BTC climbs near $25,000 again, pulls ETH and most altcoins to profits

Bitcoin has increased by 9.37% in value over the past 24 hours. After facing losses and slow growth for the past few days, BTC returned to trade at $24,346 (roughly Rs. 20 lakh) on Tuesday, March 14. On international exchanges such as Coinbase as well, BTC managed to achieve gains of nearly 11%. to hover near its current resistance mark of $25,000 (roughly Rs. 20.5 lakh). Overall, Bitcoin’s value rose by $2,101 (roughly Rs. 1.73 lakh) in one day.

Ether posted gains of 5.63% on Tuesday, following Bitcoin’s trajectory. ETH is currently trading at a price of $1,673 (roughly Rs. 1.37 lakh), according to crypto price tracker Gadgets 360. In the past 24 hours, ETH has added $84 (roughly Rs. 6,918) to its value.

“There is a temporary respite within the crypto community as the widespread asset selling, which has been seen over the past few days, comes to an end, as indicated by Bitcoin’s net trading position,” said said Rajagopal Menon, Vice President of WazirX at Gadgets 360.

Most cryptocurrencies also rose in price against the backdrop of the two major cryptocurrencies recording significant profits.

These include the Tether, USD Coin, Ripple and Binance USD stablecoins as well as the Dogecoin and Shiba Inu memecoins.

Popular cryptocurrencies Cardano, Polygon, Solana, Polkadot, Tron, Litecoin and Avalanche – also made profits after days of falling prices.

The overall global crypto valuation rose by 5.50%, taking its figure to $1.08 trillion (approximately Rs. 89,13,585 crore) in the past 24 hours, CoinMarketCap showed.

“The closure of three crypto-friendly banks, Silvergate, SVB and Signature, will likely lead to near-term liquidity issues as these banks have acted as the primary US dollar on-ramps to crypto assets. We could see a rapid change in the crypto industry’s use of new banking partners. Many players in the industry look to Mercury, BCB Group, Axos, and a few other banks that cater to crypto startups. It could also trigger a flight of crypto companies to other more favorable jurisdictions like Switzerland, Hong Kong, Dubai, and the UK,” Parth Chaturvedi, Head of Crypto Ecosystem, CoinSwitch told Gadgets 360.

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