The month of March turned out to be a profitable one for cryptocurrencies, where Bitcoin finally managed to climb high up the price ladder. On Tuesday, March 29, Bitcoin opened with a gain of 1.84 percent. On Indian exchange CoinSwitch Kuber, BTC is trading at $48,151 (roughly Rs. 36.4 lakh). The oldest cryptocurrency also saw profits on international exchanges. With gains of around 1.10 percent, BTC prices hovered close to $47,484 (roughly Rs. 36 lakh) on exchanges such as CoinMarketCap and Binance.
“BTC’s current dominance in the market lies at 42 percent. BTC buyers are actively trading over the weekend as momentum signals a positive trend breaking the three-month-long downward trend,” Edul Patel, CEO and Co-founder of crypto investment firm Mudrex told Gadgets 360.
Speaking of losses, small ones did dent a few altcoins, leaving traces of red on the price charts.
Industry experts remain reliant that institutional investors will continue to bring more capital into the crypto industry.
“Crypto funds have also witnessed the largest inflows since mid-December, with $193 million (roughly Rs. 1,466 crore) flowing into crypto funds in the last seven days. As the total global crypto market capitalisation continues to climb higher, its recovery is not pointed to a single catalyst but rather an amalgamation of growing institutional support as well as stronger trust and demand from retail investors,” the research team at CoinDCX told Gadgets 360.
War-torn Ukraine, for instance, has been trading its crypto donations for purchasing non-lethal military equipment like night vision goggles and bullet proof vests amid its ongoing war with Russia.
“Some of the military suppliers have accounts in crypto. Actually, some of them have companies and bank accounts in jurisdictions where cryptos are allowed. And they can just get crypto in Ethereum, Bitcoin and, of course, in some stablecoins,” Alex Bornyakov, Ukraine’s deputy minister of defence had told the media earlier this month.
This clearly adds to the trend of retail investors diving deeper into the crypto space.
Russia is also considering accepting BTC as an export payment for oil and gas from countries it considers ‘friendly’.
Meanwhile, the total valuation of the crypto market has touched $2.15 trillion (roughly Rs. 1,63,03,961 crore), making for its highest figure so far in 2021.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.