Cryptocurrency Price on March 12: Bitcoin trades near $72,000; Toncoin, Avalanche jump up to 34%

Today's spurt extended last week's record-breaking run when the currency bulldozed its way past the previous November 2021 pinnacle of $68,999.

"Bitcoin surpassed the $72,000 mark within the last 24 hours. This positive momentum is attributed to the increasing interest in Bitcoin spot ETFs and the impending Bitcoin halving event, known to historically impact its price," said Edul Patel, CEO of Mudrex.

"Over the past year, Bitcoin has seen a remarkable 250% increase, driven by growing mainstream acceptance and investments from both retail and institutional investors following the approval of the Bitcoin spot ETF," he said.

Meanwhile, other major crypto tokens, Ethereum (4.7%), Solana (9.2%), XRP (14.7%), Cardano (7.2%), (4%), Shiba Inu (3.4%), Avalanche (16.8%), and Toncoin (33.8%) surged.

The global cryptocurrency market cap surged 4.6% to around $2.72 trillion in the last 24 hours, while the total crypto market volume was $166 billion, which makes a 41.3% increase. The volume of all stablecoins is now $149.9 billion, which is 90.3% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, surged to $1.409 trillion. Bitcoin's dominance is currently 52%, according to CoinMarketCap. BTC volume in the last 24 hours rose 77.8% to $64.8 billion.

"Price targets for BTC will be psychological with $75,000 as the next key zone. Entry of new retail investors and euphoria can drive its price towards $80,000 this month," said Vikram Subburaj, CEO of Giottus Crypto Platform.

CoinSwitch Markets Desk, said, "The fear and greed index continues to be in the ‘Extreme Greed’ signifying a very strong investor sentiment."

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin

Bitcoin's current rise over $72,500 underscores its market dominance, with technical indicators pointing to a bullish trend. Resistance levels at $73,824, $76,749, and $79,904 pose challenges, while support levels at $67,154, $64,861, and $62,192 offer cushions against the downside.

Despite potential overbought conditions, Bitcoin's break above $70,000 and bullish candlestick patterns indicate an upward trajectory, with a target above $73,800. The 50-day EMA at $66,860 reinforces this bullish sentiment and suggests a positive outlook for Bitcoin above $72,200.

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Source: Forex-Markets-Economic Times