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Cryptocurrency Price March 14: Bitcoin Hits New All-Time High of $73,700; BNB, Solana Soars 14%
Bitcoin, the world’s largest cryptocurrency cryptocurrency by value, hit a new all-time high of $73,700 on Thursday, driven by a surge in new spot bitcoin exchange-traded funds and hopes that the Federal Reserve will cut interest rates soon. It was last 0.7% higher at $70,496 at 12:43 pm IST. Meanwhile, the global cryptocurrency market cap rose 0.9% to hit about $2.75 trillion in the past 24 hours.
Other popular crypto tokens such as BNB (13.8%), Solana (9.6%), Dogecoin (7%), Avalanche (4.1%), Polygon (3.6%), and Shiba Inu (1.3%) rose. On the other hand, Ethereum, XRP, Toncoin, and Uniswap declined.
“The positive market performance is attributed to the growing interest in Bitcoin spot ETFs and the upcoming Bitcoin halving, which has historically impacted the price of Bitcoin,” said Edul Patel, CEO of Mudrex.
However, amid the ongoing rally in Bitcoin and other cryptocurrencies, some market analysts are advising investors to remain cautious. The fear and greed index currently stands at 91, signaling extreme greed in the market.
“With another day of BTC hitting all-time highs, the Fear and Greed Index has now moved into the Extreme Greed category, meaning a correction is due and bears will have a good day on the market sooner or later,” said CoinSwitch Markets Desk.
The total cryptocurrency market volume over the past 24 hours is $137.8 billion, which represents a 13.2% decline. The volume of all stablecoins is now $124 billion, which is 90.3% of the total cryptocurrency market volume over the past 24 hours, according to data available on CoinMarketCap.
Over the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has risen to $1.436 trillion. Bitcoin’s dominance currently stands at 52.12%, according to CoinMarketCap. BTC volume over the past 24 hours has dropped 20.7% to $48 billion.
Regarding the future price target of BTC, Vikram Subburaj, CEO of Giottus, said: “Bitcoin is targeting $75,000 this week as daily net inflows into spot ETFs hit $1 billion. After forming strong support at $68,000, any profit-taking is met with strong buying activity, even if Bitcoin’s supply runs out ahead of its halving.”
Technical Viewpoint by Sathvik Vishwanath, Co-Founder and CEO of Unocoin
Bitcoin has jumped to around $73,000, supported by a solid base with a pivot point at $70,013 and resistance levels between $73,824 and $79,904. Key support levels at $67,154, $64,861, and $62,192 offer a safety net against potential downside.
Technical indicators, including the relative strength index (RSI) of 71 and the 50-day exponential moving average (EMA) at 68,547, are pointing to strong buying interest, reinforced by bullish candlestick patterns. A break above $72,000 could support the uptrend, while a break below could prompt a revaluation.
However, caution is advised if the price drops below $72,000, which is a sign that there may be a trend reversal despite the current optimism.
(Disclaimer: Recommendations, advice, opinions and views provided by experts are personal. They do not represent the views of The Economic Times)
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