Cryptocurrency Market Update: Bitcoin Dips Below $83,000 on March 19

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Cryptocurrency Market Update: Bitcoin Dips Below $83,000 on March 19

On March 19, Bitcoin dipped below $83,000 while the global market cap rose to $2.72 trillion. The EOS token emerged as the biggest gainer, whereas PI remained the top loser. Bitcoin’s price is $82,894.92, with minor fluctuations in major altcoins. Analysts maintain cautious optimism amidst the ongoing economic developments and market volatility.

On March 19, the cryptocurrency market experienced mixed results as Bitcoin dipped below $83,000 amidst a market capitalization rise to $2.72 trillion. The Market Fear & Greed Index indicated a fear level of 23 out of 100, according to CoinMarketCap. Notably, the EOS token emerged as the biggest gainer with a significant 33 percent jump, while the PI token remained the biggest loser for two consecutive days, recording a loss of nearly 7 percent.

Bitcoin’s current price is $82,894.92, reflecting a 24-hour decline of 0.34 percent, with Indian exchanges listing it at ₹72.37 lakh. Ethereum follows with a price of $1,935.20, marking a 24-hour increase of 1.50 percent, indicated by its price of ₹1.65 lakh in India. Other cryptocurrencies such as Dogecoin, Litecoin, Ripple, and Solana experienced minor fluctuations in their prices.

On the gainers’ side, the top five cryptocurrencies include EOS, which priced at $0.6484 with a 24-hour gain of 32.12 percent, followed by Raydium, Kava, Maker, and DeXe, all witnessing notable increases. Conversely, Pi leads the losers’ list at $1.16 with a 6.96 percent loss, followed by Cronos, Berachain, PancakeSwap, and Mantle as other significant decliners.

Analysts express a cautious optimism regarding Bitcoin’s performance. Alankar Saxena from Mudrex highlights early signs of accumulation, and recent inflows into Bitcoin ETFs signify renewed interest. CoinSwitch Markets Desk notes Bitcoin’s struggles to surpass the $85,000 resistance, pointing towards market volatility but a resilient accumulation phase. CEO Shivam Thakral of BuyUcoin emphasizes the market’s watchful anticipation surrounding the U.S. Federal Reserve’s upcoming policy meetings.

The CoinDCX Research Team indicates that while market sentiment is gradually improving, significant bearish pressure exists over numerous tokens, creating a complex environment for investors in the crypto space.

In conclusion, the cryptocurrency market on March 19 shows a mixed performance among various digital assets. Bitcoin’s decline below $83,000 coupled with a market capitalization increase indicates a cautious yet active trading environment. Analysts are observing early accumulation trends and potential market shifts in response to economic factors from the U.S. Federal Reserve, while both gains and losses across altcoins depict the ongoing volatility within the market.

Original Source: news.abplive.com