Bitcoin on Wednesday, March 26 reflected small profits

With a gain of 1.05 percent, the asset rose to $87,375 (roughly Rs. 75 lakh) on international exchanges in the last 24 hours.

Bitcoin price on Wednesday reflected small profits on the cryptocurrency market, with the asset reflecting a gain of 1.05 percent to trade at the $87,375 (roughly Rs. 75 lakh) mark. A bulk of the altcoins also went up by the morning hours of Wednesday.

Majority of the cryptocurrencies were reflecting profits on Wednesday. The crypto price tracker by Gadgets 360 showed that 17 out of the 20 largest cryptocurrencies registered gains over the last 24 hours.

The overall crypto market cap rose by 0.76 percent over the last 24 hours. At present, the valuation of the sector stands at $2.86 trillion (roughly Rs. 2,45,24,347 crore), according to CoinMarketCap.

"Market remains optimistic, as analysts at Bernstein project highlighted that the overall cryptocurrency market capitalisation could surge threefold to $7.5 trillion (roughly Rs. 6,43,31,625 crore) by the end of 2025, driven by unprecedented institutional adoption," CoinDCX research team said in its morning analysis.

Bitcoin price trends on Wednesday showed the asset to be reflecting a gain of 1.05 percent on international exchanges. In the last 24 hours, BTC recovered to the $87,000 (roughly Rs. 75 lakh) level after which it remained engrossed in a limited trading range. At press time, BTC was trading at $87,990 (roughly Rs. 75.4 lakh) on Indian exchanges.

"BTC price is expected to find support around $87,000, which coincides with the lower band of the current trading range and the 200-EMA on the 4-hour chart. If the bulls can push the price above the $90,000 (roughly Rs. 77 lakh) resistance, it could open the door for a move towards the $95,000 (roughly Rs. 81 lakh) level," ZebPay Trade Desk said in its morning report.

Ether price, on the other hand, went up by 0.28 percent to take the asset to the $2,050 (roughly Rs. 1.75 lakh) mark. The asset also logged miniscule gains of less than one percent on Indian exchanges, where it was trading within the range of $2,066 (roughly Rs. 1.77 lakh) and $2,355 (roughly Rs. 2.01 lakh).

"ETH has been trading in a downtrend, forming a 'Descending Channel' pattern. This reflects strong selling pressure outweighing buying interest. If the price breaks, closes, and stays above this level, we can expect a further rally up to $2,500 (roughly Rs. 2.15 lakh),'' the ZebPay Trade Desk added.

The altcoins that registered profits include Ripple, Solana, Dogecoin, Cardano, Avalanche, Stellar, Shiba Inu, and Litecoin.

Cronos, Bitcoin SV, Iota, Polygon, Status, Braintrust, Cartesi, and Ardor also emerged on the profit-side of the price charts.

Those who went down in price included Tether, Binance Coin, Leo, and Uniswap.

Monero, Cosmos, EOS Coin, and Elrond also underwent price correction over the last 24 hours.

"Investors are closely monitoring whether BTC will maintain momentum or face a pullback. As Bitcoin becomes stable, altcoins such as Dogecoin are attracting the attention of traders," said Avinash Shekhar, Co-Founder and CEO of Pi42.

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