Bitcoin Holds Steady at $83,000 Amid Mixed Altcoin Performance
The crypto market remains sluggish with Bitcoin at $83,000, experiencing slight declines. Ether shows modest gains, while several altcoins report losses. Analysts predict continued volatility influenced by external economic factors, advising caution for investors as opportunities and risks persist.
The cryptocurrency market has exhibited a lack of significant activity throughout March, with Bitcoin currently trading at approximately $83,000, reflecting a marginal decline of less than one percent. As noted by CoinMarketCap, its price on Indian exchanges ranges from $85,515 to $87,509. The indicators suggest potential accumulation, a signal that historically suggests a forthcoming recovery.
Bitcoin’s current trading stability is supported by data from Glassnode, indicating early signs of accumulation. Alankar Saxena, the Co-founder and CTO of Mudrex, mentioned that renewed demand for spot Bitcoin ETFs saw inflows of around $274 million on Monday, marking the highest in six weeks. He also highlighted that any updates from the Federal Reserve regarding monetary tightening could serve as a catalyst for Bitcoin surpassing the $85,000 mark.
Ether has shown a modest gain of 1.38 percent on international exchanges, currently priced at $1,933. Indian exchanges report a slight increase to around $2,022. CoinSwitch Markets Desk noted that traders are closely monitoring the Federal Open Market Committee meeting for possible updates on interest rates and economic projections, which could introduce volatility to the markets.
The Gadgets 360 crypto price tracker indicates that a majority of altcoins are experiencing losses, including Ripple, Binance Coin, Solana, Cardano, and Dogecoin, among others. Numerous altcoins, such as Chainlink and Shiba Inu, also registered declines in value. Caution among investors is advised amid ongoing market volatility and external economic influences.
The current total market capitalization of cryptocurrencies stands at $2.71 trillion, reflecting a slight increase of 0.03 percent. Despite many altcoins reporting losses, a few, including Tron, Leo, Stellar, Avalanche, Uniswap, and Near Protocol, managed to show small profits. Analysts predict continued volatility amidst geopolitical uncertainties and the necessity for traders to adapt to changing market sentiments.
Avinash Shekhar, the Co-Founder and CEO of Pi42, remarked on the ongoing uncertainty in the market and emphasized the influence of geopolitical events and whale accumulation on trading strategies. Investors are urged to remain vigilant for potential breakout opportunities amidst persistent fluctuations in market trends.
The cryptocurrency market remains relatively stable, with Bitcoin trading at around $83,000 amidst signs of potential price recovery. While altcoins show mixed movements with many recording losses, certain assets like Ether and select altcoins reflect slight gains. Market analysts anticipate continued volatility influenced by external factors, emphasizing the need for caution as the landscape poses both risks and opportunities for investors.
Original Source: www.gadgets360.com
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