Cryptocurrency Price Today: World’s most popular cryptocurrency on Monday, March 28, made a record for this year as the digital coin touched a three-months high, going above the $47,000 mark earlier in the day. This came after volatile markets amid Russia-Ukraine war, Covid-19 and other factors pulled down the cryptocurrency to months low as it even went below the $35,000 mark in the beginning of the year. Barring stablecoins, all major cryptocurrencies traded higher on Monday. On the other hand, a high trading volume gave a much needed boost to investors who earlier refrained from investing in the risk assets.
At the time of writing this article, the price of one Bitcoin stood at $46,900.90, according to data from global crypto tracking website CoinMarketCap. This was up by 4.88 per cent in the last 24 hours. Bitcoin prices have jumped by as much as 14.78 per cent over the past week, data from the same website showed.
“The recent Bitcoin rally has resulted in the recovery for some crypto investors as bitcoin has hit a three month high. The massive Bitcoin purchased by Luna Foundation Guard as a part of its plan to create a bitcoin reserve worth $3 billion may have a factor in pushing the bitcoin price to this level,” said Charles Tan, head of marketing at Coinstore.
“Bitcoin after taking multiple support at the rising up trendline is showing good strength and the prices are in green for the seventh consecutive days. The asset was facing strong resistance at $45,500. However, the bulls have managed to beat the key level and the prices are trading above the horizontal trendline and the 200 Day Moving Average. If BTC sustains and closes above $45,500 then we can expect the prices to further rally up to $50,000 to $52,500,” said the ZebPay Trade Desk.
“Over the past few weeks, we’ve seen the number of Bitcoin held on exchanges steadily decreasing. Between March 10 to March 27, we’ve seen over 50,000 Bitcoins leave exchanges for private wallets. Only 13.2 per cent of all BTC in circulation are held on exchanges now. This shows that people want to hold on to their crypto, rather than trade it back and forth on exchanges,” said Darshan Bathija, CEO and co-founder of Vauld.
Ethereum, the world’s second most popular cryptocurrency also rallied on Monday. One unit of the altcoin was trading at $3,315.71 at the time of writing this article, which was 5.27 per cent higher in the past 24 hours. In the past week, Ether prices have jumped by 15.74 per cent, as per data on CoinMarketCap.
“We may expect a slight correction in the prices soon because investors may consolidate their portfolio as we are approaching the end of the quarter and even the end of the financial year in India and some countries,” added Tan.
Bathija however predicted that Bitcoin prices might move further up in the coming days. “Derivatives data also suggest that most Bitcoin call options are stacked at the $50,000 strike price. This suggests that a lot of people are comfortable buying Bitcoin at the $50,000 mark, so there is more room for prices to move up in the near term.”
Here are the top 10 cryptocurrencies and their prices on March 28, 2022 (data from coinmarketcap.com)
Bitcoin $46,900.90 or 4.88 per cent gain in the last 24 hours
Ethereum $3,318.25 or 5.35 per cent gain in the last 24 hours
Tether $1.00 or 0.02 per cent loss in the last 24 hours
BNB $433.62 or 3.96 per cent gain in the last 24 hours
USD Coin $1 or 0.001 per cent gain in the last 24 hours
XRP $0.8653 or 3.22 per cent gain in the last 24 hours
Cardano $1.18 or 3.71 per cent gain in the last 24 hours
Solana $108.79 or 6.66 per cent gain in the last 24 hours
Terra $95.06 or 4.32 per cent gain in the last 24 hours
Avalanche $90.91 or 5.72 per cent gain in the last 24 hours