Cryptocurrency Price on March 18: Bitcoin trades near $68,500; Avalanche, Shiba Inu jump up to 18%

In the last 24 hours, Bitcoin jumped to an intraday peak of $68,897 in volatile trading. It was last 3.92% higher at $68,458 at 11:22 am IST.

Ethereum, the second largest crypto token, gained over 2.6% to $3,633. Other popular crypto tokens such as Solana (9%), XRP (2.8%), Cardano (4%), Avalanche (18.3%), (6%), and Shiba Inu (13.4%) also surged. The global cryptocurrency market cap rose 3.3% to around $2.6 trillion in the last 24 hours.

"Bitcoin traded above the $67,000 mark over the weekend, rebounding slightly following liquidations triggered by higher-than-anticipated US CPI data. If the price reverses, support is anticipated around $65,500, while resistance awaits at $70,600," said Edul Patel, CEO of Mudrex.

The total crypto market volume over the last 24 hours is $127.9 billion, which makes an 11.45% decrease. The volume of all stablecoins is now $114.9 billion, which is 89.84% 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, rose to $1.346 trillion. Bitcoin's dominance is currently 51.92%, according to CoinMarketCap. BTC volume in the last 24 hours fell 7.6% to $44.8 billion.

"In the shorter timeframes, BTC needs to reclaim the 50 EMA 4H for bullish trend confirmation, while ETH must reclaim the 20 EMA 4H for continued uptrend confirmation. Notably, this week's US fed funds rate and FOMC economic projections are anticipated to bring volatility to the market," CoinDCX Research Team, said.

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Bitcoin after taking multiple supports at $40,000 resumed the up move and rallied up to $52,985. The asset was facing stiff resistance at $52,000 and started consolidating between $52,000 and $50,000. Post this move, BTC finally gave a breakout above the range and made the all-time high of $73,777. Post this move, BTC witnessed profit booking at the higher levels and the prices dropped to $64,533. The asset has strong support at $64,000 and $60,000. If it holds and sustains above the support then we may expect the bulls to resume the up move, and to further rally it needs to break and close above the recent all-time high.

(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