Cryptocurrency Price on March 1: Bitcoin stable at $61,000 level; Solana, Toncoin soar up to 8% – The Economic Times

After six consecutive days of bullish momentum in the cryptocurrency markets, major tokens were trading mixed on Friday. While Bitcoin fell 1.4% in the last 24 hours and traded at $61,349 around 11:24 am IST, other major cryptos such as Solana, Toncoin, Avalanche, Toncoin, and Litecoin soared up to 8%. The other laggards in the pack were Ethereum, BNB, and Dogecoin, which were down by up to 5.5%.”Following its surge to $64,000, Bitcoin is now stabilizing around $61,000, prompted by a spike in liquidations. Nevertheless, Bitcoin has already set new records highs in local currencies across numerous countries, including China, Japan, the UK, India, Argentina, Turkey, Egypt, and more showing demand and resilience,” said Edul Patel, CEO of Mudrex.

With rising inflows into spot Bitcoin ETFs and the imminent halving event, the bullish trend is likely to persist, Edul said.

Also Read: Bitcoin ETF record gets broken yet again on $612 million inflow

Meanwhile, CoinDCX Research Team, said, “In the past 24 hours, the crypto market remained neutral, with both BTC and ETH experiencing slight drops of 1-2%. From a technical standpoint, BTC is exhibiting sideways movement in smaller time frames, currently below the 7-day EMA but above the 20-day EMA. Key resistance levels for BTC are observed at $65,500 and $69,000.”

The total volume in DeFi is currently $10.43 billion, 7.26% of the total crypto market 24-hour volume. The volume of all stablecoins is now $129.27 billion, which is 89.96% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the m-cap of Bitcoin, the world’s largest cryptocurrency, fell to $1.205 trillion. Bitcoin’s dominance is currently 52.77%, according to CoinMarketCap. BTC volume in the last 24 hours fell 36.4% to $58.7 billion.In February, the world’s largest cryptocurrency surged 45%. Analysts suggest that this rally in Bitcoin came on the back of continuous inflows into Bitcoin ETFs and anticipation of the upcoming halving event in April.”With the halving event less than 50 days away, BTC witnessed the highest monthly jump of 44% in February, the highest since December 2020. Looking at the investor activity and on-chain transaction data, the current uptrend seems to be just the start of what is coming,” said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

(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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