase. Gadgets 360’s crypto price tracker indicated several other cryptocurrencies were trading at slight profits, including Ripple, Binance Coin, Solana, Cardano, Dogecoin, and Tron.
Notably, Chainlink, Shiba Inu, Polkadot, Uniswap, and Monero all demonstrated significant gains over the last day. Despite the gains, certain cryptocurrencies such as Leo, Stellar, Avalanche, and Litecoin experienced losses on Wednesday, along with Near Protocol, Cronos, Cosmos, and Elrond, amid ongoing market fluctuations.
The cryptocurrency market capitalization has frequently approached the $3 trillion (approximately Rs. 2,61,25,326 crore) mark, currently standing at $2.86 trillion (approximately Rs. 2,49,14,532 crore), according to CoinMarketCap. Market analysts indicate that recent macroeconomic improvements, such as a rising manufacturing index, are enhancing investor sentiment towards riskier assets, suggesting potential stability in the market.
“As the market moves towards stability, recent macroeconomic factors like the manufacturing index rising for a second month, show that the economy is improving. This encourages investors to invest in riskier assets, boosting the overall market sentiment,” – Edul Patel, Co-founder and CEO of Mudrex.
The cryptocurrency market has shown some resilience recently, with Bitcoin and Ether experiencing gains amid international tariff tensions. Several other altcoins registered slight profits, although some faced losses. Positive macroeconomic indicators suggest improving investor sentiment. However, market participants are advised to remain cautious as volatility could persist in this unpredictable landscape.
Original Source: www.gadgets360.com
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