Shiba inu

Cryptocurrency Price on March 4: Bitcoin trades above $63,000; Dogecoin, Shiba Inu jump up to 11%

Top cryptocurrencies were trading higher in Monday’s trade. While Bitcoin rose 2.2% in the last 24 hours and traded at $63,275 around 11:21 am IST, other major cryptos such as Cardano, Ethereum, Dogecoin, Shiba Inu, and Polkadot surged up to 11%. However, a few of the top crypto tokens such as Avalanche, Chainlink, Polygon, Solana, and XRP were the laggards.

Meanwhile, the global cryptocurrency market cap surged 1.5% to around $2.38 trillion in the last 24 hours.

“Bitcoin traded above the $63,000 mark over the weekend. The upswing in price is attributed to growing mainstream adoption of spot Bitcoin ETFs and the approaching Bitcoin Halving event. BTC is eyeing towards $67,150 resistance level, if the momentum continues, a close above it this week could signal the potential for a new all-time high,” said Edul Patel, CEO of Mudrex.

Crypto Tracker

Meanwhile, Shivam Thakral, CEO of BuyUcoin, said, “Ethereum, on the other hand, is trying to break the $3,600 level, which could potentially push the second-largest cryptocurrency beyond $4,000.”

The total crypto market volume over the last 24 hours is $110.12B, which makes a 28.38% increase. The total volume in DeFi is currently $9.6 billion, 8.71% of the total crypto market 24-hour volume. The volume of all stablecoins is now $129.27 billion, which is 88.33% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, surged to $1.244 trillion. Bitcoin’s dominance is currently 52.36%, according to CoinMarketCap. BTC volume in the last 24 hours rose 65.6% to $34.75 billion.”In the past 24 hours, around $59.27 million worth of Bitcoin positions, with $38.52 million in shorts, were liquidated. This surge is linked to the growing mainstream adoption, notably propelled by the introduction of Spot Bitcoin ETFs, cultivating a stronger holding mentality among investors,” said Rajagopal Menon, Vice President at WazirX.

Tech view by ZebPay trade desk

Bitcoin’s recent surge to over $62,000 has captivated crypto enthusiasts and surprised sceptics alike, marking a period of exponential growth. The rally witnessed in February even set a record, representing the longest monthly green candle in Bitcoin’s history. Despite this remarkable rise, several key factors and upcoming events suggest that this may just be the beginning of a significant bull run with further potential gains.

Chart 1Agencies

Bitcoin after taking multiple support at $40,000 resumed the up move and rallied up to $52,985. The asset was facing stiff resistance at $52,000 and started consolidating between $52,000 and $50,000. Post this move, BTC finally gave a breakout above the range and surged up to $6,248. The asset has a strong resistance at $64,000 and $69,000 and to further rally it needs to break, close and sustain above these levels. $52,000 and $56,000 will act as a strong support for the asset.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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